5.—(1) The functions conferred on the OFT by the 1979 Act are transferred to the lead enforcement authority.
(2) The functions exercisable by the OFT under the 2007 Regulations by virtue of its role as the supervisory authority for estate agents pursuant to regulation 23(1)(b)(ii) of those Regulations are transferred to the Commissioners.
(3) The following Schedules have effect—
(a)Schedule 2, which—
(i)makes consequential, supplementary, incidental and transitional provision and savings relating to the transfer of functions under the Estate Agents Act 1979; and
(ii)repeals the entry relating to the OFT in Schedule 5 to the Public Bodies Act 2011;
(b)Schedule 3 (consequential, supplementary, incidental and transitional provision and savings relating to the transfer of functions under the 2007 Regulations).