The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Withdrawal of approvalBack to version 21
Version 1 of the Handbook was published on 16/09/2011. For more information, please click 'History' Above
Rule 17: Withdrawal of approval
Where the SRA has granted an approval of a person to be a manager, owner or compliance officer of a body (including a deemed approval under Rule 13.2), it may subsequently withdraw that approval if:
it is not satisfied that an approved person met or meets the criteria for approval in Rule 15;
it is satisfied that a condition imposed on the body's authorisation under Rule 14.5 has not been, or is not being complied with;
it is satisfied that the approved person has breached a duty or obligation imposed upon them in or under the SRA's regulatory arrangements or any enactments; or
information or documentation is not promptly supplied in response to a request made under Rule 14.8.
Where withdrawal of approval relates to a director of a company, the SRA may set separate dates for that individual ceasing to be a director and disposing of his or her shares.