(1) If the [FCA] proposes to refuse an application made under section 272 it must give the applicant a warning notice.
(2) If the [FCA] decides to refuse the application—
(a) it must give the applicant a decision notice; and
(b) the applicant may refer the matter to the Tribunal.
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Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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