A ring-fenced body which—
carries on an excluded activity or purports to do so, or
contravenes any provision of an order under section 142E,
is to be taken to have contravened a requirement imposed on the body by the appropriate regulator under this Act.
The contravention does not—
make a person guilty of an offence;
make a transaction void or unenforceable;
(subject to subsection (3)) give rise to any right of action for breach of statutory duty.
In such cases as the Treasury may specify by order, the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
In this section "the appropriate regulator" means—
in relation to a ring-fenced body which is a PRA-authorised person, the PRA;
in relation to any other ring-fenced body, the FCA.