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Version status: Partially deleted | Document consolidation status: Updated to reflect all known changes
Version date: 30 January 2024 - onwards
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87O. Procedure under sections 87JA, 87K, 87L and 87LA

(1) A requirement under section 87K, 87L or 87LA, or a suspension under section 87JA(1), takes effect -

(a) immediately, if the notice under subsection (2) states that that is the case;

(b) in any other case, on such date as may be specified in that notice.

(2) If the FCA -

(a) proposes to exercise the powers in section 87JA, 87K, 87L or 87LA in relation to a person, or

(b) exercises any of those powers in relation to a person with immediate effect,

it must give that person written notice.

(3) The notice must -

(a) give details of the FCA's action or proposed action;

(b) state the FCA's reasons for taking the action in question and choosing the date on which it took effect or takes effect;

(c) inform the recipient that he may make representations to the FCA within such period as may be specified by the notice (whether or not he has referred the matter to the Tribunal);

(d) inform him of the date on which the action took effect or takes effect; and

(e) inform him of his right to refer t

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