PART 4Transitional provisions: temporary exclusion from general prohibition
Regulation
Public censure22
1
If the FCA considers that a relevant incoming provider—
a
has not notified it in accordance with regulation 13 or 14, or
b
has acted in a manner which it considers contrary to the advancement of its objectives under Part 1A of the 2000 Act,
the FCA may publish a statement to that effect.
2
If the FCA proposes to publish a statement under paragraph (1), it must give the provider a warning notice.
3
The warning notice must—
a
set out the terms of the proposed statement;
b
state that the relevant incoming provider may make representations in response to the notice.
4
If, having considered any representations made in response to a warning notice, the FCA decides to publish a statement under paragraph (1) (whether or not in the terms proposed), it must without delay give the person a decision notice.
5
The decision notice must set out the terms of the statement.
6
Section 393 of the 2000 Act (third party rights) applies in respect of giving notices under this regulation as it applies in respect of giving notices under the 2000 Act.