F1PART 8BCash access services
Supervision of designated persons
131XProcedure for directions
(1)
If the FCA proposes to give a direction under section 131W, or gives such a direction with immediate effect, it must give written notice to the designated person to whom the direction is given (or to be given).
(2)
A direction under section 131W takes effect—
(a)
immediately, if the notice under subsection (1) states that is the case,
(b)
on such other date as may be specified in the notice, or
(c)
if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(3)
A direction under section 131W may be expressed to take effect immediately (or on a specified date) only if the FCA reasonably considers that it is necessary for the direction to take effect immediately (or on that date).
(4)
The notice under subsection (1) must—
(a)
give details of the direction;
(b)
state the FCA’s reasons for the direction and for its determination as to when the direction takes effect;
(c)
inform the designated person that the person may make representations to the FCA within such period as may be specified in the notice (whether or not the person has referred the matter to the Tribunal);
(d)
inform the designated person of the person’s right to refer the matter to the Tribunal.
(5)
The FCA may extend the period allowed under the notice for making representations.
(6)
The FCA must give the designated person written notice if, having considered any representations made by the person, it decides—
(a)
to give the direction proposed;
(b)
if the direction has been given, not to revoke the direction.
(7)
The FCA must give the designated person written notice if, having considered any representations made by the person, it decides—
(a)
not to give the direction proposed;
(b)
to give a different direction;
(c)
to revoke a direction.
(8)
A notice given under subsection (6) must inform the notified person of the person’s right to refer the matter to the Tribunal.
(9)
(10)
If a notice informs the designated person of the person’s right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
(11)
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).