[(1) Action against a sponsor under section 88E takes effect—
(a) immediately, if the notice given under subsection (3) so provides, or
(b) on such later date as may be specified in the notice.
(2) If the FCA—
(a) proposes to take action against a sponsor under that section, or
(b) takes action against a sponsor under that section with immediate effect,
it must give the sponsor written notice.
(3) The notice must—
(a) give details of the action,
(b) state the FCA's reasons for taking the action and for its determination as to when the action takes effect,
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