27(1)Section 388 (decision notices) is amended as follows.
(2)In subsection (1)(b), for “the Authority's reasons” substitute “the reasons of the regulator giving the notice (“the regulator concerned”)”.
(3)After subsection (1) insert—
“(1A)Where the PRA is the regulator concerned and the FCA has decided to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) or 55I(8), the decision notice given by the PRA must—
(a)state that fact, and
(b)give the reasons for the FCA's decision.”
(4)In subsections (3) and (4), for “The Authority” substitute “The regulator concerned”.