Section 57

If a regulator proposes to make a prohibition order it must give the individual concerned a warning notice. The warning notice must set out the terms of the prohibition. If a regulator decides to make a prohibition order it must give the individual concerned a decision notice. The decision notice must— name the individual to whom the prohibition order applies; set out the terms of the order; and be given to the individual named in the order. A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal. If— the FCA must consult the PRA before giving a warning notice under this section. the FCA proposes to make a prohibition order, and as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA, A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by— a PRA-authorised person, or a person who is an exempt person in relation to a PRA-regulated activity carried on by the person. The PRA must consult the FCA before giving a warning notice under this section. If— the FCA must consult the appropriate regulator before giving a warning notice under this section. the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and the FCA is not the appropriate regulator in relation to recognised bodies of that type, If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section. In this section— “the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A; “recognised body” has the meaning given by section 313;

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