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Financial Services Act 1986

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This is the original version (as it was originally enacted).

Revocation of recognition

5(1)A recognition order may be revoked by a further order made by the Registrar if at any time it appears to him—

(a)that any requirement mentioned in paragraph 4(1) above is not satisfied in the case of the organisation to which the recognition order relates (" the recognised organisation ");

(b)that the recognised organisation has failed to comply with any obligation to which it is subject by virtue of this Act; or

(c)that the continued recognition of the organisation is undesirable having regard to the existence of one or more other organisations which have been or are to be recognised under paragraph 3 above.

(2)Subsections (2) to (9) of section 11 of this Act shall have effect in relation to the revocation of a recognition order under this paragraph as they have effect in relation to the revocation of a recognition order under subsection (1) of that section but with the substitution—

(a)for references to the Secretary of State of references to the Registrar;

(b)for the reference in subsection (3) to members of a reference to members of the organisation which are member societies in relation to it; and

(c)for the reference in subsection (6) to investors of a reference to members of the societies which are member societies in relation to the organisation.

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