This section applies where the FCA considers that—
rules made under section 278 have been contravened,
the operator of a scheme recognised under section 272 has contravened section 277, 277A or 282A, or
the operator of a scheme recognised under section 272 has contravened a rule made, or a requirement imposed, under section 283.
The FCA may publish a statement to that effect.
Where the FCA proposes to publish a statement under subsection (2) in relation to a scheme or the operator of a scheme, it must give the operator a warning notice setting out the terms of the statement.
If the FCA decides to publish the statement—
it must give the operator, without delay, a decision notice setting out the terms of the statement, and
the operator may refer the matter to the Tribunal.
After a statement under subsection (2) is published, the FCA must send a copy of it to the operator and to any person to whom a copy of the decision notice was given under section 393(4).