This section applies where the FCA has received a reference under section 234D from a person who is a relevant person as a result of subsection (2)(b) of that section.
The duty to respond in section 234E does not apply if the FCA considers that the reference is frivolous, vexatious or has been made in bad faith.
The FCA must within 90 days after the day on which it receives the reference inform the person who made it—
that the duty to respond under section 234E does not apply by virtue of this section, and
of its reasons for reaching the conclusion in paragraph (a).
The Treasury may by order amend subsection (3) by substituting any period for the period for the time being specified there.