C3C4C2C1C6C5C10C9C8C7C11C14C12C13C15C18C16C17PART 1Master Trusts

Annotations:
Modifications etc. (not altering text)

Authorisation: applications etc

I3I1I2C3C4C2C15C3C4C2C1Decision on application

1

Where an application is made for authorisation of a Master Trust scheme under section 4, the Regulator must decide whether it is satisfied that the scheme meets the authorisation criteria.

2

The Regulator must make that decision within the period of six months beginning with the day on which it received the application.

3

The authorisation criteria are—

a

that the persons involved in the scheme are fit and proper persons (see section 7),

b

that the scheme is financially sustainable (see section 8),

c

that each scheme funder meets the requirements set out in section 10,

d

that the systems and processes used in running the scheme are sufficient to ensure that it is run effectively (see section 11), and

e

that the scheme has an adequate continuity strategy (see section 12).

4

If the Regulator is satisfied that the Master Trust scheme meets the authorisation criteria, it must—

a

grant the authorisation,

b

notify the applicant of its decision, and

c

add the scheme to its list of authorised Master Trust schemes (see section 13).

5

If the Regulator is not satisfied that the Master Trust scheme meets the authorisation criteria, it must—

a

refuse to grant the authorisation, and

b

notify the applicant of its decision.

6

A notification under subsection (5) must also include—

a

the reasons for the decision, and

b

details of the right of referral to the First-tier Tribunal or Upper Tribunal (see section 6).