ENF 8.12 Publication

DEC 5.2 (Publication) sets out certain requirements of the Act in relation to publication by the FSA of its decisions. Once a final notice relating to a prohibition order has been issued, the FSA will generally publicise the decision.

Under section 347(1)(g) of the Act (The record of authorised persons etc) the FSA must keep a public record of individuals against whom it has made a prohibition order. Section 347(2)(f) states the record must include the name of the individual and details of the effect of the prohibition order. The record of prohibition orders will be maintained on the FSA Register. The FSA will not enter details of a prohibition order on to the FSA Register until a final notice has been issued.

Once the decision to make a prohibition order is no longer open to review, the FSA will consider what additional information about the circumstances of the prohibition order to include on the FSA Register. The FSA will balance any possible prejudice to the individual concerned against the interests of consumer protection.

Under section 347(3) of the Act, if it appears to the FSA that an entry on the FSA Register ceases to apply to a person (in the case of a prohibition order, where that prohibition order is varied or revoked) it may remove the relevant entry from the FSA Register. Section 347(4) provides that, if the FSA decides not to remove the entry from the FSA Register, it must make a note of this in the FSA Register and state why it believes the entry on the FSA Register no longer applies to the person.

1. (1)

   The FSA will maintain an entry on the FSA Register while a prohibition order is in effect. If the FSA grants an application to vary the order a note of the variation will be made on the FSA Register.

2. (2)

   The FSA's policy in relation to section 347(4) of the Act is that where an application to revoke a prohibition order is granted, a note will be made on the FSA Register that the order has been revoked giving reasons for the revocation. The availability to firms and consumers of a full record of FSA action taken in relation to an individual's fitness and propriety will assist it in furthering its regulatory objectives, in particular, the protection of consumers and the maintenance of confidence in the financial system.

3. (3)

   The FSA will maintain an annotated record of revoked prohibition orders for six years from the date of the revocation after which time the record will be removed from the FSA Register.