ENF 5.4 Procedure

When it proposes to cancel the Part IV permission of a firm under sections 45 (Variation etc on the FSA's own initiative) or 47 (Exercise of power in support of overseas regulator) of the Act, the FSA is required to follow the statutory procedure set out in section 54 of the Act (Cancellation of Part IV permission: procedure).

Under section 54(1), if the FSA proposes to cancel a firm's Part IV permission otherwise than at the firm's request, it must give the firm a warning notice, and under section 54(2), if it then decides to cancel the firm's Part IV permission, it must give the firm a decision notice.

DEC 2 (Statutory notice procedure: warning notice and decision notice procedure) and DEC 4 (The decision maker) contain a detailed statement of the FSA's procedure for deciding whether to issue warning notices and decision notices.