Central Bank Reform Act 2010

29.

Confirmation of suspension notices.

29.— (1) If the Head of Financial Regulation, having considered any written submissions made pursuant to section 26 within the period mentioned in section 26 (4) (d) by a person on whom, or a regulated financial service provider on which, a suspension notice has been served, is satisfied that—

( a) there is still reason to believe that the person is not of such fitness and probity as is appropriate to perform the relevant controlled function,

( b) in the circumstances an investigation is still warranted into the person’s fitness and probity, and

( c) it is necessary in the interests of the proper regulation of the financial service provider that the person not perform the controlled function, or any controlled function, while the matter is investigated,

the Head of Financial Regulation may confirm the suspension notice.

(2) To avoid any doubt, the Head of Financial Regulation may confirm a suspension notice at the end of the period mentioned in section 26(4)(d) even if no submission has been made in relation to it by either or both of the suspended person and any regulated financial service provider concerned.

(3) If a suspended person makes a submission in relation to a suspension notice after the end of the period mentioned in section 26(4)(d) , and the Head of Financial Regulation is satisfied that there was good reason why the submission could not have been made within that period, or that it is necessary to do so in the interests of justice, the Head of Financial Regulation shall—

( a) consider the submission, and

( b) if after doing so he or she is satisfied that any condition in paragraph (a), (b) or (c) of subsection (1) is no longer satisfied, revoke the notice.

(4) A suspension notice that has been confirmed in accordance with subsection (1) has effect for 3 months (unless sooner revoked) from the date upon which the suspension notice would otherwise have ceased to have effect under section 28 (b) .

(5) The Head of Financial Regulation shall serve a notice of the confirmation of a suspension notice on each person on whom the suspension notice was served.

(6) The Head of Financial Regulation may revoke a suspension notice at any time if he or she considers that—

( a) there is no longer any reason to suspect the person’s fitness and probity to perform the relevant controlled function, or

( b) although the investigation continues, it is no longer necessary in the interests of the proper regulation of the regulated financial service provider concerned that the person not perform the relevant controlled function, or any controlled function, during the investigation.