(1) Unless the OFT determines to issue a licence in accordance with an application it shall, before determining the application, by notice-
(a) inform the applicant, giving its reasons, that, as the case may be, it is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
(b) invite the applicant to submit to the OFT representations in support of his application in accordance with section 34.
(2) If the OFT grants the application in terms different from those applied for then, whether or not the applicant appeals, the OFT shall issue the licence in the terms approved by it unless the applicant by notice informs it that he does not desire a licence in those terms.