Regulation 36 The procedure for giving remedial directions

(1)

This paragraph applies where the Secretary of State has determined, in accordance with regulation 35(4) that the regulator—

(a)

has defaulted in performing any function and has not remedied the default, or

(b)

is likely to default in performing any function.

(2)

Where paragraph (1) applies the Secretary of State—

(a)

must consider any representations made by the regulator under regulation 35(5)(a)(ii), and

(b)

having done so, may give a direction in writing (a “remedial direction”) to the regulator specifying—

(i)

the nature of the default, or likely default,

(ii)

the reasons for the Secretary of State’s determination,

(iii)

the action (the “remedial action”) the regulator must take in order to remedy or avoid the default,

(iv)

the date by which the remedial action must be taken, and

(v)

the steps the Secretary of State may take if the regulator fails to take the remedial action by that date.

(3)

A remedial direction may direct the regulator to require an adviser to support and assist it in taking any remedial action.

(4)

The Secretary of State must publish a remedial direction in such manner as the Secretary of State thinks appropriate.