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Section 389

FSMA 2000

If a regulator decides not to take— it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given. the action proposed in a warning notice given by it, or the action to which a decision notice given by it relates, But subsection (1) does not apply if the discontinuance of the proceedings concerned results in the granting of an application made by the person to whom the warning or decision notice was given. A notice of discontinuance must identify the proceedings which are being discontinued.

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