242. Actions for damages

Past version: effective from 20/10/2015 - 19/10/2015
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(1) Unless otherwise provided under Rules made by the Regulator, where a person (whether or not a Private Person) —
(a) intentionally, recklessly or negligently commits a breach of duty, requirement, prohibition, obligation or responsibility imposed by or under these Regulations; or
(b) commits fraud or other dishonest conduct in connection with a matter arising under such Regulations;
that person is liable to compensate any other person for any loss or damage caused to that other person as a result of such conduct, and otherwise is liable to restore such other person to the position they were in prior to such conduct.
(2) The Court may, on application of the Regulator or a person who has suffered loss or damages caused as a result of conduct described in subsection (1), make orders for the recovery of damages or for compensation or for the recovery of property or for any other order as the Court sees fit, except where such liability is excluded under these Regulations or any Rules made by the Regulator.
(3) Nothing in this section affects the powers that any person or the Court may have apart from this section.