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Disciplinary procedure: ‘The new regime’

Philip Ryley (Eversheds, Alexander House, Pierhead Street, Scott Harbour, Cardiff)
John Virgo (Barrister practising from Guildhall Chambers, Bristol and at Lincoln's Inn, London)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Article publication date: 1 March 2000



This paper is confined to an overview on the disciplinary and appeal procedures contained in the Financial Services and Markets Act 2000. The paper will not deal with market abuse, civil remedies, intervention or criminal prosecutions. It will, however, deal with discipline procedure and the appeal process. It is important to remember, when reading this paper, that the financial services industry still awaits the publication of the draft Enforcement, draft Supervision and draft Authorisation Manuals. The current expected publication date is August 2000. In addition, it is necesssary to distinguish between disciplinary measures affecting individuals and measures affecting businesses. This paper adopts the definitions in the Act and so the use of ‘authorised person’ refers to a business entity, and the use of ‘approved person’ refers to an individual. [Editor's note: A few days after this paper was written the draft Enforcement manual was published. The manual can be viewed at]


Ryley, P. and Virgo, J. (2000), "Disciplinary procedure: ‘The new regime’", Journal of Financial Regulation and Compliance, Vol. 8 No. 3, pp. 215-227.




Copyright © 2000, MCB UP Limited

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