25A.— (1) As soon as practicable after a decision is made by the Head of Financial Regulation to conduct an investigation in accordance with this Chapter, the Head of Financial Regulation shall serve on the person to whom the investigation relates notice in writing of the investigation.

(2) A notice under subsection (1) shall include—

(a) a statement of the reasons for holding the opinion referred to in section 25(1)(a),

(b) a copy of such material on which that opinion is based as the Head of Financial Regulation considers appropriate, and

(c) a statement that a response to the contents of the notice will be taken into account if made by the person in writing within the period stated in the notice, which shall be—

(i) 7 days from the date on which the notice is served, or

(ii) such longer period as the Head of Financial Regulation considers necessary to provide an opportunity to respond.

(3) The Head of Financial Regulation shall take such steps as he or she considers reasonable to keep the person to whom an investigation relates informed as to the progress of the investigation.

(4) If an investigation is discontinued, the Head of Financial Regulation shall, as soon as practicable, serve on the person to whom the investigation relates notice in writing which—

(a) states that the investigation has been discontinued, and

(b) gives one or more of the following reasons for the discontinuance:

(i) that the Head of Financial Regulation is no longer of the opinion that there is reason to suspect the person’s fitness and probity to perform the relevant controlled function;

(ii) that the Head of Financial Regulation is no longer of the opinion that any reason to suspect the person’s fitness and probity to perform the relevant controlled function is sufficient to warrant an investigation;

(iii) that the investigation has been discontinued for reasons of resources;

(iv) that the investigation has been discontinued for policy reasons;

(v) that the investigation has been discontinued for reasons of any other description stated in the notice.]