Section 40: Notification to Commission
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
40. Notification to Commission
(1) Where a professional adviser, pension scheme administrator, longterm insurer, member of a governing body or any officer of the sponsoring
employer of a private pension scheme has reasonable cause to believe that a
misappropriation or a fraudulent conversion of the funds of the scheme has
occurred, is occurring or is likely to occur, he shall, as soon as is reasonably
practicable, notify the Commission in writing by giving particulars of the
misappropriation or conversion.
(2) Any person referred to in subsection (1) who—
(a) without reasonable excuse fails to comply with subsection
(1); or
(b) knowingly or wilfully makes a report under subsection (1) which
is incorrect or false in a material particular,
shall commit an offence.
PART VIII – VARIATION, TERMINATION, SUSPENSION AND
REVOCATION OF LICENCE OR AUTHORISATION