Regulation 12 Plan manager—withdrawal by Board of approval
(1)
This regulation specifies the circumstances (“the disqualifying circumstances”) in which the Board may by notice withdraw their approval of a person as a plan manager in relation to a plan.
(2)
The disqualifying circumstances to which paragraph (1) refers are that the Board have reason to believe–
(a)
that any provision of these Regulations is not or at any time has not been satisfied in respect of a plan managed by the plan manager; or
(b)
that a person to whom they have given approval to act as a plan manager is not qualified so to act.
(3)
The notice to which paragraph (1) refers shall specify–
(a)
the date from which the Board’s approval is withdrawn, and
(b)
the disqualifying circumstances.