(1) Any regulations (whether or not a statutory instrument to which the Statutory Instruments Act 1947 primarily applies) made or issued by or on behalf of the Financial Services Ombudsman Council, made and in force immediately before the establishment day have, on and after that day, the same force and effect as they had prior to that day.
(2) An instrument referred to in subsection (1) may be revoked or amended by the Minister as if made by the Minister.