The Head of Financial Regulation may confirm a suspension notice after considering any written submissions made pursuant to section 26(4)(d) where, except where the notice was issued under section 26(1)(b), the Head is satisfied there remains reason to suspect the person’s fitness and probity to perform the relevant controlled function and that it is necessary in the interests of the proper regulation of the regulated financial service provider or holding company that the person not perform the controlled function while the Head, the Bank or the Governor carry out a function under this Chapter or Chapter 4. The Head may confirm the notice at the end of the period in section 26(4)(d) even if no submission was made.

A late submission must be considered where there was good reason for the delay or where justice requires; if after consideration the Head is satisfied the statutory condition no longer applies the notice must be revoked. A confirmed suspension lasts until six months from the date it would otherwise cease under section 28(b), or earlier revocation, or, where section 26(1)(b) applied, until disposal of a section 45 application. The Head must serve notice of confirmation stating the decision is appealable under Part VIIA of the Act of 1942, may revoke at any time, and the Appeals Tribunal must have particular regard to expedition in hearing such appeals.