(1)An authorisation order may be revoked by an order made by the [F1FCA] at the request of the manager or trustee of the scheme concerned.
(2)If the [F1FCA] makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.
(3)The [F1FCA] may refuse a request to make an order under this section if it considers that—
(a)the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or
(b)revocation would not be in the interests of the participants or would be incompatible with [F2an EU] obligation.
(4)If the [F1FCA] proposes to refuse a request under this section, it must give separate warning notices to the manager and the trustee of the scheme.
(5)If the [F1FCA] decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
Textual Amendments
F1Word in ss. 254-262 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 256(3)(b) substituted (22.4.2011 with application in accordance with art. 3 of the amending S.I.) by virtue of The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(1)(3)(4)
Modifications etc. (not altering text)
C1S. 256(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(6) (with art. 23(2))