DEPP 2.2 Warning notices and first supervisory notices

If FCA staff consider that action requiring a warning notice or first supervisory notice is appropriate, they will recommend to the relevant decision maker that the notice be given.

For first supervisory notices, the FCA staff will recommend whether the action should take effect immediately, on a specified date, or when the matter is no longer open to review (see DEPP 2.2.5 G).

The decision maker will:

1. (1)

   consider whether the material on which the recommendation is based is adequate to support it; the decision maker may seek additional information about or clarification of the recommendation, which may necessitate additional work by the relevant FCA staff;

2. (2)

   satisfy itself that the action recommended is appropriate in all the circumstances;

3. (3)

   decide whether to give the notice and the terms of any notice given.

If the FCA decides to take no further action and theFCA had previously informed the person concerned that it intended to recommend action, the FCA will communicate this decision promptly to the person concerned.

A matter is open to review (as defined in section 391(8) (Publication) of the Act) (in relation to a supervisory notice which does not take effect immediately or on a specified date) when:

1. (1)

   the period during which any person may refer a matter to the Tribunal is still running; or

2. (2)

   the matter has been referred to the Tribunal but has not been dealt with; or

3. (3)

   the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or

4. (4)

   such an appeal has been brought but has not been determined.