A licence under this Act may be granted for a period specified in the licence.

A licence under this Act granted for a specified period may be renewed by the regulator, on the application of the licensee, for a further specified period.

If the regulator is not the Secretary of State, the regulator must consult the Secretary of State before renewing a licence under this Act.

Sections 8 to 13, and other provisions of this Act about licences, apply in relation to the renewal of a licence as they apply in relation to the grant of a licence.