Paragraph 13 Decision notice

(1)

If, having considered any representations made in response to the warning notice, a regulator decides to—

(a)

publish a statement under paragraph 10 (whether or not in the terms proposed); or

(b)

impose a penalty under paragraph 11 (whether or not of the amount proposed),

it must without delay give the person concerned a decision notice.

(2)

In the case of a statement, the decision notice must set out the terms of the statement.

(3)

In the case of a penalty, the decision notice must state the amount of the penalty.

(4)

If a regulator decides to—

(a)

publish a statement in respect of a person under paragraph 10; or

(b)

impose a penalty on a person under paragraph 11,

the person may refer the matter to the Tribunal.

(5)

After a statement under paragraph 10 is published, the regulator concerned must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4) of the Act M1 (third party rights) (as applied by paragraph 22).

Annotations

Marginal citations

M1: Section 393(4) was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 51) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xviii)