F1PART 12APowers exercisable in relation to parent undertakings
Failure to comply with direction or breach of rules
192LProcedure and right to refer to Tribunal
(1)
If a regulator proposes to take action against a person under section 192K, it must give the person a warning notice.
(2)
A warning notice about a proposal to impose a penalty must state the amount of the penalty.
(3)
A warning notice about a proposal to publish a statement must set out the terms of the statement.
F2(3A)
A warning notice about a proposal to impose a restriction under section 192K(3A) must state—
(a)
the terms of the restriction, and
(b)
the period for which the restriction is to have effect.
(4)
If the regulator decides to take action against a person under section 192K, it must give the person a decision notice.
(5)
A decision notice about the imposition of a penalty must state the amount of the penalty.
(6)
A decision notice about the publication of a statement must set out the terms of the statement.
F3(6B)
A decision notice about the imposition of a restriction under section 192K(3A) must state—
(a)
the terms of the restriction, and
(b)
the period for which the restriction is to have effect.
(7)
If the regulator decides to take action against a person under section 192K, the person may refer the matter to the Tribunal.