Financial Services and Markets Act 2000

256 Requests for revocation of authorisation order. U.K.

(1) An authorisation order may be revoked by an order made by the [F1 FCA] at the request of the manager or trustee of the scheme concerned.

(2) If the [F1 FCA] 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 [F1 FCA] 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 [F2 an EU] obligation.

(4) If the [F1 FCA] 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 [F1 FCA] 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

F1 Word 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.

F2 Words 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)

C1 S. 256(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 46(6) (with art. 23(2))