Section 63

The FCA may withdraw an approval under section 59 given by the FCA or the PRA in relation to the performance by a person of a function if the FCA considers that the person is not a fit and proper person to perform the function. The PRA may withdraw an approval under section 59 in relation to the performance by a person (“A”) of a function if— the PRA gave the approval, or the FCA gave the approval and the function is a relevant senior management function performed in relation to the carrying on by a PRA-authorised person of a regulated activity, and the PRA considers that A is not a fit and proper person to perform the function. In subsection (1A) “relevant senior management function” means a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA). Before one regulator withdraws an approval given by the other regulator, it must consult the other regulator. When considering whether to withdraw an approval, the FCA or the PRA may take into account any matter which could be taken into account in considering an application made under section 60 in respect of the performance of the function to which the approval relates (on the assumption, if it is not the case, that the application was one falling to be considered by it). At least once a year each ... authorised person must, in relation to every person in relation to whom an approval has been given on the application of the authorised person— ... consider whether there are any grounds on which a regulator could withdraw the approval under this section, and if the authorised person is of the opinion that there are such grounds, notify the regulator of those grounds. If a regulator proposes to withdraw an approval, it must give each of the interested parties a warning notice. If a regulator decides to withdraw an approval, it must give each of the interested parties a decision notice. If a regulator decides to withdraw an approval, each of the interested parties may refer the matter to the Tribunal. “The interested parties”, in relation to an approval, are— the person on whose application it was given (“A”); the person in respect of whom it was given (“B”); and the person by whom B’s services are retained, if not A.

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