ENFG App 1.3 Collective investment schemes

The FCA has powers in respect of authorised unit trust schemes (AUT) and authorised contractual schemes (ACS) under relevant sections of the Act. These are sections 254 (Revocation of authorisation order otherwise than by consent), 257 (Directions), 258 (Applications to the court) in relation to an AUT; and sections 261U (Revocation of authorisation order otherwise than by consent), 261X (Directions) and 261Y (Applications to the court) in relation to an ACS.

The FCA may use its powers individually or together, and in addition to direct enforcement action against a depositary or authorised fund manager in their capacity as firms.

Where the FCA has a concern about an AUT or ACS that must be dealt with urgently, it will generally use its power to give directions in the first instance.

The FCA also has powers in respect of recognised schemes under sections 271L, 271N and 271R of the Act in relation to schemes recognised under section 271A, and sections 279, 281 and 282B of the Act in relation to schemes recognised under section 272. These powers allow the FCA to suspend or revoke a scheme’s recognition or to issue the operators of such schemes with a public censure .

[ Note: The table in ENFG App 2.2 sets out the FCA’s general policy on the exercise of powers in relation to OEICs under the OEIC Regulations .]