Schedule 7, Part 2, paragraph 11

The appropriate UK regulator may refuse to give a consent notice in relation to a regulated activity only if— it is satisfied that the Gibraltar notice does not satisfy one or more of the requirements in paragraph 9, or it appears to the regulator that it is desirable to refuse to do so in order to advance one or more of its objectives. In the case of the FCA, the reference in sub-paragraph (1)(b) to its objectives is a reference only to its operational objectives. If the appropriate UK regulator proposes to refuse to give a consent notice, it must give the UK-based person a warning notice. If the appropriate UK regulator decides to refuse to give a consent notice, it must give the UK-based person a decision notice. If the appropriate UK regulator gives the UK-based person a decision notice under sub-paragraph (4), the UK-based person may refer the matter to the Tribunal.

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