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 F33[or holding company] on which, a suspension notice has been served, is F34[satisfied]—

F34[(a) (except where the suspension notice was issued in the circumstances mentioned in section 26(1)(b)) that there is still reason to suspect the person’s fitness and probity to perform the relevant controlled function, and

(b) that it is necessary in the interests of the proper regulation of the regulated financial service provider or holding company that the person not perform the controlled function, the part of the controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4,]

(c) F35[…]

(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 F33[or holding company] 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 F34[the condition in paragraph (a) of subsection (1), where it applies, or paragraph (b) of that subsection] is no longer satisfied, revoke the notice.

F34[(4) A suspension notice that has been confirmed in accordance with subsection (1) has effect until—

(a) the end of the period of 6 months from the date on which the suspension notice would otherwise have ceased to have effect under section 28(b), or

(b) if sooner, the revocation of the notice or, where the suspension notice was issued in the circumstances mentioned in section 26(1)(b), the time when an application under section 45 for confirmation of the prohibition notice has been disposed of.]

(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.

F33[(5A) A notice served under subsection (5) shall state that the decision to confirm the suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942.]

F34[(6) The Head of Financial Regulation may revoke a suspension notice at any time if he or she considers that it is no longer necessary in the interests of the proper regulation of the regulated financial service provider or holding company concerned that the person not perform the relevant controlled function, the relevant part of a controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4.]

F33[(7) A decision by the Head of Financial Regulation to confirm a suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942, and the Appeals Tribunal shall have particular regard to the need for expedition in hearing an appeal against such a decision.]