Territorial Extent and Territorial Application Northern Ireland Overview of Part 2 Section 50: Approval of redress schemes: supplementary
137.Section 50 provides that the regulator may determine the manner and form etc of an application for approval of a redress scheme. Changes to an approved scheme must be notified to the regulator within 14 days of any change. The regulator has power to withdraw approval of a redress scheme generally or in relation to consumer complaints of a specified description including in relation to complaints made on or after a specified date.