(1) If the FCA proposes to give a direction under section 131W, or gives such a direction with immediate effect, it must give written notice to the designated person to whom the direction is given (or to be given).
(2) A direction under section 131W takes effect -
(a) immediately, if the notice under subsection (1) states that is the case,
(b) on such other date as may be specified in the notice, or
(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
(3) A direction under section 131W may be expressed to take effect immediately (or on a specified date) only if the FCA reasonably considers that it is necessary for the direction to take effect immediately (or on that date).
(4) The notice under subsection (1) must -
(a) give details of the direction;
(b) state the FCA's reasons for the direction and for its determination as to when the direction takes effect;
(c) inform the designated person that the person may make represen
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