reg 86 Criminal offence
(1) A person who contravenes a relevant requirement imposed on that person is guilty of an offence and liable— (a) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding three months, to a fine or to both; (ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding three months, to a fine not exceeding the statutory maximum or to both; (b) on conviction on indictment, to imprisonment for a term not exceeding two years, to a fine, or to both. (2) In deciding whether a person has committed an offence under paragraph (1), the court must decide whether that person followed— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) any relevant guidance which was at the time— (i) issued by the FCA; or (ii) issued by any other supervisory authority or appropriate body and approved by the Treasury. (3) A person is not guilty of an offence under this regulation if that person took all reasonable steps and exercised all due diligence to avoid committing the offence. (4) Where a person has been convicted of an offence under this regulation, that person is not also to be liable to a sanction under Chapter 2 of this Part.