Section 201: Warning
446.This section requires the Bank of England to give a warning notice of its intention to impose a sanction (sections 197(1)-200 (see subsection 2)) and allow 21 days for the person to whom the notice relates to make representations, which the Bank of England must consider before it may impose a sanction under this Part. The Bank of England must issue a decision notice stating whether or not it intends to impose the sanction.
447.In certain circumstances the Bank of England has the power, under subsection (3), to give a closure order under section 199 or to issue a disqualification order under section 200 without giving a warning notice. The Bank of England may make such orders if, for instance, the operator of a recognised inter-bank payment system is committing a compliance failure of such a serious nature that it poses an imminent threat to the stability of the UK financial system.
