187.This section amends section 39 of the 2007 Act (monitoring effectiveness of guarantee funds etc.). It confers powers on the Commission to issue guidance (which may set minimum standards) for the operation and effectiveness of the Client Protection Fund and analogous compensation funds. Before issuing guidance which sets minimum standards, the Commission must first consult the Lord President, each relevant professional organisation and the practitioners they regulate, and any other persons the Commission considers appropriate on initial proposals to set minimum standards, and again consult each relevant professional organisation and any other persons the Commission considers appropriate on subsequent draft guidance which includes the proposed minimum standards. The Commission must take into account any representations made by those consulted.
Background Part 3 - Complaints Section 70 – Compensation funds: setting of minimum standards by the Commission