If the FCA proposes to give a relevant Part 5A direction, or gives such a direction with immediate effect, the FCA must give written notice to the person concerned ("P").
A relevant Part 5A direction takes effect—
A relevant Part 5A direction may be expressed to take effect immediately, or on a specified date, only if the FCA, having regard to the ground on which it is exercising the power to give the direction, considers that it is necessary for the direction to take effect immediately, or on that date.
The notice under subsection (1) must—
The FCA may extend the period allowed under the notice for making representations.
If, having considered any representations made by P, the FCA decides—
it must give P written notice.
If, having considered any representations made by P, the FCA decides—
it must give P written notice.
A notice under subsection (6) must inform P of P's right to refer the matter to the Tribunal.
A notice under subsection (7)(b) must comply with subsection (4).
If a notice informs P of P's right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
This section applies to the variation of a direction—
as it applies to the giving of a direction.
If the FCA decides on its own initiative to revoke a direction, it must give written notice to the person concerned.
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).