48Exemption from liability for damages
(1)Neither a recognised supervisory body, nor any of its officers or employees or members of its governing body, shall be liable in damages for anything done or omitted in the discharge or purported discharge of functions to which this subsection applies, unless the act or omission is shown to have been in bad faith.
(2)Subsection (1) applies to the functions of the body so far as relating to, or to matters arising out of—
(a)such rules, practices, powers and arrangements of the body to which the requirements of Part II of Schedule 11 apply, or
(b)the obligations with which paragraph 16 of that Schedule requires the body to comply,
(c)any guidance issued by the body, or
(d)the obligations to which the body is subject by virtue of this Part.
(3)Neither a body established by a delegation order, nor any of its members, officers or employees, shall be liable in damages for anything done or omitted in the discharge or purported discharge of the functions exercisable by virtue of an order under section 46, unless the act or omission is shown to have been in bad faith.