Section 120: Power to direct FMI administrator
274.Section 120 confers a power on the Bank of England to direct a FMI administrator to take, or to refrain from taking, specified action. When considering whether to make any such direction, the Bank of England will have to have regard to the public interest in the protection and enhancement of the stability of the financial system and the maintenance of public confidence in that system. This section also confers immunity from liability in damages upon certain specified persons arising from compliance with any such direction.