Financial Services Act 2012

26 (1) Section 387 (warning notices) is amended as follows.

(2) In subsection (1)(a), for “Authority” substitute “regulator giving the notice (“the regulator concerned”)”.

(3) After subsection (1) insert—

“(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) or 55I(8), the warning notice given by the PRA must—

(a) state that fact, and

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

(4) In subsection (2)—

(a) for “The warning” substitute “A warning”,

(b) for “28 days” substitute “14 days”, and

(c) for “Authority” substitute “regulator concerned”.

(5) In subsection (3), for “The Authority” substitute “The regulator concerned”.

(6) After subsection (3) insert—

“(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.”

(7) In subsection (4), for “The Authority” substitute “The regulator concerned”.