716.This section enables the Treasury, by order under subsection (2), to set out the framework for a scheme to be established and operated by the Authority to require authorised persons to review their past business and, where appropriate, to determine the amounts payable by those persons by way of compensation for liabilities that they have incurred to private investors and certain others.  This power will facilitate the handling of issues such as those which arose in cases of mis-selling - most notably of personal pensions.
Commentary on Sections Part Xxviii: Miscellaneous Section 404: Schemes for reviewing past business