This section applies where the FCA gives a registered society a notice under section 6 (notice of proposed cancellation of registration) specifying a ground set out in condition D in section 5.
The FCA must consider any representations about the proposed cancellation that the society makes to it in the period of notice.
If the society requests, the FCA must give the society an opportunity of being heard by the FCA before its registration is cancelled.
If, at any time after the end of one month from the date the notice is given, it appears to the FCA that there have not been taken the steps which by that time could reasonably have been taken for the purpose of—
the FCA may give such directions as it considers appropriate for securing that the society's affairs are wound up before its registration is cancelled.
The FCA must consult the PRA before giving directions under subsection (4) to a registered society that is a PRA-authorised person.
A person who contravenes or fails to comply with a direction under subsection (4) commits an offence.
A person guilty of an offence under this section is liable on summary conviction—