85.— (1) Where a relevant authorisation issued by a competent authority to a relevant person is revoked or suspended by it—

(a) subject to subsection (2), this Part and Schedule 7 shall cease to have effect in relation to that person, and

(b) the relevant person shall be treated as a person who is not the holder of a licence,

with effect from the date of revocation or during the period of suspension, as the case may be.

(2) Schedule 7 shall still have effect in relation to a person to whom subsection (1) applies in so far as that Schedule specifies that any reference in this Act to a former licensee is a reference to a former relevant person.