75.—(1) In this article, “relevant OLC expenditure”(1) has the meaning given in section 174A of the 2007 Act(2).
(2) Paragraph (3) applies to any periodic fees charged by the Lord Chancellor to 2006 Act authorised persons under section 174A of the 2007 Act for the purposes of meeting any costs incurred by the Lord Chancellor in respect of relevant OLC expenditure.
(3) Where, immediately before 1st April 2019, the periodic fees held by the Lord Chancellor exceeded the Lord Chancellor’s costs incurred in respect of relevant OLC expenditure, those fees may be paid—
(a)to the OLC for the purpose of funding applications under section 141(2) or (3) of the 2007 Act falling within article 69(4); or
(b)to the FCA or the scheme operator for the purpose of funding the operation of the new scheme under section 234(1)(b) of the 2000 Act (industry funding).
The OLC is the Office for Legal Complaints established by section 114 of the Legal Services Act 2007 (c. 29).
Section 174A was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), section 140(4) and (5) and is repealed by this Order.