(1) The PRA may withdraw a designation under article 3 in relation to a person ("P") if the PRA considers it appropriate to do so.

(2) If the PRA proposes to withdraw a designation in relation to P, the PRA must give P a warning notice.

(3) If the PRA decides to withdraw a designation in relation to P, the PRA must give P a decision notice.

(4) If the PRA decides to withdraw a designation in relation to P, P may refer the matter to the Tribunal.

(5) Before withdrawing a designation under paragraph (1), the PRA must consult the FCA.