AUTH 8.3 Statutory notices and other matters

A statutory notice includes a warning notice (see AUTH 8.3.2 G to AUTH 8.3.5 G) and a decision notice (see AUTH 8.3.8 G to AUTH 8.3.10 G). A final notice will also be given to a person which has received a decision notice (see AUTH 8.3.14 G to AUTH 8.3.16 G). See AUTH 8 Annex 1 G.

A warning notice warns the recipient that the FSA proposes to take certain action and gives an opportunity for representations to be made to the FSA before a decision is made.

FSA staff will review each application that falls within the scope of AUTH. Where they consider that the application should be refused, or should be granted subject to a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that to which the application relates (see AUTH 8.2.2 G), they will recommend to the RDC that a warning notice be given.

After considering the FSA staff recommendation, the RDC may decide to grant the application on the terms applied for. However, the RDC will decide to give a warning notice to the applicant, or, in the case of applications for approval under section 59 of the Act, to all interested parties, if it proposes that any of the following actions be taken:

1. (1)

   grant an application for Part IV permission either with a limitation or requirement which was not applied for, or with a narrower description of regulated activity than that to which the application relates (see AUTH 3), under section 52(6)(a) of the Act; or

2. (2)

   refuse to grant an application for Part IV permission (see AUTH 3) under section 52(7) of the Act; or

3. (3)

   refuse to grant an application for approval under section 59 of the Act (see AUTH 6) under section 62(2) of the Act.

For full details of warning notices and the warning notice procedure, see DEC 2.2 (Warning notice procedure).

The warning notice will contain a statement that the person concerned is entitled to make representations to the RDC. It will specify a reasonable time period, of not less than 28 business days from receiving the warning notice, within which the person to whom it is given may make representations to the RDC.

The procedures for making representations to the RDC are set out in DEC 4.4 (Representations).

A decision notice states the action the FSA has decided to take. For the purpose of an application within the scope of AUTH, the decision notice represents the FSA's determination of the application.

After considering any written and oral representations, the RDC may decide to grant the application on the terms applied for. However, the RDC will decide to give a decision notice to the persons to whom the warning notice was given if it decides that any of the following actions be taken:

1. (1)

   grant an application for Part IV permission with a limitation or requirement which was not applied for, or with a narrower description of regulated activity than those to which the application relates (see AUTH 3), under section 52(9)(a) of the Act; or

2. (2)

   refuse to grant an application for Part IV permission (see AUTH 3) under section 52(9)(c) of the Act; or

3. (3)

   refuse to grant an application for approval under section 59 of the Act (see AUTH 6) under section 62(3) of the Act.

For full details of final notices and the final notice procedure, see DEC 2.3.10 G to DEC 2.3.11 G

1. (1)

   Any person who receives a decision notice is entitled to refer the FSA's decision to the Tribunal.

2. (2)

   Under section 133(1) of the Act (Proceedings: general provision), any reference must be made within 28 days of the date when the decision notice is given, or within any other period that may be prescribed in the Tribunal rules.

3. (3)

   The Tribunal is appointed by the Lord Chancellor's Department.

A reference to the Tribunal will be a full rehearing and not an appeal. See DEC 5.1 (The Tribunal) for the procedure on referring cases to the Tribunal.

Any party to a reference to the Tribunal may appeal against the Tribunal's decision on a point of law to the Court of Appeal or, in Scotland, to the Court of Session.

The FSA will give a final notice to the person that received a decision notice if the FSA:

1. (1)

   takes the action set out in the decision notice (if a reference to the Tribunal has not been made and the time limit for making references has passed); or

2. (2)

   takes action in accordance with any directions given by the Tribunal or the court under section 137 of the Act (Appeal on a point of law) where the matter was referred to the Tribunal.

The final notice will state the action being taken and the date on which it is to be taken.

For full details of final notices and the final notice procedure, see DEC 2.3.10 G to DEC 2.3.11 G

Details on the publication of decisions are set out in DEC 5.2 (Publication).

In the case of a decision within the scope of AUTH, the FSA's policy is to publish relevant details about the decision. The details may include the identity of the applicant or the name of any person who is the subject of an application such as an application for approval under section 60 of the Act. Other details may include the nature of the application and grounds for the decision. The FSA will seek to publish these details in a way which is fair to the person who is named and which is not prejudicial to the interests of consumers. 1