Related provisions for DEPP 2.5.4
The FSA has identified four stages of an action for these purposes:
the period from commencement of an investigation until the FSA has:
the period from the end of stage 1 until the expiry of the period for making written representations or, if sooner, the date on which the written representations are sent in response to the giving of a warning notice ("stage 2");
the period from the end of stage 2 until the giving of a decision notice ("stage 3");
the period after the end of stage 3, including proceedings before the Tribunal and any subsequent appeals ("stage 4").
The communication of the FSA's assessment of the appropriate penalty for the purposes of DEPP 6.7.3G (1)(a) need not be in a prescribed form but will include an indication of the breaches alleged by the FSA. It may include the provision of a draft warning notice.
The reductions in penalty will be as follows:
Stage at which agreement reached