Amendments to regulation 21 (interest rate on the loans)E+W
24.—(1) In the heading to regulation 21, for “the loans” substitute “plan 1 loans”.
(2) In regulation 21(A1), for “student loans which are not post-2012 student loans” substitute “plan 1 loans”.
(3) In regulation 21(1)—
(a)for “student loans” substitute “plan 1 loans”;
(b)for “rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order” substitute “total charge for credit rules”;
(c)for “percentage increase between the retail prices all items index published by the Office for National Statistics for the two Marches immediately before the commencement of the academic year” substitute “standard interest rate”.
(4) In regulation 21(2), for “student loans” substitute “plan 1 loans”.
(5) In regulation 21(4)—
(a)for “student loans” substitute “plan 1 loans”;
(b)for “retail prices all items index mentioned in paragraph (1)” substitute “retail price index”.
(6) In regulation 21(6) and (7), for “student loans” substitute “plan 1 loans”.