Part I Regulation of Deposit-Taking Business
Appeals
C127 Rights of appeal.
1
An institution which is aggrieved by a decision of the F1Authority—
a
to refuse an application by the institution for authorisation F2otherwise than in a case in which the refusal isin pursuanceof a direction under section 26A above;
b
to revoke its authorisation otherwise than in a case in which revocation is mandatory under section 11 above;
c
to restrict its authorisation, to restrict it in a particular manner or to vary any restrictions of its authorisation; or
d
to give it a direction under section 19 above or to vary a direction given to it under that section,
may appeal against the decision to a tribunal constituted in accordance with section 28 below.
2
Where—
a
the ground or a ground for a decision within paragraph (a), (b) or (c) of subsection (1) above is that mentioned in section 10(3) or 13(4)(a) above; or
b
the effect of a decision within paragraph (c) or (d) of that subsection is to require the removal of a person as director, controller or manager of an institution,
the person to whom the ground relates or whose removal is required may appeal to a tribunal constituted as aforesaid against the finding that there is such a ground for the decision or, as the case may be, against the decision to require his removal.
3
Any person on whom a notice of objection is served under section 22 or 24 above may appeal to a tribunal constituted as aforesaid against the decision of the F1Authority to serve the notice; but this subsection does not apply to a person in any case in which he has failed to give a notice or become or continued to be a controller in circumstances in which his doing so constitutes an offence under section 25(1), (2) or (3) above.
C24
The revocation of an institution’s authorisation pursuant to a decision against which there is a right of appeal under this section shall not have effect—
a
until the end of the period within which an appeal can be brought; and
b
if such an appeal is brought, until it is determined or withdrawn.
C25
The Tribunal may suspend the operation of a restriction or direction or a variation of a restriction or direction pending the determination of an appeal in respect of the decision imposing or varying the restriction or giving or varying the direction.