5.—(1) Where, before commencement—
(a)a notice was given under section 29(1) of the Financial Services Act of intention to refuse an application under section 26 or 28(5) of that Act;
(b)the period within which the case could be required to be referred to the Financial Services Tribunal under that Act had not expired;
(c)no such reference had been required by the applicant,
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant (and any person to whom a copy of the notice was given under section 29(3) of that Act) of that fact.
(2) Paragraph (1) does not affect the power of the Authority to serve a notice under section 52(7) in respect of the application (as effective by virtue of article 3 or 4(1)).
(3) Where, before commencement—
(a)a notice was given under section 29(1) of the Financial Services Act of intention to refuse an application under section 26 or 28(5) of that Act;
(b)the period within which the case could be required to be referred to the Financial Services Tribunal under that Act expired without such a reference being required by the applicant; and
(c)no notice under section 29(5) of that Act had been given,
the notice of intention has effect after commencement as if it were a decision notice given under section 52(9)(c), except that there is no right to refer the matter to the Tribunal under section 55(1).
(4) A decision notice having effect by virtue of paragraph (3) has effect as if—
(a)it gave notice of the Authority’s decision to refuse the application (as effective by virtue of article 3 or 4(1));
(b)it stated that section 394 does not apply;
(c)it indicated that there is no right to have the matter referred to the Tribunal.