Before exercising a power listed in subsection (3), the FCA must consider whether it would be more appropriate to proceed under the Competition Act 1998.
The FCA must not exercise such a power if it considers that it would be more appropriate to proceed under the Competition Act 1998.
Those powers are—
the power under section 55J(2) to vary or cancel a Part 4A permission;
the power under section 55L to impose a requirement on an authorised person with a Part 4A permission, or to vary a requirement imposed under that section;
the power to take action under section 88E;
the power to take action under section 89U;
the power to give a direction under section 192C;
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