DEPP 6A.5 Collective investment schemes: the interaction between the power to revoke recognition and the power to issue public censures

1Under sections 279, 281 and 282B of the Act, the FCA can revoke recognition of a scheme recognised under section 272 and/or issue the operator with a public censure. Following the approach in DEPP 6A.4.1G and DEPP 6A.4.2G(3), where the FCA considers it appropriate to impose both sanctions, it will decide whether the combined impact on the operator is likely to be disproportionate in respect to the breach and the deterrent effect of the sanctions.