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Financial Services and Markets Act 2000

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Warning noticesU.K.

387 Warning notices.U.K.

(1)A warning notice must—

(a)state the action which the [F1regulator giving the notice (“the regulator concerned”)] proposes to take;

(b)be in writing;

(c)give reasons for the proposed action;

(d)state whether section 394 applies; and

(e)if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.

[F2(1A)Where the PRA is the regulator concerned and the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) [F3, 55I(8) or 61(2D)], the warning notice given by the PRA must—

(a)state that fact, and

(b)give the reasons for the FCA's proposal.]

(2)[F4A warning] notice must specify a reasonable period (which may not be less than [F514 days]) within which the person to whom it is given may make representations to the [F6regulator concerned].

(3)[F7The regulator concerned] may extend the period specified in the notice.

[F8(3A)Where the PRA receives any representations in response to a warning notice given by it under section 55X(1) or (2) or 62(2) in a case falling within subsection (1A) it must—

(a)if the representations are in writing, give a copy to the FCA, or

(b)if they are not in writing and have not been given directly to the FCA by the person making them, provide the FCA with a record of them.]

(4)[F9The regulator concerned] must then decide, within a reasonable period, whether to give the person concerned a decision notice.

Textual Amendments

F1Words in s. 387(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in s. 387(1A) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 12; S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F7Words in s. 387(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9Words in s. 387(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1Pt. XXVI applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(11)

C2S. 387 applied (1.12.2001) by S.I. 2001/1228, regs. 1(2)(c), 8(a) (with reg. 1(2)(3)); S.I. 2001/3538, art. 2(1)

C5S. 387 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), 37(3)(a), 39(2)(a)(ii), 44(2)

C6S. 387 applied (with modifications) by 2009 c. 1, s. 83ZT(2)-(4) (as inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97)

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