What must the FCA do before publishing a warning notice?

Before the Financial Conduct Authority (FCA) publishes a warning notice, it is essential for them to consult the parties involved in the matter being addressed. This consultation process allows the affected parties to understand the concerns raised by the FCA, respond to the allegations, and present their side of the story before any formal action is taken. Engaging with the involved parties ensures a fair and transparent regulatory process, aligning with principles of natural justice and due process.

This step is crucial for maintaining the integrity of regulatory proceedings and helps to ensure that the decisions made by the FCA are well-informed and take into account all relevant perspectives. While judicial approval and public surveys are important in the regulatory context for different reasons, they are not prerequisites for the publication of a warning notice by the FCA. Similarly, notifying the general public is not an initial requirement and typically occurs after the consultation process.