Regulation 40 Requirement to publish statement of policy with respect to consumer redress orders

(1)

The Regulator must as soon as reasonably practicable after this regulation comes into force prepare and publish a statement of policy with respect to—

(a)

the making of consumer redress orders; and

(b)

the determination of the requirements to be imposed by such orders (including, in particular, the considerations the Regulator will have regard to in determining such requirements).

(2)

The Regulator must have regard to its current statement of policy—

(a)

in deciding whether to make a consumer redress order; and

(b)

in determining the requirements to be imposed by any such order.

(3)

The Regulator may revise its statement of policy and, where it does so, must publish the revised statement.

(4)

Publication under this regulation is to be in such manner as the Regulator considers appropriate for the purpose of bringing the matters contained in the statement of policy to the attention of persons likely to be affected by them.

(5)

The Regulator must consult such persons as it considers appropriate when preparing or revising its statement of policy.

(6)

It is immaterial for the purposes of paragraph (5) whether consultation is carried out before or after the coming into force of this regulation.