Regulation 15 Withdrawal of approvals

The competent body shall withdraw an approval for the exercise of an intermediary activity by an approved intermediary if the competent body is satisfied that the intermediary has ceased exercising that activity.

The competent body shall withdraw an approval for the exercise of an intermediary activity by an approved intermediary if, following the procedure in regulation 16, the competent body is not satisfied that, in relation to that activity, the intermediary is complying with regulation 45, 49, 62, 66, 77 or 79, as the case may be.

Where, pursuant to paragraphs (1) or (2), the competent body withdraws an approval, it shall amend the register maintained by it under regulation 13(3)(B), by deleting from it the entry recording approval in respect of the intermediary activity for which approval has been withdrawn.