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Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 29 June 2023 - onwards
  Version 5 of 5    

57. Prohibition orders: procedure and right to refer to Tribunal

(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

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