Section 41

On determining an application for the grant of a permission, the PRA must give the applicant a written notice stating— its decision; and if the permission is granted, any conditions to which the permission is subject and the date on which the permission takes effect. Where the PRA varies or revokes a permission, it must give the institution concerned a written notice stating— that the permission is varied or revoked; and the date on which the variation or revocation takes effect. Where the PRA amends a condition to which a permission is subject, it must give the institution concerned a written notice stating— the amended condition; and the date on which the amendment takes effect.

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