Schedule 6, Part 3, paragraph 20

The appropriate UK regulator may reject a notification if satisfied that the Gibraltar-based person— lost a relevant access right at any time, and poses, or is likely to pose, a serious threat to— the interests of consumers (as defined in section 1G), or the soundness, stability and resilience of the UK financial system or a part of that system. The appropriate UK regulator may reject a notification if satisfied that— the Gibraltar-based person— is a member of the same group as a person that lost a relevant access right at any time, or has close links with such a person (as defined in paragraph 2C(2) of Schedule 6), and given the nature of the relationship between that person and the Gibraltar-based person, the Gibraltar-based person poses, or is likely to pose, a serious threat to— the interests of consumers (as defined in section 1G), or the soundness, stability and resilience of the UK financial system or a part of that system. For the purposes of this paragraph, a person lost a relevant access right if— its Part 4A permission was cancelled, its Schedule 2A permission was cancelled, or it ceased to qualify for authorisation under Schedule 3 (other than by virtue of the repeal of that Schedule). When deciding whether to reject a notification under this paragraph, the appropriate UK regulator must have regard, among other things, to the reasons why the person lost the relevant access right.

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