A trustee ceases to be a trustee by:
• personal decision to retire or the expiration of tenure
• removal by either the pensioner, member- nominated or sponsor trustees (where applicable), or by the FSC
There may also be additional reasons arising from the provisions of the constitutive documents of a fund or scheme.
The FSC has power to suspend the registration of a trustee if it is satisfied that the trustee is in breach of any of the provisions of the Act or Regulations thereunder or to cancel registration where:
• registration was as a result of misleading or false representation in a material particular or for provision of incorrect information;
• the trustee no long satisfies the fit and proper criteria;
• the carrying on of the business of a fund or scheme is not with sound pension principles;
• there is unreasonable delay in the payment of a pension or pension benefit;
• information requested by the FSC has not been provided within the time prescribed;
• there is guilt of fraudulent or dishonest practice;
• the Act, Regulations or directives of the FSC has not been followed or the trustee is an accessory to such contravention by others;
• there is a failure to rectify a breach;
• there is a failure to carry on business in Jamaica in the capacity for which the trustee is registered within one year of registration or for a period of more than one year;
• a trustee so request.
Where the FSC intends to suspend or cancel the registration of a trustee notice of its intention will be served, the reason for the proposed action and the right of appeal given. The notice given will require the trustee to take action specified in the notice to rectify the breach within a given time period. A period within which such a trustee may make written or oral representation will also be stated.
Failure of such a trustee to comply within the time specified or extended time given on written request of the trustee will result in cancellation of registration. The certificate of registration of a trustee which has been cancelled must be returned to the FSC.