If the FCA proposes to refuse approval of a proposal under section 251 to replace the trustee or manager of an authorised unit trust scheme, it must give a warning notice to the person by whom notice of the proposal was given under section 251(1) or (3).
If the FCA proposes to refuse approval of a proposal under section 251 to alter an authorised unit trust scheme it must give separate warning notices to the manager and the trustee of the scheme.
To be valid the warning notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.
If, having given a warning notice to a person, the FCA decides to refuse approval—
it must give him a decision notice; and
he may refer the matter to the Tribunal.