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You are viewing the version of the document as on 2021-01-06.

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    2021-01-06

EG 6.10 1The Financial Services Register: publication of disapplication orders against members of the professions (see chapter 16)

EG 6.10.1RP

1In general, the FCA considers that publishing relevant information about orders to disapply an exemption in respect of a member of a designated professional body will be in the interests of clients and consumers. The FCA will consider what additional information about the circumstances of the order to include on the record maintained on the Financial Services Register taking into account any prejudice to the person concerned and the interests of consumer protection.

EG 6.10.2RP

1The FCA's normal approach to maintaining information about a disapplication order on the Financial Services Register is as follows.

  1. (1)

    While a disapplication order is in effect, the FCA will maintain a record of the order on the Financial Services Register. If the FCA grants an application to vary the order, a note of the variation will be made against the relevant entry on the Financial Services Register.

  2. (2)

    The FCA's policy in relation to section 347(4) of the Act is that where an application to revoke an order is granted, it will make a note on the Financial Services Register saying that the order has been revoked giving reasons for its revocation. Having a full record of action the FCA has taken against persons granted an exemption under section 327 of the Act available will help the FCA to fulfil its operational objectives of securing an appropriate degree of protection for consumers and protecting and enhancing the integrity of the UK financial system.

  3. (3)

    This is why the FCA will maintain the annotated record of the disapplication order for a period of six years from the date of the revocation of the order, after which period the record will be removed from the record on the Financial Services Register.