The Financial Services and Markets Act 2000 (Transitional Provisions) (Mortgages) Order 2004

Interim approval

3.—(1) This article applies where before commencement—

(a) the Authority has received a completed application made under section 60 of the Act (applications for approval by the Authority of persons carrying on controlled functions under section 59) from a person who has submitted an application falling within article 2(1);

(b) the application has been refused or the applicant has received a warning notice stating that the Authority proposes to refuse the application; and

(c) the application has not been finally decided.

(2) The person in respect of whom the application is made is to be treated, as from commencement, as having the Authority’s approval (“an interim approval”) for the purposes of section 59 of the Act in relation to the functions to which the application relates until the approval lapses in accordance with paragraph (3).

(3) Without prejudice to the exercise by the Authority of its powers under Part V of the Act, an interim approval lapses on whichever is the earliest of the following dates—

(a) when the application has been finally decided;

(b) 31st October 2005.

(4) For the purposes of this article, an application has been finally decided—

(a) when the application is withdrawn;

(b) when the Authority grants an application for approval under section 62 of the Act;

(c) where the Authority has refused an application and the matter is not referred to the Tribunal, on the date on which the right to refer the matter to the Tribunal expires;

(d) where the Authority has refused an application and the matter is referred to the Tribunal, when the reference is determined by the Tribunal.