An application for approval of a redress scheme must be made in such manner, and accompanied by such information, as the regulator to which the application is made may determine.

Section 51 applies if the regulator is minded to refuse an application for approval.

The scheme administrator of a redress scheme approved by a regulator must notify the regulator of any change to the scheme before the end of the period of 14 days beginning with the day on which the change is made.

A regulator may, in accordance with section 51, withdraw its approval of a redress scheme, and may do so generally or in relation to consumer complaints of a description specified by the regulator.

In particular, a regulator may withdraw its approval in relation to consumer complaints made on or after a date specified by the regulator.