(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.