s 261Z2 Procedure: refusal to revoke or vary direction
(1) If on an application under section 261X(6) for a direction to be revoked or varied the FCA proposes— (a) to vary the direction otherwise than in accordance with the application, or (b) to refuse to revoke or vary the direction, it must give the applicant a warning notice. (2) If the FCA decides to refuse to revoke or vary the direction— (a) it must give the applicant a decision notice; and (b) the applicant may refer the matter to the Tribunal.