Related provisions for REC 2A.4.2
1 - 2 of 2 items.
The power in regulation 5A of the RAP Regulations to impose a civil penalty
or publish a statement adds to the FSA's other supervisory powers in relation to RAPs (see REC 4) and
its power to impose penalties on an RAP under
the Money Laundering Regulations.
The FSA will
use this power under the RAP Regulations where
it is appropriate to do so and with regard to the relevant factors listed
in DEPP 6.2.1 G.
In deciding between a civil penalty or a public statement, the FSA will
Where the FSA is proposing or deciding to publish a statement censuring an RAP or impose a penalty on the RAP under regulation 5A of the RAP Regulations, the FSA's decision maker will be the RDC.
This is to ensure that the FSA's power to censure or impose a penalty on an RAP has
the same layer of separation in the decision making process, and is exercised
consistently with, similar penalty and censure powers of the FSA under other legislation. The RDC will
make its decisions following
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) Building Societies Act 1986, section 36A: There is no right to refer a decision to issue a prohibition order under section 36A to the Tribunal. Accordingly, a decision notice under section 36A(5A) is not required to give an indication of whether any such right exists. A decision notice under section 36A(5A) may only relate to the issue of a prohibition order under section