Financial Services and Markets Act 2000

Changes over time for: Cross Heading: Warning notices

Alternative versions:

Changes to legislation:

Financial Services and Markets Act 2000, Cross Heading: Warning notices is up to date with all changes known to be in force on or before 24 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 79(4)
Act power to apply conferred (temp. until 15.5.2039) by 2014 c. 21 s. 81(10)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Pt. 20C inserted by 2016 c. 14 s. 30(3)
s. 31(1)(aa) inserted by 2021 c. 22 s. 22(2)
s. 32A inserted by 2021 c. 22 s. 22(3)
s. 32A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
s. 36A and cross-heading inserted by 2021 c. 22 s. 22(4)
s. 71J and cross-heading inserted by 2021 c. 22 Sch. 8 para. 4
s. 86(9A) inserted by S.I. 2019/707 reg. 8(9) (This amendment not applied to legislation.gov.uk. Reg. 8(6)-(10) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 13(c))
s. 87A(11) inserted by S.I. 2019/707 reg. 10(5) (This amendment not applied to legislation.gov.uk. Reg. 10(4)(5) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 15(b))
s. 124(10)(c)(i) word omitted by S.I. 2019/310 reg. 5(11)(b) (This amendment not applied to legislation.gov.uk. Reg. 5(11)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(e))
s. 129(7)(a) word inserted by S.I. 2019/310 reg. 5(12)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 129(7)(c) omitted and word by S.I. 2019/310 reg. 5(12)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 5(12)(a)(b) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 51(2)(f))
s. 214(5A) inserted by 2021 c. 22 Sch. 8 para. 8
s. 234I(9) inserted by 2024 c. 13 Sch. 29 para. 3(2)
s. 234J(6) inserted by 2024 c. 13 Sch. 29 para. 3(3)
s. 367A inserted by 2021 c. 22 Sch. 8 para. 10
s. 395(13)(h)(i) inserted by 2021 c. 22 Sch. 8 para. 12(2)(c)
s. 395(13)(bc)-(be) word inserted by 2021 c. 22 Sch. 8 para. 12(2)(b)
s. 395(14) inserted by 2021 c. 22 Sch. 8 para. 12(3)
s. 398(8) applied by S.I. 2024/102 reg. 34(7)reg. 34(8)(f)
s. 427A(3) words substituted by 2002 c. 40 Sch. 17 para. 59 (This amendment not applied to legislation.gov.uk. The Financial Services and Markets Act 2000 does not contain a section 427A.)
Sch. 1ZA para. 32(c) and word inserted by 2021 c. 22 Sch. 8 para. 18
Sch. 2A para. 19(2)(b)(iia) inserted by 2023 c. 29 Sch. 10 para. 19(a)
Sch. 2A 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2A power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 2B inserted by 2021 c. 22 Sch. 7
Sch. 2B power to apply (with modifications) conferred by 2021 c. 22 s. 23(10)
Sch. 6 para. 4A(8) inserted by S.I. 2024/1083 reg. 10(b)
Sch. 11A para. 5(3) inserted by S.I. 2019/707 reg. 38(5)(b) (This amendment not applied to legislation.gov.uk. Reg. 38(2)-(5)(7)(8) omitted (6.9.2019) by virtue of S.I. 2019/1234, regs. 1(2), 20)
Sch. 17A para. 12 words substituted by S.I. 2019/662 reg. 13(1) (This amendment not applied to legislation.gov.uk. Reg. 13(1) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 11(3))

Warning noticesU.K.

387 Warning notices.U.K.

(1)A warning notice must—

(a)state the action which the [F1regulator giving the notice (“the regulator concerned”)] proposes to take;

(b)be in writing;

(c)give reasons for the proposed action;

(d)state whether section 394 applies; and

(e)if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.

[F2(1A)Where the PRA is the regulator concerned and the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) [F3, 55I(8) or 61(2D)], the warning notice given by the PRA must—

(a)state that fact, and

(b)give the reasons for the FCA's proposal.]

(2)[F4A warning] notice must specify a reasonable period (which may not be less than [F514 days]) within which the person to whom it is given may make representations to the [F6regulator concerned].

(3)[F7The regulator concerned] may extend the period specified in the notice.

[F8(3A)Where the PRA receives any representations in response to a warning notice given by it under section 55X(1) or (2) or 62(2) in a case falling within subsection (1A) it must—

(a)if the representations are in writing, give a copy to the FCA, or

(b)if they are not in writing and have not been given directly to the FCA by the person making them, provide the FCA with a record of them.]

(4)[F9The regulator concerned] must then decide, within a reasonable period, whether to give the person concerned a decision notice.

Textual Amendments

F1Words in s. 387(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2S. 387(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in s. 387(1A) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 12; S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F4Words in s. 387(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5Words in s. 387(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6Words in s. 387(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(4)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7Words in s. 387(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8S. 387(3A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 26(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.