Section 249(1)

If it appears to the FCA that an auditor has failed to comply with a duty imposed on him by trust scheme rules, it may do one or more of the following— disqualify the auditor from being the auditor of any authorised unit trust scheme , authorised contractual scheme or authorised open-ended investment company; publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty; impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.

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Source: legislation.gov.uk · retrieved 2026-09-04