In Part 5 (performance of regulated activities), after section 71A [Section 71A was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), section 33.] insert -

"Removal of directors and senior executives and appointment of temporary manager

 71B. Removal of directors and senior executives

(1) If the appropriate regulator is satisfied that the conditions in section 71D(1) and (2) are met in relation to a relevant firm, the appropriate regulator may require the firm to remove -

(a) any person who is a director of the firm;

(b) any person who is a senior executive of the firm.

(2) If the appropriate regulator imposes a requirement under subsection (1), the regulator may also require the relevant firm -

(a) to replace a director or senior executive who has been removed, and

(b) to take any step needed to give effect to the replacement, including, where necessary, calling a general meeting of the firm’s shareholders or members.

 71C. Temporary manager

(1) If the appropriate regulator is satisfied -

(a) in the case of a relevant firm, that the conditions in section 71D(1), (2) and (4) are met in relation to that firm, or