(1)If it appears to the Authority that an auditor has failed to comply with a duty imposed on him by trust scheme rules, [F2it may do one or more of the following—
(a)disqualify the auditor from being the auditor of any authorised unit trust scheme or authorised open-ended investment company;
(b)publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty;
(c)impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.]
[F3(2)Sections 345B to 345E have effect in relation to the taking of action under subsection (1) as they have effect in relation to the taking of action under section 345(2).]
Textual Amendments
F1S. 249 heading substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 10(4) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
F2Words in s. 249(1) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 10(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
F3S. 249(2) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 10(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
Modifications etc. (not altering text)
C1S. 249(1) applied (with modifications) (N.I.) (1.11.2004) by Open-Ended Investment Companies Regulations (Northern Ireland) (S.R. 2004/335), regs. 1(1)(b), 69, {Sch. 5 para. 20} (with reg. 1(2))