(1) Subsection (2) applies if it appears to the [FCA] that a person to whom, as a result of section 327(1), the general prohibition does not apply is not a fit and proper person to carry on regulated activities in accordance with that section.
(2) The [FCA] may make an order disapplying section 327(1) in relation to that person to the extent specified in the order.
(3) The [FCA] may, on the application of the person named in an order under subsection (1), vary or revoke it.
(4) “Specified” means specified in the order.
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