ABSTRACT
There are circumstances in which the financial conduct authority (FCA) can unilaterally cancel or vary an authorisation. In addition the FCA can impose a requirement on an authorised person known as the own initiative requirement power. The requirements that can be imposed include a direction to the person concerned either to take or to refrain from taking relevant action, including requiring the taking of remedial action in respect of past conduct. The authorised person must be given a written notice of the proposed or actual variation, or of the imposition of a requirement. Such a notice is referred to as a supervisory notice. The supervisory notice must inform the authorised person of his or her right to take the matter to the tribunal. If the FCA intends to cancel an authorisation, it must first serve a warning notice to this effect. The decision to serve a warning notice must be taken by the regulatory decisions committee.
