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

ENF 8.8 Prohibition orders against other individuals

ENF 8.8.1G

The guidance in ENF 8.8 applies to individuals, other than individuals referred to in ENF 8.5 to ENF 8.7. The FSA will consider exercising its power to make a prohibition order against such individuals where they have shown themselves to be unfit to carry out functions in relation to regulated activities.1

ENF 8.8.2G

The FSA will consider the individual's fitness or propriety where, for example, it appears that:

  1. (1)

    the individual has been involved in conducting regulated activities in breach of the general prohibition; or

  2. (2)

    the individual has been involved in other misconduct or offences under the Act which call into question his honesty, integrity or competence; or

  3. (3)

    he appears likely to pose a serious risk to consumers or confidence in the financial system in the future.

ENF 8.8.2AG

1In cases where it is considering whether to exercise its power to make a prohibition order against individuals not referred to in ENF 8.5 to ENF 8.7 , the FSA will not have the option of considering whether other enforcement action may adequately deal with the misconduct in question. In these cases, the FSA will consider the severity of the risk posed by the individual. It may prohibit the individual where it considers this is necessary to achieve the FSA's regulatory objectives of maintaining confidence in the financial system, promoting public awareness, protecting consumers and reducing financial crime.

ENF 8.8.3G

When determining the fitness and propriety of an individual, who is not an individual referred to in ENF 8.5to ENF 8.71, the FSA will consider the criteria set out in ENF 8.5.2 G (1), ENF 8.5.2 G (3) and ENF 8.5.2 G (5).