Section 143X Procedure for disciplinary measuresF1

United Kingdom

(1)

If the FCA proposes to take action against a person under section 143W(2), (3) or (5) it must give the person a warning notice.

(2)

A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3)

A warning notice about a proposal to publish a statement must set out the terms of the statement.

(4)

A warning notice about a proposal to impose a restriction under section 143W(5) must state—

(a)

the terms of the restriction, and

(b)

the period for which the restriction is to have effect.

(5)

If the FCA decides to take action against a person under section 143W(2), (3) or (5) it must give the person a decision notice.

(6)

A decision notice about the imposition of a penalty must state the amount of the penalty.

(7)

A decision notice about the publication of a statement must state the terms of the statement.

(8)

After the statement is published, the FCA must send a copy of the statement to—

(a)

the person in respect of whom it is made, and

(b)

any person to whom a copy of the decision notice was given under section 393(4).

(9)

A decision notice about the imposition of a restriction under section 143W(5) must state—

(a)

the terms of the restriction, and

(b)

the period for which the restriction is to have effect.

(10)

If the FCA decides to take action against a person under section 143W(2), (3) or (5), the person may refer the matter to the Tribunal.

(11)

If the FCA decides to vary or cancel a restriction under section 143W(6), it must give written notice of its decision to the applicant.

Annotations

F1: Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)