Where a regulator has required, or could require, a person to provide information or produce documents concerning any matter, the regulator may require that person to provide a report by written notice or may appoint a third party to prepare a report. The notice may specify the form of the report, and the regulator must notify the person concerned of any appointment. The appointee must have the necessary skills and, where the person concerned makes the appointment, must be nominated or approved by the regulator.

Subsection (2) identifies the person concerned as an authorised person, other members of that person’s group, a partnership of which they are a member, or a person who was such an entity and carried on a business. The person concerned and any service provider must assist the appointee; that duty is enforceable by injunction or, in Scotland, specific performance. The regulator may charge fees for appointment-related expenses. The FCA may exercise these powers in relation to persons covered by subsections 10A–13, including those subject to Part 5A requirements, recognised investment exchanges and groups, service providers to FCA investment firms or relevant parents, and persons involved in administration of trust arrangements for funeral plan contracts; “funeral plan contract” has the meaning in article 59(2) of the FSMA Regulated Activities Order 2001.