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Section 251: Alteration of schemes and changes of manager or trustee.

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XVII: Collective Investment Schemes — Chapter III: Authorised Unit Trust Schemes

This section applies where the manager of an authorised unit trust scheme proposes—

to make an alteration to the scheme, other than an alteration—
to which section 252A applies; or
to which Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (mergers) applies; or
to replace its trustee.

The manager must give written notice of the proposal to the FCA.

Any notice given in respect of a proposal to alter the scheme involving a change in the trust deed must be accompanied by a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules.

The trustee of an authorised unit trust scheme must give written notice to the FCA of any proposal to replace the manager of the scheme.

Effect is not to be given to any proposal of which notice has been given under subsection (1) or (3) unless—

the FCA, by written notice, has given its approval to the proposal; or
one month, beginning with the date on which the notice was given, has expired without the manager or trustee having received from the FCA a warning notice under section 252 in respect of the proposal.

The FCA must not approve a proposal to replace the manager or the trustee of an authorised unit trust scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of section 243(4) to (7).

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.