(1) If, on an application under subsection (4) or (5) of section 267, the [FCA] proposes—
(a) to vary a direction otherwise than in accordance with the application, or
(b) to refuse the application,
it must give the operator of the scheme concerned a warning notice.
(2) If, on such an application, the [FCA] decides—
it must give the operator of the scheme concerned a decision notice.
(3) If the application is refused, the operator of the scheme may refer the matter to the Tribunal.
(4) If, on such an application, the [FCA] decides to grant the application it must give the operator of the scheme concerned written notice.
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