Sch 2A para 55
(1) Contravention of a requirement imposed under this Part of this Schedule does not— (a) make a person guilty of an offence, (b) make a transaction void or unenforceable, or (c) give rise to a right of action for breach of statutory duty, subject to sub-paragraph (2). (2) A contravention of a requirement imposed under this Part of this Schedule is actionable at the suit of a person who suffers loss as a result of the contravention where— (a) the action would be brought at the suit of a private person, or (b) the conditions in sub-paragraph (3) are met, subject to the defences and other incidents applying to actions for breach of statutory duty. (3) The conditions mentioned in sub-paragraph (2)(b) are that— (a) the action would be brought by a person acting in a fiduciary or representative capacity on behalf of a private person, and (b) any remedy would be exclusively for the benefit of that private person and could not be obtained through an action brought otherwise than at the suit of the person acting in a fiduciary or representative capacity. (4) Sub-paragraph (2) does not apply where the requirement contravened is a requirement to have or maintain financial resources. (5) In this paragraph, “private person” has such meaning as may be prescribed.