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

ENF 8.6 Prohibition orders against individuals employed or formerly employed by firms but who are not approved persons2

ENF 8.6.1G

Where the FSA considers making a prohibition order against an individual employed or formerly employed2 by a firm who is not an approved person, it may make an order only on the grounds that the individual is not fit and proper to carry out functions in relation to regulated activities carried on by an authorised person.

ENF 8.6.1AG

2Where the individual concerned is not an approved person, the FSA will not have the option of withdrawing approval, nor will it generally have the option1 of exercising its disciplinary powers in relation to the individual concerned and therefore a prohibition order may be the only appropriate action available. In these cases, the FSA will consider the severity of the risk posed by the individual. It may prohibit the individual where it considers it necessary to achieve the FSA's regulatory objectives of maintaining market confidence in the financial system, promoting public awareness, protecting consumers and preventing financial crime.

ENF 8.6.2G

When considering whether to exercise its power to make a prohibition order against an individual employed or formerly employed2 by a firm who is not an approved person2, the FSA will consider those factors set out in ENF 8.5.2 G (1), ENF 8.5.2 G (3), ENF 8.5.2 G (5) and, if relevant, ENF 8.5.2 G (2) (in relation to conduct when an individual was an approved person) and1 ENF 8.5.2 G (6).