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Section 57: Prohibition orders: procedure and right to refer to Tribunal.

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part V: Performance of Regulated Activities

If a regulator proposes to make a prohibition order it must give the individual concerned a warning notice.

The warning notice must set out the terms of the prohibition.

If a regulator decides to make a prohibition order it must give the individual concerned a decision notice.

The decision notice must—

name the individual to whom the prohibition order applies;
set out the terms of the order; and
be given to the individual named in the order.

A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal.

If—

the FCA proposes to make a prohibition order, and
as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,

the FCA must consult the PRA before giving a warning notice under this section.

A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—

a PRA-authorised person, or
a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.

The PRA must consult the FCA before giving a warning notice under this section.

If—

the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and
the FCA is not the appropriate regulator in relation to recognised bodies of that type,

the FCA must consult the appropriate regulator before giving a warning notice under this section.

If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section.

In this section—

  • "the appropriate regulator", in relation to a recognised body, has the meaning given by section 285A;

  • "recognised body" has the meaning given by section 313;

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.