4.—(1) The designated authority for a regulated profession in the United Kingdom, other than the profession of company auditor as defined in section 24(2) of the Companies Act 1989 and Article 27(2) of the Companies (Northern Ireland) Order 1990, is the body or authority specified in relation to that profession in Schedule 1, or at any time when a designated authority is not so specified is the competent authority for any regulated profession or regulated professional activity.
(2) Without prejudice to its other powers and functions, a designated authority shall have the function of considering applications and granting authorisations under these Regulations.