Part V

Performance of Regulated Activities

Approval

Withdrawal of approval
63
1
The Authority may withdraw an approval given under section 59 if it considers that the person in respect of whom it was given is not a fit and proper person to perform the function to which the approval relates.
2
When considering whether to withdraw its approval, the Authority may take into account any matter which it could take into account if it were considering an application made under section 60 in respect of the performance of the function to which the approval relates.
3
If the Authority proposes to withdraw its approval, it must give each of the interested parties a warning notice.
4
If the Authority decides to withdraw its approval, it must give each of the interested parties a decision notice.
5
If the Authority decides to withdraw its approval, each of the interested parties may refer the matter to the Tribunal.
6
“The interested parties”, in relation to an approval, are—
a
the person on whose application it was given (“A”);
b
the person in respect of whom it was given (“B”); and
c
the person by whom B’s services are retained, if not A.