Suggest a correction

Cancellation or suspension of approval of scheme

Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023

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Proposed text

—(1) The Authority may cancel the approval of an approved dispute resolution scheme if —(a)there exists a ground on which the Authority may refuse an application for a dispute resolution scheme under section 31(4) of the Act;(b)the operator has contravened these Regulations or any condition mentioned in section 31(3) of the Act to which the approval was subject;(c)it appears to the Authority that the operator is administering the approved dispute resolution scheme in a manner —(i)that is, or is likely to be, detrimental to the members of the approved dispute resolution scheme or consumers; or(ii)that is contrary to the public interest;(d)it appears to the Authority that the operator has not acted efficiently, honestly or fairly in the administration of the approved dispute resolution scheme;(e)the operator fails or ceases to administer the scheme; or(f)any information or document that is provided by the operator to the Authority is false or misleading.(2) The Authority may, if it considers it desirable to do so —(a)suspend the approval of an approved dispute resolution scheme for a specific period instead of cancelling it under paragraph (1); and(b)at any time extend or revoke the suspension.

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