Commentary on Sections Background Section 31: Performance targets and monitoring
128.The Board may set, or direct an approved regulator to set, performance targets relating to the performance of the approved regulator’s regulatory functions, as defined in section 27. For example, where an approved regulator is failing to deal with misconduct cases quickly enough, the Board may set targets in relation to how long consideration of a misconduct case should take. Section 31(2) sets out the thresholds that must be met before the Board can exercise this power, and in considering whether it is appropriate to take action, the Board must consider the impact of taking action on the other regulatory objectives.