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Section 258: Applications to the court.

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

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

If the FCA could give a direction under section 257, it may also apply to the court for an order—

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and
replacing the person or persons removed with a suitable person or persons nominated by the FCA.

The FCA may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 243(4) to (7) would be complied with.

If it appears to the FCA that there is no person it can nominate for the purposes of subsection (1)(b), it may apply to the court for an order—

removing the manager or the trustee, or both the manager and the trustee, of the scheme; and
appointing an authorised person to wind up the scheme.

On an application under this section the court may make such order as it thinks fit.

The court may, on the application of the FCA, rescind any such order as is mentioned in subsection (3) and substitute such an order as is mentioned in subsection (1).

The FCA must give written notice of the making of an application under this section to the manager and trustee of the scheme concerned.

The jurisdiction conferred by this section may be exercised by—

the High Court;
in Scotland, the Court of Session.

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.