139 Oversight of recognised professional bodies
Small Business, Enterprise and Employment Act 2015 (2015 c 26) | Legislation

139  Oversight of recognised professional bodies

(1)     After section 391C of the Insolvency Act 1986 (inserted by section 138) insert—

“Oversight of recognised professional bodies

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(1)     This section applies if the Secretary of State is satisfied that an act or omission of a recognised professional body (or a series of such acts or omissions) in discharging one or more of its regulatory functions has had, or is likely to have, an adverse impact on the achievement of one or more of the regulatory objectives.

(2)     The Secretary of State may, if in all the circumstances of the case satisfied that it is appropriate to do so, direct the body to take such steps as the Secretary of State considers will counter the adverse impact, mitigate its effect or prevent its occurrence or recurrence.

(3)     A direction under this section may require a recognised professional body—

(a)     to take only such steps as it has power to take under its regulatory arrangements;

(b)     to take steps with a view to the modification of any part of its regulatory arrangements.

(4)     A direction under this section may require a recognised professional body—

(a)     to take steps with a view to

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