Section 126

If the FCA proposes— it must give the person a warning notice. to impose a penalty on a person under section 123(2); to publish a statement censuring a person under section 123(3); to impose a temporary prohibition on an individual under section 123A(2)(a); to impose a temporary prohibition on an individual under section 123A(2)(b); to impose a permanent prohibition on an individual under section 123A(3); or to impose a suspension or restriction in relation to a person under section 123B; A warning notice about a proposal to impose a penalty under section 123 must state the amount of the proposed penalty. A warning notice about a proposal to publish a statement under section 123 must set out the terms of the proposed statement. A warning notice about a proposal to impose a prohibition under section 123A must set out the terms of the proposed prohibition. A warning notice about a proposal to impose a suspension or restriction under section 123B must state the period for which the suspension or restriction is to have effect.

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Source: legislation.gov.uk · retrieved 2026-09-04