Commentary on Sections Part 4: Regulation of Approved Regulators
121.This Part of the Act sets out the duties of approved regulators, makes provision to ensure that approved regulators maintain an appropriate separation of their regulatory and representative functions, and confers powers on the Board to ensure that the approved regulators’ duties are being carried out appropriately. It details how the Board can intervene when there is a problem, the procedures that it must follow, and the bodies that it must consult before exercising its powers. The Board’s powers include target-setting, censure, financial penalties, a power of direction, direct intervention in the approved regulator’s regulation of its members, and in extreme cases the removal of a body’s authorisation.