(This note is not part of the Order)

This Order makes transitional provisions in connection with the coming into force of the Financial Services and Markets Act 2000 ("the Act").

Articles 2 to 17 make transitional provision in relation to Part XVI of the Act, which provides for the establishment of an ombudsman scheme (the "new scheme"). The Order provides for certain complaints relating to acts or omissions occurring before the commencement of Part XVI, which fell (or would have fallen) within the scope of one of the "former schemes" listed in article 1(2), to be dealt with under the new scheme, subject to the modifications set out in articles 4 to 7. Articles 8 to 10 make provision for appeals against certain determinations made before commencement under the IMRO scheme, the SFA scheme and the building societies scheme (as defined in article 1(2)). Article 16 provides that where consultation on rules for the new scheme was undertaken before 19th July 2001, that consultation is to be taken to satisfy the requirements in Schedule 17 to the Act to the extent that it would have done so if undertaken after that date. Article 17 provides for liabilities of the former schemes arising from the handling of complaints to become liabilities of the operator of the new scheme.