[F15(1)This paragraph applies where the FCA receives an application under paragraph 4 in relation to a decision to vary or cancel an authorised person's Part 4A permission under paragraph 1.U.K.
(2)The FCA may—
(a)annul the decision unconditionally,
(b)annul the decision subject to such conditions as it considers appropriate, or
(c)refuse to annul the decision.
(3)The FCA may annul the decision (unconditionally or subject to conditions) only if satisfied that, in all the circumstances, it is just and reasonable to do so.
(4)The FCA's power under sub-paragraph (2)(b) includes the power—
(a)to remove or describe differently a regulated activity specified in the permission, and
(b)to withdraw or vary an approval given under section 59 that has effect in relation to the carrying on of a regulated activity specified in the permission,
provided that the activity in question was one to which the permission related immediately before the decision was taken.
(5)Where the FCA annuls the decision it must give the person a notice in writing setting out—
(a)where the annulment is subject to conditions, the conditions, and
(b)the date on which the annulment takes effect.
(6)If the FCA proposes to refuse to annul the decision it must give the person a warning notice.
(7)If the FCA decides to refuse to annul the decision it must give the person a decision notice.]
Textual Amendments
F1Sch. 6A inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 11 para. 3; S.I. 2021/739, reg. 3(p)