Category: Compliance & AML · Reviewed by Jake Leat, Associate Director · Last reviewed June 2026
The statutory notice issued by the FCA’s Regulatory Decisions Committee (or by executive decision in non-contested cases) setting out the action the FCA proposes to take and the right of the subject to refer the matter to the Upper Tribunal.
A Decision Notice is the statutory notice that an FCA enforcement decision has been made. It follows the warning notice stage. The subject has the right to refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days; if not referred, the Decision Notice becomes the basis for a Final Notice.
FSMA sections 387 (warning notices), 388 (decision notices), 393 (third party rights to make representations) and 133 (referral to the Upper Tribunal). Procedural framework in FCA Handbook, DEPP 3.
A Decision Notice follows the Regulatory Decisions Committee’s consideration of the warning notice representations made by the subject. It sets out the FCA’s findings, the action to be taken, the reasoning, and the subject’s right to refer to the Upper Tribunal under section 133. If no referral is made within 28 days, the matter proceeds to Final Notice. If referred, the Tribunal hearing follows — its decision can confirm, vary or quash the FCA’s decision.
For non-contested settlement cases, the Decision Notice stage may be passed by executive procedure rather than the RDC. The Statutory Notice of Discontinuance is issued where the FCA discontinues a proposed action after warning notice representations.
A Decision Notice naming individual directors as no longer fit and proper, with proposed prohibition orders, would also include the right to refer to the Tribunal. Many published Tribunal decisions concern matters that started life as a Decision Notice subsequently referred for tribunal hearing.
Financial Services and Markets Act 2000, sections 133, 387, 388, 393. FCA Handbook, DEPP 3.
By Matt Bartlett, Director, on 2026-06-11.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-11. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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