DEC 5.1 The Tribunal

1. (1)

   A person who receives a decision notice or supervisory notice (including a third party who has been given a copy of a decision notice) has the right to refer the FSA's decision to the Tribunal.

2. (2)

   The Tribunal is established under Part IX of the Act (Hearings and Appeals) and is governed by Part IX and Schedule 13 to the Act (The Financial Services and Markets Tribunal). The Tribunal is independent of the FSA and appointed by the Lord Chancellor's Department in accordance with the Financial Services and Markets Tribunal Rules 2001 ("the Tribunal rules").

Under section 133(1) of the Act (Proceedings: general provisions), any reference to the Tribunal must be made within 28 days of the date on which the decision notice or supervisory notice is given, or within any period prescribed by the Tribunal rules. Under section 133(2) of the Act, the Tribunal rules may allow a reference to be made after the end of the 28 day period.

A reference to the Tribunal will be a full rehearing of the matter that gave rise to the decision referred to the Tribunal. On a reference the Tribunal:

1. (1)

   must determine what (if any) is the appropriate action for the FSA to take in relation to the matter referred (section 133(4)); and

2. (2)

   may consider any evidence relating to the subject matter of the reference, whether or not it was available to the FSA at the time the FSA took its decision.

In determining a reference:

1. (1)

   made as a result of a decision notice, the Tribunal may not (section 133(6)) direct the FSA to take action which the FSA would not, as a result of section 388(2) of the Act (Decision notices), have had the power to take when giving the decision notice;

2. (2)

   made as a result of a supervisory notice, the Tribunal may not (section 133(7)) direct the FSA to take action which would otherwise have required the giving of a decision notice.

On determining a reference, the Tribunal:

1. (1)

   must (section 133(5)) remit the matter to the FSA with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination; and

2. (2)

   may make recommendations as to the FSA's regulating provisions or its procedures.

Under section 133(9) of the Act, the FSA must not take any action specified in a decision notice during the period within which a reference may be made to the Tribunal. Nor may it take such action, if the matter is referred, until the reference, and any appeal against the Tribunal's decision, has been finally disposed of.

The FSA is required to act in accordance with the determination of, and any direction given by, the Tribunal and an order of the Tribunal will be enforceable as if it were an order of the county court or, in Scotland, as if it were an order of the Court of Session.