Appeals against decisions of the FCA
22.—(1) A self-regulatory organisation may appeal to the Upper Tribunal from a decision by the FCA to publish a censuring statement.
(2) The provisions of Part 9 of FSMA (hearings and appeals) apply, subject to the modifications set out in paragraph (3), in respect of appeals to the Upper Tribunal made under this regulation as they apply in respect of references made to that Tribunal under FSMA.
(3) Part 9 of FSMA has effect as if—
(a)in section 133 (proceedings before Tribunal: general provision), in subsection (7A)(1), after paragraph (o) there were inserted—
“(p)a decision to take action under regulation 16 of the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017.”; and
(b)for section 133A(2) there were substituted—
“Proceedings before Tribunal: decision notices
133A.—(1) The action specified in a decision notice given in relation to regulation 16 under regulation 19(4) of the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 must not be taken—
(a)during the period within which the matter to which the notice relates may be referred to the Tribunal under the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017; and
(b)if the matter is so referred, until the reference, and any appeal against the Tribunal’s determination, has been finally disposed of.
(2) The Tribunal may, on determining a reference under these Regulations in respect of a decision of the FCA, make recommendations as to its regulating provisions or its procedures.”.
2000 (c.8). Subsection (7A) was inserted by section 23 of the Financial Services Act 2012 and amended by section 4(2) of the Financial Services (Banking Reform) Act 2013 and by S.I. 2013/1388; 2014/3329.
Section 133A was inserted by S.I. 2010/22 and amended by section 23 of the Financial Services Act 2012.