The FCA must, before the end of a period of 20 working days beginning with the day of receipt -

(a) if it considers that an advance application complies with regulation 24(2) and the directions (if any) under regulation 24(3), confirm in writing to the applicant that the application is complete;

(b) if it considers that the application does not comply with regulation 24(2) or one or more of the directions (if any) under regulation 24(3) -

(i) confirm in writing to the applicant that the application is not complete, and

(ii) inform the applicant of the steps which need to be taken, and the time within which they need to be taken, for the application to be considered complete.