27(1)This paragraph applies if the [F1FCA] F2... (“the authority”) proposes to impose a penalty under paragraph 25 [F3or 25A] on a person.U.K.
(2)The authority must give the person notice of—
(a)the proposal to impose the penalty and the proposed amount,
(b)the reasons for imposing the penalty, and
(c)the right to make representations to the authority within a specified period (which may not be less than 28 days).
(3)The authority must then decide, within a reasonable period, whether to impose a penalty under paragraph 25 [F4or (as the case may be) 25A] and must give the person notice—
(a)if it decides not to impose a penalty, of that decision;
(b)if it decides to impose a penalty, of the following matters—
(i)the decision to impose a penalty and the amount,
(ii)the reasons for the decision, and
(iii)the right to appeal under paragraph 28.
Textual Amendments
F1Word in Sch. 7 para. 27(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 127(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in Sch. 7 para. 27(1) omitted (26.7.2013 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 15(3)
F3Words in Sch. 7 para. 27(1) inserted (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), s. 55(1), Sch. 1 para. 10(2)(a)
F4Words in Sch. 7 para. 27(3) inserted (17.12.2010) by Terrorist Asset-Freezing etc. Act 2010 (c. 38), s. 55(1), Sch. 1 para. 10(2)(b)