Section 71B

If the appropriate regulator is satisfied that the conditions in section 71D(1) and (2) are met in relation to a relevant firm, the appropriate regulator may require the firm to remove— any person who is a director of the firm; any person who is a senior executive of the firm. If the appropriate regulator imposes a requirement under subsection (1), the regulator may also require the relevant firm— to replace a director or senior executive who has been removed, and to take any step needed to give effect to the replacement, including, where necessary, calling a general meeting of the firm’s shareholders or members. If the appropriate regulator is satisfied that the condition in section 71D(4A) is met in relation to a person who is a director of an institution, of a financial holding company or of a mixed financial holding company, the appropriate regulator may require that institution, financial holding company or mixed financial holding company to remove that person from the board of directors.

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Source: legislation.gov.uk · retrieved 2026-09-04