[F13(1)In determining whether a scheme, or any provisions mentioned in paragraph 2(2), are satisfactory the [F2lead enforcement authority] must have regard to—U.K.
(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.]
Textual Amendments
F1Sch. 3 inserted (12.10.2007) by Consumers, Estate Agents and Redress Act 2007 (c. 17), s. 66(2), Sch. 6 para. 3; S.I. 2007/2934, art. 3, Sch.
F2Words in Sch. 3 para. 3(1) substituted (31.3.2014) by The Public Bodies (Abolition of the National Consumer Council and Transfer of the Office of Fair Trading’s Functions in relation to Estate Agents etc) Order 2014 (S.I. 2014/631), art. 1(5), Sch. 2 para. 1(14)(c) (with Sch. 1 para. 28, 2 paras. 13-15)
F3Words in Sch. 3 para. 3(2) substituted (31.3.2014) by The Public Bodies (Abolition of the National Consumer Council and Transfer of the Office of Fair Trading’s Functions in relation to Estate Agents etc) Order 2014 (S.I. 2014/631), art. 1(5), Sch. 2 para. 1(14)(c) (with Sch. 1 para. 28, 2 paras. 13-15)