(1) If the FCA proposes to exercise the power under regulation 114(2), it must give the person concerned a warning notice.
(2) The warning notice must state the amount which the FCA propose to require the person concerned to pay or distribute as mentioned in regulation 114(2).
(3) If, having considered any representations made in response to the warning notice, the FCA decides to exercise the power under regulation 114(2), it must without delay give the person concerned a decision notice.
(4) The decision notice must -
(a) state the amount that the person concerned is to pay or distribute;
(b) identify the person or persons to whom that amount is to be paid or among whom that amount is to be distributed; and
(c) state the arrangements in accordance with which the payment or distribution is to be made.
(5) If the FCA decides to exercise the power under regulation 114(2), the person concerned may refer the matter to the Upper Tribunal.