Commentary on Sections Part 7: Further Provisions Relating to the Board and the Olc Section 162: Guidance
388.Section 162(1) sets out a non-exhaustive list of matters about which the Board may give guidance. This guidance may include information or advice, and section 162(3) allows the Board to give financial or other assistance to persons who provide that information or advice. The Board will be able to publish its guidance and offer copies for sale. Following any guidance being issued, the Board may consider the extent to which an approved regulator has complied with such guidance when exercising its regulatory functions. Section 162(6) requires that, when the Board acts as approved regulator or a licensing authority under Part 5 of the Act, it must have regard to any guidance it has issued under this section.