Part IU.K. Regulation of Deposit-Taking Business

AppealsU.K.

27 Rights of appeal.U.K.

(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.

(4)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(b)if such an appeal is brought, until it is determined or withdrawn.

(5)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.

Textual Amendments

F1Words in s. 27 substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para.9; S.I. 1998/1120, art.2

F2Words in s. 27(1)(a) inserted (1.1.1993) by S.I. 1992/3218, reg. 32(2)(c).

Modifications etc. (not altering text)

C2S. 27(4)(5) applied (with modifications) (1.12.2001) by S.I. 2001/3592, art. 113(1) (with art. 23(2))