Section 51: Procedure for refusing or withdrawing approval
138.Section 51 sets out the procedure that the relevant regulator must follow when refusing approval for, or withdrawing approval from, an approved redress scheme.
139.Subsection (1) requires the relevant regulator to give the scheme administrator notice of the fact that it proposes to refuse or withdraw approval. The notice must give the reasons why the regulator proposes to refuse or withdraw approval and specify a time during which the scheme administrator may make representations to the regulator.
140.Subsection (2) provides that the regulator must notify the scheme administrator of its decision and the reasons for its decision.
141.Subsection (3) provides that the regulator must also notify the Secretary of State of its decision to withdraw approval from a redress scheme.
142.Subsection (4) provides that the regulator must also notify each member of the scheme of its decision to withdraw or refuse approval of the scheme.
143.Subsection (5) provides that withdrawal of approval of a redress scheme takes effect from the date specified in the notice withdrawing the approval (under subsection (2)).
144.Subsection (6) provides that the Secretary of State must follow the procedures set out in this section (other than those in subsection (3)) if he has appointed a person to administer a scheme under section 47(1)(b) and decides to revoke that appointment.
