FCA prohibition orders
FCA prohibition orders

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA prohibition orders
  • Prohibition orders
  • Prohibition orders against approved persons
  • Prohibition orders against other individuals
  • Prohibition orders: procedure and right to refer to Tribunal
  • Applications to vary or revoke a prohibition order
  • Other powers that may be relevant when the FCA is considering whether to exercise its power to make a prohibition order
  • Sentences for breach of a prohibition order

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

Prohibition orders

The FCA has 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 may exercise this power where it considers that it is appropriate either to prevent an individual from performing any function in relation to regulated activities, or to restrict the functions which he may perform.

A prohibition order may relate to:

  1. a specified regulated activity

  2. any regulated activity falling within a specified description of all

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