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Financial Services Act 2012

Financial Services Act 2012

2012 CHAPTER 21

Commentary

Part 2 - Amendments of Financial Services and Markets Act 2000

Performance of regulated activities

Section 13: Prohibition orders

225.Section 13 makes amendments to sections 56 and 57 of FSMA consequential on the replacement of the FSA by the new regulators. It also imposes requirements for the FCA to consult the PRA (where a PRA-authorised person, or a person who is an exempt person in relation to a PRA-regulated activity, is concerned), and for the PRA to consult the FCA, before issuing a warning notice to an individual that it proposes to make a prohibition order, and before revoking or varying such an order.

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