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Financial Services and Markets Act 2000

Section 254: Revocation of authorisation order otherwise than by consent

479.The Authority may revoke an order authorising a unit trust in the circumstances specified in the section. These include any of the following situations:

  • the manager or trustee has contravened a requirement imposed by the Act or the Authority’s rules;

  • either of them has given the Authority misleading information;

  • the requirements for making an authorisation order (referred to in section 243) are no longer met;

  • the scheme has been inactive for 12 months or more; or

  • it is desirable in the interests of participants to revoke the scheme’s authorisation.

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