Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Enforcement Section 206W: Warning
This section requires the Bank to give a warning notice of its intention to impose a sanction and allow 21 days for the person to whom the notice relates to make representations, which the Bank must consider before it may impose a sanction under this Part. The Bank must issue a decision notice stating whether or not it intends to impose the sanction.
	In certain circumstances the Bank has power, under subsection (3), to give a closure order under section 206U or to make an order under section 206V without giving a warning notice. The Bank may make such orders if, for instance, the recognised person is committing a compliance failure of such a serious nature that it poses an imminent threat to the stability of the UK financial system.