It may, instead of imposing a penalty on a person, publish a statement censuring the person.

The F3FCA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 131H.

“ The limitation period ” means the period of three years beginning with the first day on which the F3FCA knew of the contravention.

For this purpose the F3FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.

If the F3FCA proposes to take action against a person under section 131G, it must give the person a warning notice.

A warning notice about a proposal to impose a penalty must state the amount of the penalty.

A warning notice about a proposal to publish a statement must set out the terms of the statement.

If the F3FCA decides to take action against a person under section 131G, it must give the person a decision notice.

A decision notice about the imposition of a penalty must state the amount of the penalty.

A decision notice about the publication of a statement must set out the terms of the statement.

If the F3FCA decides to take action against a person under section 131G, the person may refer the matter to the Tribunal.

The F3FCA may at any time alter or replace a statement issued under this section.

If a statement issued under this section is altered or replaced, the F3FCA must issue the altered or replaced statement.

The F3FCA must, without delay, give the Treasury a copy of any statement which it publishes under this section.

A statement issued under this section must be published by the F3FCA in the way appearing to the F3FCA to be best calculated to bring it to the attention of the public.

The F3FCA may charge a reasonable fee for providing a person with a copy of the statement.

In exercising, or deciding whether to exercise, a power under section 131G in the case of any particular contravention, the F3FCA must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.

Before issuing a statement under section 131J, the F3FCA must publish a draft of the proposed statement in the way appearing to the F3FCA to be best calculated to bring it to the attention of the public.

The draft must be accompanied by notice that representations about the proposal may be made to the F3FCA within a specified time.

Before issuing the proposed statement, the F3FCA must have regard to any representations made to it in accordance with subsection (2).

If the statement differs from the draft published under subsection (1) in a way which is, in the opinion of the F3FCA, significant, the F3FCA must (in addition to complying with subsection (4)) publish details of the difference.

The F3FCA may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).

This section also applies to a proposal to alter or replace a statement.

If a relevant person (“A”) fails to comply with a requirement imposed on A under section 131E or 131F the F3FCA may certify that fact in writing to the court.

If the court is satisfied that A failed without reasonable excuse to comply with the requirement, it may deal with A (and where A is a body corporate, any director or officer) as if A (or as the case may be the director or officer) were in contempt; and “officer”, in relation to a limited liability partnership, means a member of the limited liability partnership.

Any person who intentionally obstructs the exercise of any rights conferred by a warrant under section 131FB is guilty of an offence and liable on summary conviction to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale, or both.