Section 1218: Exemption from liability for damages, Companies Act 2006

No person within subsection (2) is to be liable in damages for anything done or omitted in the discharge or purported discharge of functions to which this subsection applies.

The persons within this subsection are—

any recognised supervisory body,

any officer or employee of a recognised supervisory body, and

any member of the governing body of a recognised supervisory body.

Subsection (1) applies to the functions of a recognised supervisory body so far as relating to, or to matters arising out of, any of the following—

rules, practices, powers and arrangements of the body to which the requirements of Part 2 of Schedule 10 apply;

the obligations with which paragraph 20 of that Schedule requires the body to comply;

any guidance issued by the body;

the obligations imposed on the body by or by virtue of this Part or by or by virtue of the Statutory Auditors and Third Country Auditors Regulations 2016;

the obligations imposed on the body by or by virtue of the Audit Regulation.

The reference in subsection (3)(c) to guidance issued by a recognised supervisory body is a reference to any guidance or recommendation which is—

issued or made by it to all or any class of its members or persons seeking to become members, and

relevant for the purposes of this Part , the Statutory Auditors and Third Country Auditors Regulations 2016 or the Audit Regulation,

including any guidance or recommendation relating to the admission or expulsion of members of the body, so far as relevant for the purposes of this Part , the Statutory Auditors and Third Country Auditors Regulations 2016 or the Audit Regulation.

Subsection (1) does not apply—

if the act or omission is shown to have been in bad faith, or

so as to prevent an award of damages in respect of the act or omission on the ground that it was unlawful as a result of section 6(1) of the Human Rights Act 1998 (c. 42) (acts of public authorities incompatible with Convention rights).

Section 1218: Exemption from liability for damages

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