# Financial Services and Markets Act 2000, Section 57: Prohibition orders: procedure and right to refer to Tribunal.

Extent: E+W+S+N.I.

(1) If a regulator proposes to make a prohibition order it must give the individual concerned a warning notice.
(2) The warning notice must set out the terms of the prohibition.
(3) If a regulator decides to make a prohibition order it must give the individual concerned a decision notice.
(4) The decision notice must—
(a) name the individual to whom the prohibition order applies;
(b) set out the terms of the order; and
(c) be given to the individual named in the order.
(5) A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal.
(6) If—
(a) the FCA proposes to make a prohibition order, and
(b) as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,
the FCA must consult the PRA before giving a warning notice under this section.
(7) A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—
(a) a PRA-authorised person, or
(b) a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.
(8) The PRA must consult the FCA before giving a warning notice under this section.
(9) If—
(a) the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and
(b) the FCA is not the appropriate regulator in relation to recognised bodies of that type,
the FCA must consult the appropriate regulator before giving a warning notice under this section.
(10) If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section.
(11) In this section—
“the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;
“recognised body” has the meaning given by section 313;

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/57 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.