SCHEDULES

F1SCHEDULE 3Redress Schemes

Annotations:
Amendments (Textual)

Approval of redress schemes

3

1

In determining whether a scheme, or any provisions mentioned in paragraph 2(2), are satisfactory the F2lead enforcement authority must have regard to—

a

the interests of members of the scheme and of sellers and buyers of residential properties; and

b

such principles as—

i

in the opinion of the F2lead enforcement authority constitute generally accepted principles of best practice in relation to consumer redress schemes, and

ii

it is reasonable to regard as applicable to the scheme.

2

In considering the interests mentioned in sub-paragraph (1)(a), the F3lead enforcement authority may have regard to the number of other redress schemes which are (or are likely to become) approved redress schemes.