s 71V Procedure for giving, varying or revoking relevant Part 5A direction
(1) 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 ”). (2) A relevant Part 5A direction takes effect— (a) immediately, if the notice under subsection (1) states that that is the case, (b) on such other date as may be specified in the notice, or (c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review. (3) 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. (4) The notice under subsection (1) must— (a) give details of the direction, (b) state the FCA’s reasons for the direction and for its determination as to when the direction takes effect, (c) inform P that P may make representations to the FCA within such period as may be specified in the notice (whether or not P has referred the matter to the Tribunal), and (d) inform P of P’s right to refer the matter to the Tribunal. (5) The FCA may extend the period allowed under the notice for making representations. (6) If, having considered any representations made by P, the FCA decides— (a) to give the direction proposed, or (b) if the direction has been given, not to revoke the direction, it must give P written notice. (7) If, having considered any representations made by P, the FCA decides— (a) not to give the direction proposed, (b) to give a different direction, or (c) to revoke a direction which has effect, it must give P written notice. (8) A notice under subsection (6) must inform P of P’s right to refer the matter to the Tribunal. (9) A notice under subsection (7)(b) must comply with subsection (4). (10) 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. (11) This section applies to the variation of a direction— (a) on the FCA’s own initiative, or (b) in response to, but otherwise than in accordance with, an application under section 71W, as it applies to the giving of a direction. (12) If the FCA decides on its own initiative to revoke a direction, it must give written notice to the person concerned. (13) For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).