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Timeline guidance

REC 4.6 The section 296 power to give directions

REC 4.6.1GRP

Under section 296 of the Act (FCA's4 power to give directions)5 the FCA4 has the power to give directions to a recognised body to take specified steps 1in order to secure its compliance with the recognised body requirements. In the case of a UK RIE 5those steps may include granting the FCA4 access to the UK RIE's premises for the purposes of inspecting those premises or any documents on the premises and the suspension of the carrying on of any regulated activity by the UK RIE for the period specified in the direction1.

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REC 4.6.2G

[deleted]4

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REC 4.6.3GRP

The FCA4 is likely to exercise its power under section 296 of the Act 5if it considers that:

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  1. (1)

    there has been, or was likely to be, a failure to satisfy one or more of the recognised body requirements3 1which has serious consequences;

  2. (2)

    compliance with the direction would ensure that 1one or more of the recognised body requirements is3 satisfied; and

  3. (3)

    the recognised body is capable of complying with the direction.

REC 4.6.4GRP

Under section 298(7) of the Act (Directions and revocation: procedure), 5 the FCA4 need not follow the consultation procedure set out in the rest of section 298 (see REC 4.8) or may cut short that procedure, if it considers it reasonably necessary to do so. 5

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