
1 
This Order may be cited as the Financial Services Act 1986 (Delegation) (Transitional Provisions) Order 1987 and shall come into force on 14th December 1987.
2 
This Order shall have effect in relation to the function of making or revoking a recognition order in respect of a self-regulating organisation or professional body exercisable by a designated agency (in this Order referred to as “recognition functions”).
3 
In relation to the exercise of recognition functions at any time before 3rd October 1988, the requirements in paragraph 3(1) of Schedules 2 and 3 respectively to the Financial Services Act 1986 that rules afford to investors protection at least equivalent to that afforded by rules and regulations under Chapter V of Part I of that Act shall be modified as follows, that is to say that the requirements shall not be treated as unsatisfied by reason only of the fact that a contravention of the rules is not actionable at the suit of a person who suffers loss as a result of the contravention.
Francis Maude
Parliamentary Under-Secretary of State,
Department of Trade and Industry
27th November 1987