Section 5

If the OFT has reasonable grounds for believing that there has been a material change of circumstance since it granted an individual exemption, it may by notice in writing— cancel the exemption; vary or remove any condition or obligation; or impose one or more additional conditions or obligations. If the OFT has a reasonable suspicion that the information on which it based its decision to grant an individual exemption was incomplete, false or misleading in a material particular, it may by notice in writing take any of the steps mentioned in subsection (1). Breach of a condition has the effect of cancelling the exemption. Failure to comply with an obligation allows the OFT, by notice in writing, to take any of the steps mentioned in subsection (1). Any step taken by the OFT under subsection (1), (2) or (4) has effect from such time as may be specified in the notice. If an exemption is cancelled under subsection (2) or (4), the date specified in the notice cancelling it may be earlier than the date on which the notice is given. The OFT may act under subsection (1), (2) or (4) on its own initiative or on a complaint made by any person.

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Source: legislation.gov.uk · retrieved 2026-09-04