Credit Union and Co-operation with Overseas Regulators Act 2012

55.

Contracted service providers.

55.— (1) ReBo may engage the services of any expert adviser or other service provider where ReBo considers it necessary or expedient to do so in connection with the performance of its functions.

(2) In contracts for the provision of services to ReBo by expert advisers and service providers, ReBo shall seek to ensure that each expert adviser or service provider—

( a) operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the contract concerned,

( b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities,

( c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to ReBo,

( d) complies with any regulatory regime to which it is subject,

( e) permits ReBo to engage auditors to carry out an audit of the books, accounts and other financial statements of the expert adviser or service provider so far as they relate to the services performed for ReBo, and

( f) is obliged to co-operate fully in such audits.