(1)On an appeal under section 27(1) or (3) above the question for the determination of the tribunal shall be whether, for the reasons adduced by the appellant, the decision was unlawful or not justified by the evidence on which it was based.
(2)On any such appeal the tribunal may confirm or reverse the decision which is the subject of the appeal but shall not have power to vary it except that—
(a)where the decision was to revoke an authorisation the tribunal may direct the Bank to restrict it instead;
(b)where the decision was to impose or vary any restrictions the tribunal may direct the Bank to impose different restrictions or to vary them in a different way; or
(c)where the decision was to give or vary a direction the tribunal may direct the Bank to give a different direction or to vary it in a different way.
(3)Where the tribunal gives a direction to the Bank under subsection (2)(a), (b) or (c) above it shall be for the Bank to decide what restrictions should be imposed or how they should be varied or, as the case may be, what direction should be given or how a direction should be varied; and—
(a)the Bank shall by notice in writing to the institution concerned impose the restrictions, give the direction or make the variation on which it has decided;
(b)the institution may appeal to the tribunal against the Bank’s decision,
and on any such appeal the tribunal may confirm the decision or give a further direction under paragraph (b) or (c) of subsection (2) above and, if it gives such a further direction, this subsection shall continue to apply until the Bank’s decision is confirmed by the tribunal or accepted by the institution.
(4)Where the tribunal reverses a decision of the Bank to refuse an application for authorisation it shall direct the Bank to grant it.
(5)On an appeal under section 27(2)(a) above the question for the determination of the tribunal shall be whether, for the reasons adduced by the appellant, the finding of the Bank was not justified by the evidence on which it was based; and on an appeal under section 27(2)(b) above the question for the determination of the tribunal shall be whether, for the reasons adduced by the appellant, the decision requiring the appellant’s removal was unlawful or not justified by the evidence on which it was based.
(6)A decision by the tribunal on an appeal under section 27(2)(a) above that a finding in respect of the appellant was not justified shall not affect any refusal, revocation or restriction wholly or partly based on that finding; but on an appeal under section 27(2)(b) above the tribunal may confirm or reverse the decision to require the removal of the appellant.
(7)Notice of a tribunal’s determination, together with a statement of its reasons, shall be given to the appellant and to the Bank; and, unless the tribunal otherwise directs, the determination shall come into operation when the notice is given to the appellant and to the Bank.
(8)Notice of a tribunal’s determination of an appeal under section 27(2) above shall also be given to the institution concerned and, where the determination is to reverse a decision to require the removal of the appellant as director, controller or manager of an institution, the determination shall not come into operation until notice of the determination has been given to that institution.
Modifications etc. (not altering text)
C1S. 29 amended (1.1.1993) by S.I. 1992/3218, reg. 22(6), Sch. 6, para. 8(2).
S. 29 amended (1.1.1993) by S.I. 1992/3218, reg. 9(7), Sch. 3 para. 4(2)(3).