9.—(1) The FCA must determine an application for authorisation or the variation of an authorisation before the end of the period of three months beginning with the date on which it received the completed application.
(2) The FCA may determine an incomplete application if it considers it appropriate to do so, and it must in any event determine any such application within 12 months beginning with the date on which it received the application.
(3) The applicant may withdraw its application, by giving the FCA notice, at any time before the FCA determines it.
(4) The FCA may grant authorisation to carry out the payment services to which the application relates or such of them as may be specified in the grant of the authorisation.
(5) If the FCA decides to grant an application for authorisation, or for the variation of an authorisation, it must give the applicant notice of its decision specifying—
(a)the payment services for which authorisation has been granted; or
(b)the variation granted,
described in such manner as the FCA considers appropriate.
(6) The notice must state the date on which the authorisation or variation takes effect.
(7) If the FCA proposes to refuse an application or to impose a requirement it must give the applicant a warning notice.
(8) The FCA must, having considered any representations made in response to the warning notice—
(a)if it decides to refuse the application or to impose a requirement, give the applicant a decision notice; or
(b)if it grants the application without imposing a requirement, give the applicant notice of its decision, stating the date on which the authorisation or variation takes effect.
(9) If the FCA decides to refuse the application or to impose a requirement the applicant may refer the matter to the Upper Tribunal.
(10) If the FCA decides to authorise the applicant, or vary its authorisation, it must update the register as soon as practicable.