The FCA must consult the PRA before acting under section 185 if—
the UK authorised person to which the section 178 notice relates has as a member of its immediate group a PRA-authorised person, or
the section 178 notice-giver is a PRA-authorised person.
The PRA may make representations to the FCA in relation to any of the matters set out in sections 185(2) and 186.
If the PRA considers that on the basis of relevant matters there are reasonable grounds to object to the acquisition, the PRA may direct the FCA not to approve the acquisition unless it does so subject to conditions specified in the direction (with or without other conditions).
In subsection (3) "relevant matters"—
means the matters in paragraphs (d) and (e)(i) of section 186, and
in a case falling within subsection (1)(b) of this section, also includes the matter in paragraph (c) of section 186.
In order to comply with the obligation under subsection (1), the FCA must provide the PRA with—
copies of—
the section 178 notice, and
any document included with that notice,
any further information provided pursuant to section 190, and
any other information in the possession of the FCA which—
in the opinion of the FCA, is relevant to the application, or
is reasonably requested by the PRA.
If the FCA acts under section 185(1)(b), it must indicate to the section 178 notice-giver any representations or directions received from the PRA.