(1) Section 167 (appointment of persons to carry out general investigations) has effect as if -

(a) the reference in subsection (4) to a former authorised person, so far as it applies to paragraph (a) (but not paragraph (b)) included a reference to a former regulated person; and

(b) the reference in paragraph (a) of that subsection to an authorised person included a reference to a regulated person.

(2) The FCA or the PRA may not exercise the power conferred on it by section 167 in relation to a former regulated person unless it considers that an investigation is reasonably required in connection with the exercise by that regulator of functions conferred on it by, or exercisable by that regulator by virtue of, this Order.

(3) The Secretary of State may not exercise the power conferred on him by section 167 in relation to a former regulated person.