Suspension of authorisation by the Regulator: appeal of decision
48.—(1) This article applies where—
(a)the Regulator gave written notice to a relevant person (“B”) under regulation 47(1) of the 2006 Regulations of a decision to suspend B’s authorisation; and
(b)on 1st April 2019—
(i)the period within which an appeal relating to that decision may be made has not ended; or
(ii)an appeal submitted to the First-tier Tribunal by B before that date has not been determined.
(2) For the purposes only of an appeal in respect of the Regulator’s decision, the Regulator’s notice is to be treated as a decision notice given by the FCA under section 208(1)(c) of the 2000 Act(1), and the notice is to be read for this purpose—
(a)as if any reference to the Regulator were a reference to the FCA; and
(b)with any other necessary modifications.
(3) For the purposes of section 206A(3) of the 2000 Act, the suspension is treated as having taken effect on 1st April 2019.
(4) If, before 1st April 2019, B submitted notice of an appeal to the First-tier Tribunal under section 13 of the 2006 Act in respect of the Regulator’s decision, section 208(4) of the 2000 Act(2) (right to refer matters to the Tribunal) does not apply.
Paragraph (c) of section 208(1) was inserted by the Financial Services Act 2010, sections 24(1) and (2), paragraphs 1 and 18((1) and (3) of Schedule 2.
Subsection (4) was amended by the Financial Services Act 2012 (c. 21), section 37(1), paragraphs 1 and 15 of Schedule 9; and the Financial Services Act 2010, section 24(1) and (2), paragraphs 1 and 19 of Schedule 2.