(1) If, having considered any representations made in response to the warning notice, the FCA decides to -

(a) publish a statement under regulation 10 (public censure) (whether or not in the terms proposed); or

(b) impose a penalty under regulation 11 (financial penalties) (whether or not of the amount proposed);

it must without delay give the person concerned a decision notice.

(2) In the case of a statement, the decision notice must set out the terms of the statement.

(3) In the case of a penalty, the decision notice must state the amount of the penalty.

(4) If the FCA decides to -

(a) publish a statement in respect of a person under regulation 10 (public censure); or

(b) impose a penalty on a person under regulation 11 (financial penalties);

the person may refer the matter to the Tribunal.