CRED 13.8 The FSA's decision making procedures

The FSA's decision making procedures in relation to authorisations under the Act (that is, Part IV permissions or approval of a person) are set out in AUTH 8. The FSA will, to the extent appropriate, apply similar procedures to the registration process.

Decisions which fall within the scope of CRED 13 are taken either by the FSA's Regulatory Decisions Committee (RDC) or by internal staff procedures within the FSA by the FSA's staff at an appropriate level of seniority.

Where FSA staff recommend:

1. (1)

   the refusal, or proposed refusal, of:

   1. (a)

      an application for Part IV permission; or

   2. (b)

      an application for approval under the approved persons regime; and

2. (2)

   the granting or proposed granting of an application for Part IV permission subject to a limitation or requirement which was not applied for by the applicant;

the decision has to be referred to the RDC. The status, composition and operating procedures of the RDC are explained in AUTH 8.2 and DEC 4.

Where an applicant's case has been referred to the RDC, and the RDC decide to give a warning notice to the applicant, or in the case of applications for approval under the approved persons regime, to all interested parties, the applicant can make written and oral representations to the RDC. Where the RDC decides not to grant an application, the FSA will inform the applicant or, in the case of applications for the approval of individuals under the approved persons regimes, all interested parties in writing. There is scope, in such circumstances, for the applicant to refer the FSA's decision to the Tribunal before a final decision is made about a case. The status and procedures for referring cases to the Tribunal are explained in AUTH 8.3 and DEC 5.

Decisions which may be taken by internal staff procedures include:

1. (1)

   decisions to grant an application for Part IV permission on the terms applied for; and

2. (2)

   decisions to grant an application for approval under the approved persons regime.

The FSA's internal staff procedures are intended to ensure that decisions will, so far as possible, be taken by FSA staff with a good knowledge and understanding of the application concerned, the relevant risks to the FSA's regulatory objectives and other relevant factors in the general context of the application. These internal staff procedures are also designed to ensure that decisions made are subject to appropriate individual oversight.