(1) If the FCA proposes to publish a censuring statement or make a recommendation for removal, it must give the self-regulatory organisation concerned a warning notice.
(2) Section 387 of FSMA [2000 c.8. Section 387 was amended by paragraph 26 of Schedule 9 to the Financial Services Act 2012 and paragraph 12 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 (c.33).] applies in relation to a notice given under paragraph (1) as it applies in relation to a warning notice given by the FCA under FSMA, subject to paragraph (3).
(3) In complying with section 387(1)(a), a warning notice must -
(a) if it is about a proposal to publish a censuring statement, set out the terms of the proposed statement;
(b) if it is about a proposal to make a recommendation for removal, set out the reasons for the proposal.
(4) If the FCA decides to publish a censuring statement or make a recommendation for removal, it must, without undue delay, give a decision notice to the self-regulatory organi
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