Part V Performance of Regulated Activities
Prohibition orders
57 Prohibition orders: procedure and right to refer to Tribunal.
(1)
If F1a regulator proposes to make a prohibition order it must give the individual concerned a warning notice.
(2)
The warning notice must set out the terms of the prohibition.
(3)
If F2a regulator decides to make a prohibition order it must give the individual concerned a decision notice.
(4)
The decision notice must—
(a)
name the individual to whom the prohibition order applies;
(b)
set out the terms of the order; and
(c)
be given to the individual named in the order.
(5)
A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal.
F3(6)
If—
(a)
the FCA proposes to make a prohibition order, and
(b)
as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,
the FCA must consult the PRA before giving a warning notice under this section.
(7)
A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—
(a)
a PRA-authorised person, or
(b)
a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.
(8)
The PRA must consult the FCA before giving a warning notice under this section.