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You are viewing the version of the document as on 2023-04-21.

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    2023-04-21

EG 9.8 The effect of the FCA's decision to make a prohibition order

EG 9.8.1RP

1The FCA may consider taking disciplinary action against a firm that has not taken reasonable care, as required by section 56(6) of the Act, to ensure that none of that firm's functions in relation to carrying on of a regulated activity is performed by a person who is prohibited from performing the function by a prohibition order. The FCA considers that a search by a firm of the Financial Services Register is an essential part of the statutory duty to take reasonable care to ensure that firms do not employ or otherwise permit prohibited individuals to perform functions in relation to regulated activities. In addition, the FCA expects firms to check the Financial Services Register when making applications for approval under section 59 of the Act. More generally, if a firm's search of the Financial Services Register reveals no record of a prohibition order, the FCA will consider taking action for breach of section 56(6) only where the firm had access to other information indicating that a prohibition order had been made.