(1) The Bank may revoke the approval of an approved professional body on a request made to it by or on behalf of the body.

(2) The Bank may also revoke the approval of an approved professional body on any of the following grounds:

(a) that the body has failed to operate as an approved professional body within 12 months of the date on which the approval was granted;

(b) that the body has failed to operate as an approved professional body for a period of more than 6 months;

(c) that the body is being wound up;

(d) that it is expedient to revoke the approval in the interest of the proper and orderly regulation of approved professional bodies or certified persons or in order to protect investors;

(e) that the body has been convicted on indictment of an offence under this Act or any other designated enactment or designated statutory instrument, or an offence involving fraud, dishonesty or breach of trust;

(f) that circumstances have materially changed since the granting of approval to the body such that, if an application for approval was made at the relevant time, a different decision would be taken in relation to the application for approval;