Section 38(3)

The notice under paragraph (1) must— give details of the FCA’s action or proposed action; state the FCA’s reasons for taking the action in question and choosing the date on which it took effect or takes effect; inform the recipient that the recipient may make representations to the FCA within such period as may be specified by the notice (whether or not the recipient has referred the matter to the Tribunal); inform the recipient of the date on which the action takes effect or took effect, and inform the recipient of the recipient’s right to refer the matter to the Tribunal.

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