SCHEDULE 7Surrender of authorisation

Decision

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1

The Scottish Ministers must, within 28 days beginning with the day after the period mentioned in paragraph 3(2) ends, decide whether to agree to the proposed surrender.

2

In making their decision, the Scottish Ministers must have regard to—

a

any advice given to them by the Lord President,

b

any representations made to them by the other consultees under paragraph 3(1),

c

any further representation made to them by the approved regulator.

3

The Scottish Ministers must—

a

send to the approved regulator a notice (a “decision notice”) of their decision,

b

notify the consultees under paragraph 3(1) of their decision,

c

publish the decision notice in such manner as they consider appropriate for bringing it to the attention of any relevant person or body.

4

For the purpose of this schedule, relevant persons or bodies include—

a

other approved regulators,

b

providers of legal services,

c

organisations representing the interests of consumers,

d

members of the public.