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Status: You are viewing the version of the handbook as on 2012-01-07.

FINMAR 1.3 Providing notice before imposing a financial stability information requirement

Giving notice

FINMAR 1.3.1G

The FSA will give a person a notice in writing if it proposes to impose a financial stability information requirement unless the FSA is satisfied that information or documents are required without delay. The notice will include:

  1. (1)

    the reasons why the FSA proposes to impose the financial stability information requirement; and

  2. (2)

    the time period in which the person may make representations to the FSA in respect of the proposal.

Right to make representations

FINMAR 1.3.2G

The notice referred to in FINMAR 1.3.1 G will specify a reasonable period in which to make representations. In determining the period for representations the FSA will take into account:

  1. (1)

    the nature, type and number of documents likely to be required;

  2. (2)

    the reasons for imposing the requirement;

  3. (3)

    whether the person is likely to wish to seek legal advice;

  4. (4)

    whether the person is an authorised person;

  5. (5)

    any cost implications for the person.

FINMAR 1.3.3G

The FSA will generally invite the recipient of a notice to make representations in writing to the address provided in the notice. The FSA will consider a request by a person to make oral representations and will take into account:

  1. (1)

    whether oral representations would be likely to:

    1. (a)

      improve the FSA's understanding of the representations;

    2. (b)

      be more convenient or less costly than written representations; and

    3. (c)

      assist the FSA in making a decision more quickly; and

  2. (2)

    as in other cases, and in accordance with the Disability Discrimination Act 1995, any reason relating to the disability of the person which would mean that they could not otherwise have a fair hearing.

FINMAR 1.3.4G

Once the period for making representations has expired the FSA will determine within a reasonable period whether to impose the financial stability information requirement.

FINMAR 1.3.5G

If the FSA does not receive any representations during the period specified in the notice it will determine whether to impose the financial stability information requirement based on the information available to it.