▁act ▁with ▁independence ▁in ▁the ▁interests ▁of ▁justice ; ▁ ▁Affairs ▁of ▁clients ▁should ▁be ▁kept ▁confident ial . ▁ ▁Pow ers ▁and ▁enfor cement ▁ ▁If ▁the ▁approved ▁regul ators ▁fail ▁to ▁u ph old ▁the ▁regul atory ▁object ives , ▁or ▁if ▁they ▁fail ▁to ▁comp ly ▁with ▁the ▁ 2 0 0 7 ▁Act , ▁the ▁L SB ▁can : ▁ ▁Under ▁Se ctions ▁ 3 2 ▁to ▁ 3 4 : ▁issue ▁directions ▁to ▁the ▁reg ulator ▁to ▁correct ▁the ▁def ic iency ; ▁ ▁Under ▁Se ctions ▁ 3 5 ▁to ▁ 3 6 : ▁publish ▁a ▁public ▁c ensure ; ▁ ▁Under ▁Se ctions ▁ 3 7 ▁to ▁ 4 0 : ▁imp ose ▁a ▁financial ▁penalty ; ▁ ▁Under ▁Se ctions ▁ 4 1 ▁to ▁ 4 4 : ▁make ▁an ▁inter vention ▁direction ▁where by ▁the ▁regul atory ▁function ▁is ▁performed ▁by ▁a ▁person ▁nominated ▁by ▁the ▁Board ; ▁and ▁ ▁Under ▁Se ctions ▁ 4 5 ▁to ▁ 4 8 : ▁recommend ▁that ▁Lord ▁Chan cell or ▁cancel ▁the ▁reg ulator ' s ▁appro val . ▁ ▁Under ▁Section ▁ 5 1 ▁to ▁ 5 4 , ▁the ▁L SB ▁has ▁a ▁duty ▁to ▁reg ulate ▁pract ising ▁fe es , ▁resolve ▁regul atory ▁conflicts ▁and ▁work ▁with ▁the ▁Compet ition ▁and ▁Mark ets ▁Author ity ▁and ▁Lord ▁Chan cell or ▁on ▁competition ▁issues . ▁ ▁Rel ations hip ▁with ▁the ▁Ministry ▁of ▁Justice ▁ ▁The ▁L SB ▁a ▁non - de partment al