5B.—(1) If the Authority proposes to take action against a person under regulation 5A, it must give that person a warning notice.
(2) A warning notice about a proposal to impose a penalty must state the amount of the proposed penalty.
(3) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.
(4) If the Authority decides to take action against a person under regulation 5A, it must without delay 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.
(7) If the Authority decides to take action against a person under regulation 5A, that person may refer the matter to the Tribunal.
(8) In this regulation “the Tribunal” has the meaning given in section 417 of the Act.
(9) Sections 387, 389 to 391, 393 and 394 of the Act apply to notices given in accordance with this regulation.
(10) Section 388 of the Act applies to notices given in accordance with this regulation and references in subsection (1)(e)(i) of that section to “any right to have a matter referred to the Tribunal which is given by this Act” shall include a right to have a matter referred to the Tribunal under this regulation.]
Textual Amendments
F1Regs. 5A, 5B inserted (20.7.2012) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906), arts. 1, 8(3)