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DEPP 1.2 Introduction to statutory notices

Statutory notices

DEPP 1.2.1GRP

Section 395 of the Act (The FSA's procedures) requires the FSA to publish a statement of its procedure for the giving of statutory notices. The procedure must be designed to secure, among other things, that the decision which gives rise to the obligation to give a statutory notice is taken by a person not directly involved in establishing the evidence on which that decision is based. The types of statutory notices and related notices, and the principal references to them in the Act and DEPP are set out in DEPP 1.2.2 G.

DEPP 1.2.2GRP

Table: Summary of statutory and related notices

Notice

Description

Act reference

Further information

Warning notice

Gives the recipient details about action that the FSA proposes to take and about the right to make representations.

Section 387

DEPP 2.2

Decision notice

Gives the recipient details about action that the FSA has decided to take. The FSA may also give a further decision notice if the recipient of the original decision notice consents.

Section 388

DEPP 2.3

Notice of discontinuance

Identifies proceedings set out in a warning notice or decision notice and which are not being taken or are being discontinued.

Section 389

DEPP 1.2.4 G and DEPP 3.2.26 G

Final notice

Sets out the terms of the action that the FSA is taking.

Section 390

DEPP 1.2.4 G

Supervisory notice

Gives the recipient details about action that the FSA has taken or proposes to take, for example to vary a Part IV permission.

Section 395(13)

DEPP 2.2 and DEPP 2.3

DEPP 1.2.3GRP

In DEPP the supervisory notice about a matter first given to the recipient is referred to as the "first supervisory notice" and the supervisory notice given after consideration of any representations is referred to as the "second supervisory notice".

DEPP 1.2.4GRP

The requirement in section 395 of the Act to publish a procedure for the giving of notices does not extend to the giving of a notice of discontinuance or a final notice. Neither of these notices is a statutory notice for the purposes of DEPP; nor is the decision to give such a notice a statutory notice associated decision.

The decision makers

DEPP 1.2.5GRP

Decisions on whether to give a statutory notice will be taken by a 'decision maker'. The FSA's assessment of who is the appropriate decision maker is subject to the requirements of section 395 of the Act and will depend upon the nature of the decision, including its complexity, importance and urgency. References to the 'decision maker' in DEPP are to:

  1. (1)

    the Regulatory Decisions Committee (RDC); or

  2. (2)

    FSA staff under executive procedures; or

  3. (3)

    FSA staff under the settlement decision procedure.

DEPP 1.2.6GRP

The decision maker will also take decisions associated with a statutory notice (a 'statutory notice associated decision'). Statutory notice associated decisions include decisions:

  1. (1)

    to set or extend the period for making representations;

  2. (2)

    on whether the FSA is required to give a copy of the statutory notice to any third party and, if so, the period for the third party to make representations; and

  3. (3)

    on whether to refuse access to FSA material, relevant to the relevant statutory notice, under section 394 of the Act.

DEPP 1.2.7GRP

In each case, the decision maker will make decisions by applying the relevant statutory tests, having regard to the context and nature of the matter, that is, the relevant facts, law, and FSA priorities and policies (including on matters of legal interpretation).

DEPP 1.2.8GRP

The FSA will make and retain appropriate records of those decisions, including records of meetings and the representations (if any) and materials considered by the decision makers.

DEPP 1.2.9GRP

DEPP 2 to DEPP 5 set out:

  1. (1)

    which decisions require the giving of statutory notices and who takes them (DEPP 2);

  2. (2)

    the nature and procedures of the RDC (DEPP 3);

  3. (3)

    the procedure for decision making by FSA staff under executive procedures (DEPP 4);

  4. (4)

    the procedure for decision making by FSA staff under the settlement decision procedure (DEPP 5).