[261G Procedure when refusing an application]
[261G Procedure when refusing an application]

[(1)     If the FCA proposes to refuse an application made under section 261C, it must give each of the applicants a warning notice.

(2)     If the FCA decides to refuse the application—

(a)     it must give each of the applicants a decision notice; and

(b)     either applicant may refer the matter to the Tribunal.]