Financial Services and Markets Act 2000, section 207

Proposal to take disciplinary measures

Part XIV Disciplinary Measures

(1)If [F1560a regulatorF1560] proposes—

(a)F1562to publish a statement in respect of an authorised person (under section [F1561205(1)F1561] ), ...

(b)to impose a penalty on an authorised person (under section [F1563206(1)F1563] ), [F1564 or

(c)to suspend a permission of an authorised person or impose a restriction in relation to the carrying on of a regulated activity by an authorised person (under section 206A),F1564]

it must give the authorised person a warning notice.

[F1565 (1A)If the FCA proposes—

(a)to publish a statement in respect of a person under section 205(2),

(b)to impose a penalty on a person under section 206(1A), or

(c)to impose a prohibition or restriction on a person under section 206B,

it must give the person a warning notice.F1565]

(2)A warning notice about a proposal to publish a statement must set out the terms of the statement.

(3)A warning notice about a proposal to impose a penalty, must state the amount of the penalty.

[F1566 (4)A warning notice about a proposal to suspend a permission or impose a [F1567 prohibition orF1567] restriction must state the period for which the suspension [F1568 , prohibitionF1568] or restriction is to have effect.F1566]

Read section 207 in the full Act → Definitions (4) Cases (3)

Definitions used in section 207

regulator

“regulator” has the meaning given in section 3A(2);

Defined in s.417(1) · see it in the full Act
authorised person

“authorised person” has the meaning given in section 31(2);

Defined in s.417(1) · see it in the full Act

(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.

Defined in s.31(2) · see it in the full Act
regulated activity

“regulated activity” has the meaning given in section 22;

Defined in s.417(1) · see it in the full Act
the FCA

(2) The Financial Conduct Authority is in this Act referred to as “the FCA”.

Defined in s.1A(2) · see it in the full Act

“the FCA” means the Financial Conduct Authority;

Defined in s.417(1) · see it in the full Act

Cases considering section 207 (3)

Bluecrest Capital Management (UK) LLP v The Financial Conduct Authority

[2023] UKUT 140 (TCC) · 21 June 2023

Confirms the mandatory warning-notice procedure before the Authority proposes a penalty under section 206, supporting the requirement that the regulatory case be identified before the RDC. (see paras [44]; [58]-[59]; [192])

Financial Conduct Authority v Macris

[2017] UKSC 19 · 22 March 2017

The provision governed the warning notice describing proposed regulatory action and inviting representations. It formed part of the statutory notice sequence within which third-party rights operate (see para [5]).

Property Alliance Group Ltd v The Royal Bank of Scotland Plc

[2015] EWHC 1557 (Ch) · 8 June 2015

Forms part of the statutory notice procedure by which the FCA may issue a Warning Notice (see para [65]).

What each judgment says about section 207 is in the case-law panel in the full Act.

Explanatory note

414.This section requires the Authority to issue a warning notice where it proposes to make a public statement about an alleged contravention or impose a penalty.  The notice must include the statement the Authority proposes to make or the amount of the proposed penalty.

All the explanatory notes for the Act

Amendments and notes

19 notes from legislation.gov.uk

Amendments

  1. F1560Words in s. 207(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 14 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
  2. F1562Word in s. 207(1) omitted (8.6.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 18(2)
  3. F1561Word in s. 207(1)(a) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 16(2)(a)
  4. F1563Word in s. 207(1)(b) substituted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 16(2)(b)
  5. F1564S. 207(1)(c) and preceding word inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 18(2)
  6. F1565S. 207(1A) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 16(3)
  7. F1566S. 207(4) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 18(3)
  8. F1567Words in s. 207(4) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 16(4)(a)
  9. F1568Word in s. 207(4) inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 16(4)(b)

Modifications

  1. C834Ss. 204A-209 modified by S.I. 2002/1775, reg. 12(1)(1A) (as substituted (24.3.2015) by The Electronic Commerce Directive (Financial Services and Markets) (Amendment) Order 2015 (S.I. 2015/852), arts. 1(2), 2(3))
  2. C867S. 207 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(5), 110(6) (with art. 23(2))
  3. C868S. 207 modified (18.7.2002 for certain purposes and 21.8.2002 otherwise) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1, 12(1)
  4. C869Ss. 207-211 applied (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 71(3)
  5. C870Ss. 207-211 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 23(4) (with Pt. 4)
  6. C871S. 207 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 52(4)(5)
  7. C872S. 207 applied (31.5.2021) by The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (S.I. 2021/594), regs. 1, 2(5)(e)
  8. C873S. 207 applied (with modifications) (8.6.2023 for specified purposes, 7.10.2023 in so far as not already in force) by The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (S.I. 2023/612), art. 1(2), Sch. para. 20 (with art. 11)
  9. C874S. 207 applied (with modifications) (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 13(4), 14(7)(a), 18, 36(2)(4), 44(1)(2)
  10. C875S. 207 applied (with modifications) (14.1.2025 for specified purposes, 13.7.2026 in so far as not already in force) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, 25, 26, Sch. 1 Pts. 1, 2, 3; S.I. 2026/587, reg. 2(b)