(1) Where an appropriate regulator proposes to exercise the powers conferred by section 138A of the Act in relation to an authorised person for the purpose of applying a decision or a joint decision, other than on the application or with the consent of that person, it must give him written notice and have regard to any representations received within such period as is specified in the notice.
(2) The notice must -
(a) give details of any proposed direction or variation of a direction;
(b) give details of any proposed conditions;
(c) inform the person that, within such period as may be specified in the notice, he may make representations to that appropriate regulator;
(d) inform the person when the proposed direction, variation or condition takes effect.