Section 15(2)

The appropriate regulator must, in exercise of its powers under FSMA— direct the institution to propose changes to its business which would be made with the object of addressing a material deficiency or measure in the recovery plan which would impede its implementation; and if the institution fails to propose such changes to its business within the time allowed by the appropriate regulator or the appropriate regulator considers that any changes proposed would not adequately address the impediment, determine whether to direct the institution to take relevant measures.

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