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Section 309O: Withdrawing approval

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

Part XVIII: Recognised investment exchanges, clearing houses , CSDs and other parties — CHAPTER 2A: Performance of functions of recognised bodies

This section applies if an approval under section 309G has been given by the appropriate regulator in relation to the performance by a person of a designated senior management function.

The appropriate regulator may withdraw the approval if it considers that the person is not a fit and proper person to perform the function.

In considering whether to withdraw an approval, the appropriate regulator may take into account any matter which may be taken into account in considering an application under section 309I.

The relevant recognised body on whose application the approval was given must, at specified intervals—

consider whether there are grounds on which the appropriate regulator could withdraw the approval under this section, and
if it considers that there are such grounds, notify the appropriate regulator of those grounds.

For the purposes of subsection (4), a "specified interval" is an interval specified in rules made by the appropriate regulator for the purposes of this section.

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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.