Paragraph 3 F1

United Kingdom

(1)

In determining whether a scheme, or any provisions mentioned in paragraph 2(2), are satisfactory the F2lead enforcement authority must have regard to—

(a)

the interests of members of the scheme and of sellers and buyers of residential properties; and

(b)

such principles as—

(i)

in the opinion of the lead enforcement authority constitute generally accepted principles of best practice in relation to consumer redress schemes, and

(ii)

it is reasonable to regard as applicable to the scheme.

(2)

In considering the interests mentioned in sub-paragraph (1)(a), the F3lead enforcement authority may have regard to the number of other redress schemes which are (or are likely to become) approved redress schemes.

Annotations

Textual amendments

F1: Sch. 3 inserted (12.10.2007) by Consumers, Estate Agents and Redress Act 2007 (c. 17), s. 66(2), Sch. 6 para. 3; S.I. 2007/2934, art. 3, Sch.
F2: Words in Sch. 3 para. 3(1) substituted (31.3.2014) by The Public Bodies (Abolition of the National Consumer Council and Transfer of the Office of Fair Trading’s Functions in relation to Estate Agents etc) Order 2014 (S.I. 2014/631), art. 1(5), Sch. 2 para. 1(14)(c) (with Sch. 1 para. 28, 2 paras. 13-15)
F3: Words in Sch. 3 para. 3(2) substituted (31.3.2014) by The Public Bodies (Abolition of the National Consumer Council and Transfer of the Office of Fair Trading’s Functions in relation to Estate Agents etc) Order 2014 (S.I. 2014/631), art. 1(5), Sch. 2 para. 1(14)(c) (with Sch. 1 para. 28, 2 paras. 13-15)