Paragraph 6

There shall be a scheme to be known as “the Grants Scheme” which shall be maintained and administered by the Council for the purpose of making grants or other payments (“a grant”) to relieve or mitigate losses suffered by persons as hereinafter defined in consequence of negligence or fraud or other dishonesty on the part of practising insurance brokers or enrolled bodies corporate, or of employees of theirs, in connection with their businesses or the failure on the part of practising insurance brokers or enrolled bodies corporate to account for money received by them in connection with their businesses,

PROVIDED THAT no grant or application for a grant shall be made under the Grants Scheme in respect of losses resulting from any negligence arising, or fraud or other dishonesty committed, or failure to account for money occurring, before 1st December 1980.