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Business Crime Solicitor Stine Dulong discusses FCA Consultation Paper on publishing information about Warning Notices

On 1 April 2013, the Financial Conduct Authority (“FCA”) opened for business and the Financial Services Act 2012 was enacted.

As discussed in an earlier blog comment, 'Business Crime Solicitor Stine Dulong on the new Financial Conduct Authority and Warning Notices', the 2012 Act has amended Section 391(1)(c) of the Financial Services and Markets Act 2000 (FSMA) thereby giving the FCA the power to publish information about warning notices under certain circumstances.

Until 2010, the earliest the FSA could publish details of a statutory notice in a disciplinary matter was when it issued a final notice. In 2010, the publication stage was brought forward to the point when a decision notice was issued. The government has now given power for the regulators to publish at the earlier warning notice stage.

The FCA has issued a consultation paper which sets out the proposals on the FCA’s use of the new power to publish such information about the matter to which a warning notice relates as it considers appropriate. The FCA has made it clear that it will not use the power under Section 391(1) (c) until this consultation has ended and a policy on the use of the power is included in the Enforcement Guide. The consultation closes on 18 June 2013.

The consultation paper can be viewed by clicking here.

By Business Crime Solicitor Stine Dulong

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