37.—(1) Paragraphs (3) to (5) apply if, before 1st April 2014—
(a)the OFT had given a notice under section 27 of the 1974 Act (determination of applications) M1 to a person (“A”) that it is minded to refuse A's application to renew A's standard licence,
(b)the OFT had not determined to refuse to renew A's licence, and
A is a relevant person.
(2) Paragraphs (3) and (4) apply if, before 1st April 2014—
(a)the OFT had given a notice under section 32(2) of the 1974 Act (revocation of a standard licence) M2 to a person (“A”),
(b)the OFT had not determined to revoke A's licence under that section, and
A is a relevant person.
(3) The notice is to be treated as—
(a)if A has Part 4A permission only by virtue of this Order, a warning notice given under section 55Z(1) M3 of the Act by the FCA to A of the proposal by the FCA to cancel A's Part 4A permission (except for the purposes of section 387 of the Act (warning notices) M4 which does not apply);
(b)in any other case, a written notice under section 55Y(4) of the Act of the proposal by the FCA to vary A's Part 4A permission (except for subsections (5) and (6) of section 55Y which do not apply).
(4) The notice has effect subject to any necessary modifications.
(5) If the period for making representations under section 34 of the 1974 Act in connection with that notice had not expired before 1st April 2014, subsections (1) and (2) of that section continue to apply as if—
(a)in subsection (1), references to the OFT (apart from the first reference) were references to the FCA or, before 1st April 2014, the OFT;
(b)in subsection (2), the reference to the OFT was to the FCA.
Marginal Citations
M1Section 27 is applied for the purposes of applications to renew a licence by the 1974 Act, section 29.
M2Section 32 was amended by the Enterprise Act 2002, Schedule 25, paragraph 6(14), the Consumer Credit Act 2006, section 32(5) and (6), and the Financial Services Act 2012, section 108(2).
M3Section 55Z was inserted by the Financial Services Act 2012, section 11.
M4Section 387 was amended by the Financial Services Act 2012, Schedule 9, paragraph 26.