27(1)This paragraph applies if the FSA, the OFT or DETINI (“the authority”) proposes to impose a penalty under paragraph 25 on a person.
(2)The authority must give the person notice of—
(a)the proposal to impose the penalty and the proposed amount,
(b)the reasons for imposing the penalty, and
(c)the right to make representations to the authority within a specified period (which may not be less than 28 days).
(3)The authority must then decide, within a reasonable period, whether to impose a penalty under paragraph 25 and must give the person notice—
(a)if it decides not to impose a penalty, of that decision;
(b)if it decides to impose a penalty, of the following matters—
(i)the decision to impose a penalty and the amount,
(ii)the reasons for the decision, and
(iii)the right to appeal under paragraph 28.