Section 47 of the Act of 2012 is amended -

(a) by substituting the following for subsection (5):

"(5) The Insolvency Service, with the consent of the Minister, may and, if directed by the Minister to do so and in accordance with the terms of the direction, shall, following consultation with the Minister for Finance and any other person as the Insolvency Service deems appropriate or as the Minister directs, by regulations provide for any of the following for the purposes of the authorisation, regulation and supervision of approved intermediaries and the protection of debtors and creditors who are or may become specified debtors or specified creditors:

(a) the requirements applicable to -

(i) the authorisation of persons as approved intermediaries under this section, and

(ii) the dealings of an approved intermediary with the Insolvency Service;

(b) the requirements to be met in the performance of their functions under this Act by approved intermediaries including, without limiting the generality of the foregoing, in relation to:

(i) the public interest;

(ii) the duties owed to debtors and creditors who are or may become specified debtors or specified creditors;

(iii) the professional and ethical conduct of approved intermediaries;