the statutory procedure and the FSA's decision making processes are similar (although there are additional procedures for the FSA to follow in certain cases where the FSA intervenes against EEA firms) (see ENF 3.6 and ENF 4.5);
In both cases, the FSA may exercise its power so that the action takes effect immediately, or on a specified date, or when the matter is no longer open to review (see section 197(1) of the Act (Procedure on exercise of power of intervention) in relation to the FSA's power of intervention); and
In both cases, the FSA may only state that the action will have effect immediately, or on a specified date, if the FSA reasonably considers that it is necessary for the action to take effect immediately or on that specified date, having regard to the ground on which it is exercising its power (see section 197(2) of the Act in relation to requirements imposed by power of intervention).
The FSA will adopt a similar approach to the exercise of its power of intervention as it does to its own-initiative powers to vary permission, but with suitable modification for the differences in the statutory grounds for exercising the powers (for example, see ENF 4.3.4 G). Consequently the factors and considerations set out in ENF 3.5.2 G to ENF 3.5.28 G are also likely to be relevant when the FSA is considering regulatory concerns about incoming firms.