Part 5Regulatory intervention

Registered social landlords: asset protection

66Restrictions on dealings during or following inquiries

1

This section applies if the Regulator, when making or having made inquiries, considers—

a

that there has been misconduct or mismanagement in a registered social landlord’s financial or other affairs,

b

that the interests of a registered social landlord’s tenants need protection,

c

that a registered social landlord’s assets need protection, or

d

that a registered social landlord’s financial viability is in jeopardy.

2

The Regulator may—

a

direct the registered social landlord not to—

i

undertake particular transactions, or

ii

make payments of a particular nature or amount,

without the Regulator’s consent, or

b

direct a bank or other person not to dispose of any money, securities or other assets it holds for the registered social landlord without the Regulator’s consent.

3

It is an offence for a person to fail to comply with a direction.

4

A person guilty of such an offence is liable on summary conviction to—

a

imprisonment for a term not exceeding 3 months,

b

a fine not exceeding level 5 on the standard scale, or

c

both.