49.—(1) This article applies where the Regulator—
(a)notified a relevant person under regulation 29(4) of the 2006 Regulations(1) (directions of the Regulator about complaints handling and related matters) of a direction that the Regulator proposed to give under paragraph (3) of that regulation; and
(b)on 1st April 2019, has not given the proposed direction.
(2) The Regulator’s notice is to be treated as written notice given by the FCA under section 55Y(4) of the 2000 Act, and for this purpose—
(a)subsection (2) of that section does not apply to the notice;
(b)the notice is taken to comply with subsection (5) of that section; and
(c)the notice is to be read—
(i)as if a reference to the Regulator were a reference to the FCA; and
(ii)with any other necessary modifications.
Regulation 29(4) was amended by S.I. 2015/42.