The regulatory arrangements of an approved regulator must not include any provision relating to redress.
If at the time this subsection comes into force the regulatory arrangements of an approved regulator contravene subsection (1), any provision relating to redress included in those regulatory arrangements ceases to have effect at that time, subject to subsection (3).
For the purposes of this section "provision relating to redress" means any provision made in regulatory arrangements (whether it is statutory or non-statutory) for redress in respect of acts or omissions of authorised persons and any provision connected with such provision.
Nothing in this section prevents an approved regulator making—
In subsection (4) "authorised person" means an authorised person in relation to any activity which is a reserved legal activity.
This section applies to licensing rules made by the Board in its capacity as a licensing authority as it applies in relation to the regulatory arrangements of an approved regulator.