The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Financial Services and Markets Act 2000 (FSMA 2000) provides the Financial Conduct Authority (FCA) with a wide variety of possible actions against firms, including both disciplinary sanctions (such as financial penalties, public censure and suspension of (or restrictions on) permissions) and certain other enforcement tools (such as own initiative variation power (OIVoPs) and private warnings) This Practice Note provides an overview of the FCA’s disciplinary and enforcement tools against firms.
Under FSMA 2000, s 206, if the FCA considers that an authorised firm has contravened a relevant requirement imposed on it, the FCA may impose on the firm a financial penalty in respect of the contravention, of such an amount as the FCA considers appropriate.
The penalty is payable to the FCA.
If the FCA proposes to impose a financial penalty under FSMA 2000, s 206, it must give the firm concerned a Warning Notice, which must state the amount of the penalty proposed.
If the FCA then decides to impose a penalty (whether or not the same
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