If the FCA decides to make an order under section 271A granting an application under that section, it must give written notice of its decision to the applicant.

If the FCA proposes to refuse an application under section 271A, it must give the applicant a warning notice.

If the FCA decides to refuse the application, it must give the applicant a decision notice.

If the FCA gives the applicant a decision notice under subsection (3), the applicant may refer the matter to the Tribunal, except where the FCA refuses the application on the ground that it is not satisfied that a condition in section 271G(2)(a) or (c) is met.