Prospective
70Compensation funds: setting of minimum standards by the CommissionS
(1)Section 39 of the 2007 Act (monitoring effectiveness of guarantee funds etc.) is amended as follows.
(2)After subsection (1), insert—
“(1A)The Commission may issue guidance (which may set minimum standards) to relevant professional organisations relating to the operation and effectiveness of the Client Protection Fund and any fund maintained by a relevant professional organisation which are for purposes analogous to those of the Client Protection Fund.”.
(3)In subsection (2)—
(a)the words “the Guarantee Fund,” are repealed,
(b)the words “funds or” are repealed.
(4)In subsection (3), after “subsections (1)” insert “, (1A)”.
(5)After subsection (4), insert—
“(5)Guidance under subsection (1A) may be issued to—
(a)each relevant professional organisation,
(b)a particular relevant professional organisation,
(c)relevant professional organisations of a particular description.
(6)Before issuing guidance under subsection (1A) that sets minimum standards, the Commission must consult—
(a)the following persons in relation to the Commission’s initial proposals for the minimum standards that are to be set out in the guidance—
(i)the Lord President,
(ii)each relevant professional organisation concerned,
(iii)the practitioners regulated by each organisation, and
(iv)any other person the Commission considers appropriate,
(b)the following persons in relation to a subsequent draft of the guidance that includes the proposed minimum standards—
(i)each relevant professional organisation concerned, and
(ii)any other person the Commission considers appropriate.
(7)For the purpose of subsection (6)(a), a duty to consult the practitioners may be met by the Commission directing a relevant professional organisation to issue information about the initial proposals to the practitioners regulated by the organisation.
(8)The Commission must take account of any representations made by a relevant professional organisation consulted under subsection (6) that are received by the Commission within the period of 28 days beginning with the day on which the organisation receives notification from the Commission of the opportunity to make representations.
(9)The Commission must—
(a)publish any guidance issued under subsection (1A) in such manner as it considers appropriate as soon as reasonably practicable after issuing the guidance, and
(b)if the guidance sets minimum standards, at the time of publishing the guidance, publish a document summarising—
(i)the consultation carried out under subsection (6),
(ii)any representations received in response to the consultation,
(iii)any changes made to the Commission’s initial proposals for the minimum standards as a result of the consultation, and
(iv)the Commission’s reasons for including the minimum standards in the guidance.”.
Commencement Information
I1S. 70 not in force at Royal Assent, see s. 103(3)