s 167 Appointment of persons to carry out general investigations.
(1) If it appears to an investigating authority that there is good reason for doing so, the investigating authority may appoint one or more competent persons to conduct an investigation on its behalf into— (a) the nature, conduct or state of the business of a person to whom subsection (1A) applies or an appointed representative; (b) a particular aspect of that business; or (c) the ownership or control of a person to whom subsection (1A) applies . (1A) This subsection applies to the following persons— (a) a recognised investment exchange; (b) an authorised person; (c) a relevant parent undertaking of an FCA investment firm; (d) a person who provides a service to an FCA investment firm or to a relevant parent undertaking of such a firm. (e) a person on whom a relevant Part 5A requirement is imposed. (2) If a person appointed under subsection (1) thinks it necessary for the purposes of his investigation, he may also investigate the business of a person who is or has at any relevant time been— (a) a member of the group of which the person under investigation (“ A ”) is part; ... (b) a partnership of which A is a member ; or (c) where A is an insurance undertaking or reinsurance undertaking , a person who provides services to A. (3) If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision. (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4A) The power conferred by this section may be exercised in relation to a person who has at any time been an authorised person or a person described in subsection (1A)(c) , (d) or (e) but only in relation to— (a) business carried on at any time when the person was an authorised person or a person described in subsection (1A)(c) , (d) or (e) , or (b) the ownership or control of the person at such a time. (4B) The power conferred by this section may be exercised in relation to a person who has at any time been an appointed representative but only in relation to business carried on at any time when the person was an appointed representative. (5) “ Business ” includes any part of a business even if it does not consist of carrying on regulated activities. (5A) “Investigating authority” means— (a) in relation to a recognised investment exchange, the Secretary of State or the FCA; (b) in relation to an authorised person or former authorised person, the FCA or the PRA; (c) in relation to an appointed representative or former appointed representative, the FCA or the PRA. (d) in relation to a person who is, or has at any time been, a person described in subsection (1A)(c) , (d) or (e) who is not an authorised person, the FCA. (6) References in subsection (1) to a recognised investment exchange do not include references to an overseas investment exchange (as defined by section 313(1)).