(1) If it appears to the FCA that an auditor has failed to comply with a duty imposed on the auditor by contractual scheme rules, it may do one or more of the following -
(a) disqualify the auditor from being the auditor of any authorised unit trust scheme, authorised contractual scheme or authorised open-ended investment company;
(b) publish a statement to the effect that it appears to the FCA that the auditor has failed to comply with the duty;
(c) impose on the auditor a penalty, payable to the FCA, of such amount as the FCA considers appropriate.
(2) Sections 345B to 345E [Sections 345B to 345E were substituted by the Financial Services Act 2012, Schedule 13, paragraph 7.] have effect in relation to the taking of action under subsection (1) as they have effect in relation to the taking of action under section 345(2).