(1) If in relation to a person to whom subsection (2) applies, the Head of Financial Regulation is of the opinion that -

(a) there is reason to suspect the person's fitness and probity to perform the relevant controlled function, and

(b) in the circumstances an investigation is warranted into the person's fitness and probity,

the Head of Financial Regulation may conduct an investigation, in accordance with this Chapter, in relation to the fitness and probity of the person to perform the controlled function.

(2) This subsection applies to a person -

(a) if the person performs a controlled function in relation to a regulated financial service provider or holding company,

(aa) subject to subsection (2A), if the person has performed a controlled function in relation to a regulated financial service provider or holding company within the period of 6 years immediately preceding the commencement of the investigation referred to in subsection (1),