SCHEDULES
SCHEDULE 4Approved regulators
Part 2Designation of bodies by order
Determination of applications
15
1
Where an application is made under this Part, the Board must give the decision notice under paragraph 14 within the decision period.
2
The “decision period” is the period of 12 months beginning with the day on which the application is made to the Board.
3
The Board may, before the end of the decision period, issue a notice extending that period by a period specified in the notice.
4
More than one notice may be issued under sub-paragraph (3), but the decision period must not exceed 16 months.
5
The Board may issue a notice under sub-paragraph (3) only after it has consulted—
a
the F1CMA,
b
the Consumer Panel, and
c
the Lord Chief Justice.
6
A notice under sub-paragraph (3) must state the Board's reasons for extending the decision period.
7
The Board must publish any notice issued under sub-paragraph (3).