The powers conferred on the Board by this section may be exercised if it appears to the Board to be desirable to do so for the purpose of protecting the interests of the clients, or prospective clients, of an authorised practitioner.
The Board may, in particular, exercise any such power where it appears to it—
The Board may direct the authorised practitioner not to dispose of, or otherwise deal with, except in accordance with the terms of the direction—
The Board may direct the authorised practitioner to transfer to the Board, or to such persons (“the trustees") as may be specified in the direction—
Any assets which have been transferred as a result of a direction given under subsection (4) shall be held by the Board, or by the trustees, on trust for the client concerned.
The trustees may deal with any assets which have been transferred to them only in accordance with directions given to them by the Board.
In this section—
“assets” includes any sum of money held (in whatever form and whether or not in any bank, building society or other account) by the authorised practitioner or on behalf of the client concerned and any instrument or other document belonging to that client; and
“authorised practitioner” includes a person whose authorisation has been suspended or revoked under section 39.
Any direction under this section—