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ENF 15.6 FSA cautions

ENF 15.6.1G

In some cases, the FSA may decide to issue a formal caution rather than to prosecute an offender. In these cases the FSA will follow the Home Office Guidance on the cautioning of offenders, currently contained in the Home Office Circular 18/1994. The FSA will not administer a caution unless it is satisfied that the following conditions are met:

  1. (1)

    there is sufficient evidence of the offender's guilt to give a realistic prospect of conviction;

  2. (2)

    the offender admits the offence; and

  3. (3)

    the offender understands the significance of a caution and gives informed consent to being cautioned.

ENF 15.6.2G

Where the FSA decides to administer a formal caution, a record of the caution will be kept by the FSA, but the FSA will not publish the caution. The issue of a caution may influence the FSA in its decision whether or not to prosecute the offender if he offends again. If the offender is a firm or an approved person, a caution given by the FSA will form part of the firm's or approved person's regulatory record for the purposes of ENF 11.4.1 G (3). If relevant, the FSA will take the caution into account in deciding whether to take disciplinary action for subsequent regulatory misconduct by the firm or the approved person. The FSA may also take a caution into account when considering a person's honesty, integrity and reputation and his fitness or propriety to perform controlled or other functions in relation to regulated activities (see FIT 2.1.3 G).