Section 55X

If a regulator proposes— it must give the applicant a warning notice. to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b), to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for permission, to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b), to vary a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for variation, ... in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission, to give permission under section 55NA but to exercise its power under subsection (4)(b) of that section, or to vary permission under section 55NA on the application of an authorised person but to exercise its power under subsection (4)(b) of that section, If a regulator proposes to refuse an application made under this Part, it must ... give the applicant a warning notice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If a regulator decides— it must give the applicant a decision notice. to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b), to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the giving of the permission, to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b), to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55L(1) or 55M(1) in connection with the variation, in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission, ... to give permission under section 55NA but to exercise its power under subsection (4)(b) of that section, to vary permission under section 55NA on the application of an authorised person but to exercise its power under subsection (4)(b) of that section, or to refuse an application under this Part, This section does not apply to applications to which section 55XA applies.

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