(1) If on an application under section 261X(6) for a direction to be revoked or varied the FCA proposes -
(a) to vary the direction otherwise than in accordance with the application, or
(b) to refuse to revoke or vary the direction,
it must give the applicant a warning notice.
(2) If the FCA decides to refuse to revoke or vary the direction -
(a) it must give the applicant a decision notice; and
(b) the applicant may refer the matter to the Tribunal.