Part V Performance of Regulated Activities

Approval

63 Withdrawal of approval.

F1(1)

The FCA may withdraw an approval under section 59 given by the FCA or the PRA in relation to the performance by a person of a function if the FCA considers that the person is not a fit and proper person to perform the function.

(1A)

The PRA may withdraw an approval under section 59 in relation to the performance by a person (“A”) of a function if—

(a)

the PRA gave the approval, or the FCA gave the approval and the function is a significant-influence function performed in relation to the carrying on by a PRA-authorised person of a regulated activity, and

(b)

the PRA considers that A is not a fit and proper person to perform the function.

(1B)

“Significant-influence function” has the same meaning as in section 59.

(1C)

Before one regulator withdraws an approval given by the other regulator, it must consult the other regulator.

(2)

When considering whether to withdraw F2an approval, the FCA or the PRA may take into account any matter which could be taken into account in considering an application made under section 60 in respect of the performance of the function to which the approval relates F3(on the assumption, if it is not the case, that the application was one falling to be considered by it).

(3)

If F4a regulator proposes to withdraw F5an approval , it must give each of the interested parties a warning notice.

(4)

If F4a regulator decides to withdraw F5an approval, it must give each of the interested parties a decision notice.

(5)

If F4a regulator decides to withdraw F5an approval, each of the interested parties may refer the matter to the Tribunal.

(6)

“The interested parties”, in relation to an approval, are—

(a)

the person on whose application it was given (“A”);

(b)

the person in respect of whom it was given (“B”); and

(c)

the person by whom B’s services are retained, if not A.