Section 30ZE Persons who are subject to financial oversightF1

A person is subject to financial oversight if the Secretary of State determines that the person is—

A “financial oversight condition” is a condition specified in regulations made by the Secretary of State for the purposes of this section.

Before making the regulations the Secretary of State must have regard to the public interest in securing that—

The conditions which may be specified in the regulations may, in particular, relate to—

Where the Secretary of State determines that a person is subject to financial oversight, the Secretary of State must serve written notice of the determination on the person.

The notice may require the person to name an individual who—

In this section and sections 30ZF to 30ZJ—

• “relevant establishment or agency” means—

  1. (a)

     a children’s home in England, or

  2. (b)

     a fostering agency in England (or, where the activities of a fostering agency are carried on from two or more branches, the branches in England);

• “relevant provider” means a person, other than a local authority, who is registered under this Part as carrying on one or more relevant establishments or agencies;

• “relevant provider group” means—

  1. (a)

     a parent undertaking of a relevant provider, and

  2. (b)

     its relevant subsidiary undertakings;

• “relevant subsidiary undertaking” means—

  1. (a)

     a relevant provider, or

  2. (b)

     a parent undertaking of a relevant provider;

• “parent undertaking” and “subsidiary undertaking” have the meanings given by section 1162 of the Companies Act 2006.