The Financial Services and Markets Tribunal (Legal Assistance Scheme—Costs) Regulations 2001

Explanatory Note

(This note is not part of the Regulations)

These Regulations make provision for the remuneration of work done under a legal assistance order in respect of cases which are before the Financial Services and Markets Tribunal. The Tribunal was established under section 132 of the Financial Services and Markets Act 2000, an Act passed to provide for the regulation of financial services and markets.

The Regulations include specific provisions dealing with disbursements (regulations 4 to 7); interim payments and staged payments in long cases (regulations 8 and 9); hardship payments (regulation 10); and how claims are to be made, determined and paid (regulations 11 to 18). There are also provisions dealing with the redetermination of costs by an appropriate officer, appeals from the appropriate officer to a Costs Judge, and appeals from the Costs Judge to the High Court (regulations 19 to 21). In relation to Scottish cases, redetermination of costs by an appropriate officer may be referred to the Auditor of the Court of Session, and thereafter to the Court of Session (regulation 22).

Schedule 1 details the rates in respect of solicitors' fees which are to be paid under the Regulations, and Schedule 2 details those for advocates.