Investigation of complaints against the Authority etc.

Transitional complaints against the Authority etc.18

1

The Authority may, if it considers it appropriate—

a

make arrangements (“the transitional complaints scheme”) for the investigation of complaints—

i

arising in connection with the exercise before commencement of any functions conferred on the Authority by or under any enactment, or the failure to exercise any such functions before commencement; or

ii

against any recognised self-regulating organisation (within the meaning of the Financial Services Act 1986) in respect of any act or omission occurring before commencement; and

b

appoint one or more independent persons (“transitional investigators”) to be responsible for the conduct of investigations in accordance with the transitional complaints scheme.

2

If the Authority exercises the power in paragraph (1)—

a

sub-paragraphs (2) to (14) of paragraph 7 of Schedule 1 (arrangements for the investigation of complaints) apply—

i

in relation to the transitional complaints scheme as they apply in relation to the complaints scheme mentioned in paragraph 7(1)(a) of Schedule 1; and

ii

in relation to a transitional investigator as they apply in relation to the investigator mentioned in paragraph 7(1)(b) of that Schedule;

b

the Authority may provide in the transitional complaints scheme for such provisions of paragraph 8 of that Schedule as it considers appropriate to apply in relation to that scheme;

c

the investigator mentioned in paragraph 7(1)(b) of that Schedule may be (but need not be) appointed also as a transitional investigator; and

d

the reference, in Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 200113, to the investigator appointed by the Authority in accordance with paragraph 7 of Schedule 1 to the Act includes a person appointed as a transitional investigator in accordance with this article.

3

The reference in paragraph 7(1)(a) of Schedule 1 to functions of the Authority does not include the functions conferred by this article.