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Status: You are viewing the version of the handbook as on 2005-06-30.

ENF 18.3 The FSA's general approach to making disapplication orders

ENF 18.3.1G

ENF 18.4 sets out how the FSA will determine whether a member is not a fit and proper to carry out exemptregulated activities in accordance with section 327 of the Act (Exemption from the general prohibition).

ENF 18.3.2G

The FSA may make a range of disapplication orders depending on the particular circumstances of each case, including the range of exempt regulated activities undertaken and the particular exempt regulated activities to which the person's lack of fitness and propriety in that context is relevant.

ENF 18.3.3G

The FSA recognises that a decision to make a disapplication order may have serious consequences for a member in relation not only to the conduct by the member of exempt regulated activities, but also in relation to the other business carried on by the member. When it decides whether to exercise its power to make a disapplication order, the FSA will consider all relevant circumstances including whether other action, in particular the making of a prohibition order (see ENF 8 (Prohibition of individuals)), would be more appropriate. In general, the FSA is likely to exercise its powers to make an order disapplying an exemption where it considers that a member of a profession presents such a risk to the FSA's regulatory objectives that it is necessary to prevent the member from carrying out the exempt regulated activities. The FSA will also have regard to any disciplinary action taken, or to be taken, against the person by the relevant designated professional body.