The FCA may take action against a sponsor under this section if it considers that the sponsor has contravened a requirement or restriction imposed on the sponsor by rules made as a result of section 88(3)(c) or (e).
If the FCA is entitled to take action under this section against a sponsor, it may do one or more of the following—
The period for which a suspension or restriction is to have effect may not exceed 12 months.
A suspension may relate only to the performance in specified circumstances of a service to which the approval relates.
A restriction may, in particular, be imposed so as to require the sponsor to take, or refrain from taking, specified action.
The FCA may—
The FCA may not take action against a sponsor under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the sponsor under section 88B(1).
"The limitation period" means the period of 3 years beginning with the first day on which the FCA knew that the sponsor had contravened the requirement or restriction.
For this purpose the FCA is to be treated as knowing that a sponsor has contravened a requirement or restriction if it has information from which that can reasonably be inferred.