FCA and PRA enforcement essentials—prohibition orders

Copyright © 2025 LexisNexis
Produced in partnership with Jankee Gohil of Linklaters
Practice notes

FCA and PRA enforcement essentials—prohibition orders

Copyright © 2025 LexisNexis

Produced in partnership with Jankee Gohil of Linklaters

Practice notes
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Stop Press: On 3 June 2025, the FCA published Policy Statement PS25/5, introducing the new Enforcement Guide (ENFG), which replaces the previous Enforcement Guide (EG) from 3 June 2025. This Practice Note is being updated to take account of this change. For further information, see: FCA publishes new Enforcement Guide, LNB News 03/06/2025 30.

The Lexis+® UK Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by rule breach, keyword, sector, date, Prohibition order, financial Penalty, and other actions such as referrals to the Upper Tribunal.

Prohibition orders

The FCA and PRA have power under the Financial Services and Markets Act 2000, s 56 (FSMA 2000) to prohibit individuals who are not fit and proper from carrying out functions in relation to regulated activities carried on by firms. The FCA or PRA may exercise this power where it considers that it is appropriate either to prevent an individual from performing any function in relation to

Jankee Gohil
Jankee Gohil

Solicitor, Linklaters

 Jankee advises firms on a range of regulatory and compliance matters, with a particular focus on contentious regulatory work. She has significant experience advising asset managers in relation to FCA enforcement investigations and supervisory interventions, including s166 FSMA 2000 reviews and enquiries relating to market abuse. Other recent experience includes advising an unregulated firm under investigation by the FCA for breach of the general prohibition; advising a US headquartered bank in relation to an internal investigation; and advising multiple firms in relation to Ofgem enquiries / investigations. Jankee has also represented an individual in an FCA investigation which was closed with no enforcement action and assisted firm to successfully defend themselves against client complaints, including those referred to the FOS.
 
 Jankee’s recent non-contentious experience includes advising a range of firms across the retail and wholesale sectors, as well as unregulated firms, on new and existing regulatory developments including topics such as the Consumer Duty, CRD VI, SMCR, systems and controls, financial promotions and licensing requirements. She has also been involved in providing training on the Consumer Duty and the FCA’s evolving approach to Supervision to members of trade associations (such as the Investment Association and UK Finance).
 
Jankee was previously seconded to the FCA’s Enforcement and Market Oversight Division where she worked as the lead investigator on several FCA investigations into firms and individuals.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Prohibition order definition
What does Prohibition order mean?

Order made by the Pensions Regulator prohibiting a person from being a trustee of a particular occupational pension scheme.

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