The FCA must determine an application under section 143K(1)—
if the application is complete, before the end of the period of six months beginning with the day on which the FCA received the application, or
if the application is incomplete, before the end of the period of 12 months beginning with the day on which the FCA received the application.
The applicant may withdraw the application, by giving the FCA a written notice, at any time before the FCA determines it.
If the FCA grants an application under section 143K(1), it must give the applicant a written notice.
The notice must state the date from which the requirement or variation has effect.