(1) An application under section 272 must be determined by the FCA before the end of the period of six months beginning with the date on which it receives the completed application.

(2) The FCA may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.

(3) If the FCA makes an order under section 272(1), it must give written notice of the order to the applicant.