CRED 16
Decision making
CRED 16.1
Application and Purpose
- 01/12/2004
CRED 16.1.1
See Notes
- 01/12/2004
CRED 16.1.2
See Notes
- 01/12/2004
CRED 16.2
Introduction
- 01/12/2004
CRED 16.2.1
See Notes
The Decision making manual (DEC), together with the other manuals described below, constitute the regulatory processes block of the Handbook. The other manuals are:
- (1) the Authorisation manual (AUTH) which sets out the relationship between the FSA and applicants for Part IV permission (amongst others);
- (2) the Supervision manual (SUP) which sets out the relationship between the FSA and authorised persons (referred to in the Handbook as firms); and
- (3) the Enforcement manual (ENF) which describes the FSA's enforcement powers under the Act and sets out its policies for using these powers.
- 01/12/2004
CRED 16.3
Guidance on DEC
- 01/12/2004
DEC 1
CRED 16.3.1
See Notes
DEC 1 describes the application and purpose of DEC and provides an introduction to the manual. That introduction explains that the Act designates certain notices as warning notices, decision notices or supervisory notices (together called 'statutory notices') for which there are certain specified procedures, actions and protections. DEC 4 explains which decisions are to be taken by the Regulatory Decisions Committee (RDC) and which are subject to executive procedures. In relation to regulatory decisions which are not subject to statutory notices, the FSA's general policy is that regulatory decisions should be taken at a level of seniority which is appropriate to the decision having regard to the following:
- (1) significance of the decision for those affected by it;
- (2) the complexity of the relevant considerations;
- (3) the alternatives;
- (4) the extent to which the factors of the case may be disputed;
- (5) the novelty of the decision in the light of stated policy and established procedure.
- 01/12/2004
CRED 16.3.2
See Notes
- 01/12/2004
DEC 2
CRED 16.3.3
See Notes
DEC 2 describes the procedure for issuing a warning notice or a decision notice. DEC 2 Annex 1 G sets out the circumstances in which the warning notice and decision notice procedures apply. Examples of such notices are:-
- (1) when the FSA is proposing or deciding to refuse an application for Part IV permission;
- (2) when the FSA is proposing or deciding to cancel a Part IV permission otherwise than by request;
- (3) when the FSA is proposing or deciding to make a prohibition order against an individual;
- (4) when the FSA is proposing or deciding to withdraw approval from an approved person.
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DEC 3
CRED 16.3.4
See Notes
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DEC 4
CRED 16.3.5
See Notes
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CRED 16.3.6
See Notes
Examples of matters to be decided by the RDC include:
- (1) refusal of an application for Part IV permission;
- (2) limitation, variation or restriction of a Part IV permission;
- (3) refusal or withdrawal of approved person status;
- (4) exercise of the FSA's powers to impose a financial penalty or public censure on any person.
- 01/12/2004
CRED 16.3.7
See Notes
Examples of matters to be decided by executive procedures include:
- (1) imposing a requirement to submit regular reports;
- (2) imposing a requirement to submit a business plan;
- (3) establishing or varying prudential limits, for example on capital or liquidity.
- 01/12/2004
CRED 16.3.8
See Notes
- 01/12/2004
CRED 16.3.9
See Notes
- 01/12/2004