{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-208",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-208.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/208",
  "kind": "section",
  "number": "208",
  "heading": "Decision notice.",
  "text": "(1) If a regulator decides—\n(a) to publish a statement under section 205(1) (whether or not in the terms proposed), . . .\n(b) to impose a penalty under section 206(1) (whether or not of the amount proposed), or\n(c) to suspend a permission or impose a restriction under section 206A (whether or not in the manner proposed),\nit must without delay give the authorised person concerned a decision notice.\n(1A) If the FCA decides—\n(a) to publish a statement in respect of a person under section 205(2),\n(b) to impose a penalty on a person under section 206(1A), or\n(c) to impose a prohibition or restriction on a person under section 206B,\nit must without delay give the person a decision notice.\n(2) In the case of a statement, the decision notice must set out the terms of the statement.\n(3) In the case of a penalty, the decision notice must state the amount of the penalty.\n(3A) In the case of a suspension , prohibition or restriction, the decision notice must state the period for which the suspension , prohibition or restriction is to have effect.\n(4) If a regulator decides to—\n(a) publish a statement in respect of an authorised person under section 205(1), . . .\n(b) impose a penalty on an authorised person under section 206(1), or\n(c) suspend a permission of an authorised person, or impose a restriction in relation to the carrying on of a regulated activity by an authorised person, under section 206A,\nthe authorised person may refer the matter to the Tribunal.\n(5) If the FCA decides to—\n(a) publish a statement in respect of a person under section 205(2),\n(b) impose a penalty on a person under section 206(1A), or\n(c) impose a prohibition or restriction on a person under section 206B,\nthe person may refer the matter to the Tribunal.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 208(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 15 (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 208(1)(a) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(2)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in s. 208(1) omitted (8.6.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 19(2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 208(1)(b) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(2)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 208(1)(c) and preceding word inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 19(2)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 208(1A) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(3)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "S. 208(3A) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 19(3)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 208(3A) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(4)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 208(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 15 (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Word in s. 208(4)(a) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(5)(a)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Word in s. 208(4) omitted (8.6.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 19(4)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Word in s. 208(4)(b) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(5)(b)"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "S. 208(4)(c) and preceding word inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 19(4)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "S. 208(5) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 17(6)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 208 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(5), 110(6) (with art. 23(2))"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 208 modified (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(1)"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Ss. 207-211 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 71(3)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "Ss. 204A-209 modified by S.I. 2002/1775, reg. 12(1)(1A) (as substituted (24.3.2015) by The Electronic Commerce Directive (Financial Services and Markets) (Amendment) Order 2015 (S.I. 2015/852), arts. 1(2), 2(3))"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "Ss. 207-211 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(4) (with Pt. 4)"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "Pt. 14 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 82(13)"
    },
    {
      "type": "C",
      "label": "C7",
      "text": "S. 208 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 51(2)(3)"
    },
    {
      "type": "C",
      "label": "C8",
      "text": "S. 208 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 52(4)(5)"
    },
    {
      "type": "C",
      "label": "C9",
      "text": "S. 208 applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(5)(f)"
    },
    {
      "type": "C",
      "label": "C10",
      "text": "S. 208 applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 21 (with art. 11)"
    },
    {
      "type": "C",
      "label": "C11",
      "text": "S. 208 applied (with modifications) (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 13(4), 14(7), 18, 36(2)(4), 44(1)(3)"
    },
    {
      "type": "C",
      "label": "C12",
      "text": "S. 208 applied (with modifications) (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, 25, 26, Sch. 1 Pts. 1, 2, 3; S.I. 2026/587, reg. 2(b)"
    },
    {
      "type": "C",
      "label": "C13",
      "text": "S. 208(1)(a)(b) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 68(2), 69(2) (with art. 23(2))"
    },
    {
      "type": "C",
      "label": "C14",
      "text": "S. 208(4) excluded (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 45(3)"
    },
    {
      "type": "C",
      "label": "C15",
      "text": "S. 208(4) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 48(4)"
    },
    {
      "type": "C",
      "label": "C16",
      "text": "S. 208(4) excluded (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 53(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/208",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}