Banking Act 1987

27 Rights of appeal

(1) An institution which is aggrieved by a decision of the Bank—

(a) to refuse an application by the institution for authorisation;

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(b) if such an appeal is brought, until it is determined or withdrawn.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