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10.—(1) Where an administering authority has appointed an investment manager it must keep the investment manager’s performance under review.
(2) At least once every three months the authority must review the investments the investment manager has made for the fund and any other action that has been taken by the manager in relation to it.
(3) Periodically the authority must consider whether or not to retain the investment manager.
(4) In reviewing an investment manager’s decisions and appointment, the authority must take proper advice—
(a)if regulation 9(5)(a) applies, about the variety of investments the investment manager has made; and
(b)about the suitability of those investments for the fund generally and as investments of their type.
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