PART 10 Cancellation, suspension and variation of authorisations

47 Procedure for cancellation etc
1 If the Regulator decides to cancel, suspend or vary an authorised person’s authorisation, the Regulator must give written notice to the authorised person of the cancellation, suspension or variation.
2 The notice must specify a day as its earliest day of effect.
3 The notice may be served by post, but if so must be served by a method that provides a record of its delivery.
4 The cancellation, suspension or variation has effect from the later of—
(a) the day specified in it as its earliest day of effect; and
(b) either—
(i) if it is sent by electronic communication, the day it is taken to have been received under regulation 5(2); or
(ii) if it is sent or served in any other way, the day it is actually received by the authorised person.
The Tribunal has the power to suspend the operation of the Regulator’s decision—see the Act, s 11(4).