(1)Before refusing or withdrawing its approval of a redress scheme, the regulator must give the scheme administrator a notice—
(a)stating that the regulator proposes to refuse or withdraw its approval,
(b)giving the reasons for the proposed refusal or withdrawal, and
(c)specifying a time (not being earlier than the end of the period of 30 days beginning with the day on which the notice is given to the scheme administrator) before which representations about the proposed refusal or withdrawal may be made.
(2)The regulator must give notice to the scheme administrator of—
(a)the regulator’s decision on a proposal to refuse or withdraw approval, and
(b)the reasons for its decision.
(3)In the case of a decision to withdraw approval, the regulator must also give notice of its decision and the reasons for it to the Secretary of State.
(4)The scheme administrator must give a copy of the notice under subsection (2) to each member of the scheme.
(5)If the regulator decides to withdraw approval, the withdrawal has effect in accordance with, and from the date specified in, the notice under subsection (2).
(6)Where a redress scheme designated under section 47(1)(b) is administered by a person appointed by the Secretary of State, this section (other than subsection (3)) applies in relation to a revocation by the Secretary of State of that person’s appointment as it applies in relation to a withdrawal by a regulator of the approval of a redress scheme.