(1) The planning and land authority may, in writing, revoke the approval of a person's appointment as auditor or actuary for an approved scheme if satisfied that the person—
(a) has failed to exercise adequately and properly the functions of the appointment under this Act; or
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act, s 104).
(b) does not meet 1 or more of the criteria for fitness and propriety prescribed under the prudential standards; or
(c) does not meet the eligibility criteria for the appointment prescribed under the prudential standards.
(2) The revocation of the approval takes effect on the day the revocation is made.
(3) The planning and land authority must give a copy of the revocation to the person and to the trustees of the approved scheme.