Powers of Secretary of State to give directions
6.—(1) The Secretary of state shall consider;
(a)any relevant complaint made to him;
(b)any information in any report made to him by the Operator under regulation 7;
(c)any information in a report made to him by the Complaints Commissioner
for the purpose of determining whether he should give directions to the Operator in accordance with paragraph (2).
(2) If, whether or not as a result of any such complaint or information, at any time the Secretary of State concludes that the Operator is failing or may be about to fail to perform its functions under these Regulations, or that if a notification were then made to him under regulation 5(1) he could not give his consent, he may give to the Operator such directions as he considers necessary to secure that such failures are corrected or that matters are such that he could give his consent.
(3) Before giving a direction under this regulation the Secretary of State shall, if circumstances permit, consult the Operator and afford it an opportunity to make representations.
(4) In deciding whether to give a direction under this regulation, the Secretary of State shall, so far as it is practicable to estimate it, take into account the cost to the operator of complying with the direction and costs to other persons resulting from the operator’s compliance.
(5) It shall be the duty of the Operator, owed to the Secretary of State, to comply with a direction under this regulation.
(6) The Operator shall furnish the Secretary of State with such information as he may reasonably require for the purpose of exercising his functions under this regulation or regulation 5 and, for these purposes, may give such directions to participants as it considers necessary.
Any information to be furnished to the Secretary of State shall, if he so requires, be in such form or verified in such manner as he may specify.
(7) Section 192(1), (4) and (6) of the 1986 Act(1) (International Obligations) shall apply to the Operator as it applies to the persons mentioned in subsection (2) of that section.
Section 192 of the Financial Services Act 1986 (c. 60) was substituted by section 201 of the Companies Act 1989 (c. 40).