238.This Part establishes the Financial Services and Markets Tribunal.  Various sections in the Act provide a right to refer a matter to the Tribunal once the Authority has notified the person concerned of its decision.  This Part sets out the procedural framework for referrals to the Tribunal and for appeals from the Tribunal to the Court of Appeal, or in Scotland to the Court of Session, on a point of law.  The Part gives the Lord Chancellor a general power to make rules for the Tribunal’s operation.  Schedule 13 sets out further details of the Tribunal’s constitution and operation.
239.This Part also confers on the Lord Chancellor a power to establish a scheme to provide subsidised legal assistance in proceedings before the Tribunal for individuals on whom the Authority seeks to impose a penalty for market abuse under Part VIII of the Act.
Commentary on Sections Part Ix: Hearings and Appeals