s 129 The supervising authority
(1) The supervising authority is— (a) the Lord Chancellor, or (b) any person that the Lord Chancellor has authorised to approve debt management schemes under section 111. (2) Subsections (3) and (4) apply in any case where an authorisation under subsection (1)(b) starts or ends. (3) The start or end of the authorisation does not affect the validity of an approval that is in force at the relevant time. (4) The new supervising authority may exercise all of its functions in relation to an approval that is in force at the relevant time as though it had given the approval itself. (5) In this section— “ approval ” means an approval of a debt management scheme given under section 111; “ relevant time ” means the time when an authorisation starts or ends.