321.Under this section, either the Authority or the Secretary of State (the “investigating authority”) may, where it appears that there are good reasons for doing so, appoint competent persons to conduct an investigation on their behalf into the business of an authorised person or appointed representative, or into the ownership or control of an authorised person.  An “appointed representative” is a person who is exempt from the general prohibition in relation to particular regulated activities by virtue of a contract with an authorised person as described under section 39.  An appointed representative and the authorised person who is the principal of that representative as a result of the contract may be investigated at the same time.  An investigation may also be made into a formerly authorised person or a former appointed representative, although the scope of such investigations is limited by subsection (4) to the business they conducted while they were authorised or appointed or under the control or ownership of the former authorised person at that time.  Written notice must be given to the person under investigation under section 170(2).
322.The people appointed to conduct the investigation may be employees of the investigating authority (under section 170(5)), or other people engaged specifically for the purpose.  If they judge it necessary for the purposes of the investigation, they may also inquire into the business of other connected companies or partnerships, including those which were connected at some relevant time in the past (this extends to the same classes of connected company or partnership as section 166).  The investigator(s) must give written notice to any other company or partnership whose business they intend to inquire into in this way.
Commentary on Sections Part Xi: Information Gathering & Investigations Section 167: Appointment of persons to carry out general investigations