Part 5General

147Further modification

(1)The Scottish Ministers may by regulations made by statutory instrument—

(a)amend the percentage specified in subsection (1) of section 49, or

(b)repeal section 49 (and consequentially the references in this Act to that section).

(2)But regulations may be made under subsection (1) only if the Scottish Ministers believe that the effect of the amendment or (as the case may be) repeal would be—

(a)compatible with the regulatory objectives, and

(b)appropriate in any other relevant respect.

(3)Before making regulations under subsection (1), the Scottish Ministers must consult—

(a)the Lord President,

(b)the Law Society,

(c)every approved regulator,

(d)the OFT, and such other organisation (appearing to them to represent the interests of consumers in Scotland) as they consider appropriate,

(e)such other person or body as they consider appropriate.

(4)A statutory instrument containing regulations under subsection (1) is not to be made unless a draft of the instrument has been laid before, and approved by resolution of, the Scottish Parliament.