Section 23(4)

After subsection (2A) insert— The regulator to which a relevant senior management application is made under section 60 may in particular— grant the application subject to any conditions that the regulator considers appropriate, and grant the application so as to give approval only for a limited period. A regulator may exercise the power under paragraph (a) or (b) of subsection (2B) only if— where the regulator is the FCA, it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives, and where the regulator is the PRA, it appears to the PRA that it is desirable to do so in order to advance any of its objectives. Consent given by the FCA for the granting of the application may be conditional on the manner in which the PRA exercises its power under subsection (2B).

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