(1)The Secretary of State may give the regulator a remedial direction if the regulator—
(a)has defaulted in performing any functions and has not remedied the default, or
(b)is likely to default in performing any function.
(2)The Secretary of State may by regulations make further provision about remedial directions and their enforcement.
(3)For example, the regulations may make provision about—
(a)the procedure for determining whether the regulator has defaulted or is likely to default;
(b)the procedure for giving remedial directions;
(c)the steps that the Secretary of State may take if the regulator fails to comply with a remedial direction (which may include doing anything that the regulator can do);
(d)the payment by the regulator of any expenses incurred by the Secretary of State (including expenses incurred in making payments to anyone acting on the Secretary of State's behalf).
Commencement Information
I1S. 55(1) in force at 2.12.2019 by S.I. 2019/1436, reg. 2(l)
I2S. 55(2)(3) in force at 1.4.2018 by S.I. 2018/346, reg. 4(v)