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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 September 2018 - onwards
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63. Withdrawal of approval

(1) 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.

(1A) The PRA may withdraw an approval under section 59 in relation to the performance by a person ("A") of a function if  -

(a) 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

(b) the PRA considers that A is not a fit and proper person to perform the function.

(1B) 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).

(1C) Before one regulator withdraws an approval given by the other regulator, it must consult the other reg

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