(1) The Financial Conduct Authority or the Prudential Regulation Authority may, if it considers it appropriate -

(a) make arrangements ("the transitional complaints scheme") for the investigation of complaints -

(i) arising in connection with the exercise before commencement of any functions conferred on the Financial Services Authority by or under any enactment, or the failure to exercise any such functions before commencement; or

(ii) against any recognised self-regulating organisation (within the meaning of the Financial Services Act 1986) in respect of any act or omission occurring before commencement; and

(b) appoint one or more independent persons ("transitional investigators") to be responsible for the conduct of investigations in accordance with the transitional complaints scheme.

(2) If the Financial Conduct Authority or the Prudential Regulation Authority exercises the power in paragraph (1) -

(a) sections 84 to 86 of the Financial Services Act 2012 apply -

(i) in relation to the transitional complaints scheme as they apply in relation to the complaints scheme mentioned in section 84(1)(a) of that Act; and