Hmm.... A little searching and link-hopping reveals a few things.

First, there's this document on the SBSA site:

Guidance for Electrical Verifiers

Quote
The guidance in clause 4.5.1 to building standard 4.5 states that an electrical installation should be designed, constructed, installed and tested such that it is in accordance with the recommendations of BS 7671:2001 as amended.

If the statement in clause 4.5.1 is merely guidance, then this seems to suggest that compliance with BS7671 is not mandatory.
Para. 2 on page 6 seems to confirm:

Quote
Alternatively, where the guidance in clause 4.5.1 of the Technical Handbook supporting functional standard 4.5 is not followed the verifier may determine that "reasonable enquiry? will require that an independent inspection and test is carried out under their direction......

There is also a reference to the actual requirements of Schedule 5 in the Building (Scotland) Regulations 2004, which can be seen here:
http://www.opsi.gov.uk/legislation/scotland/ssi2004/20040406.htm

Schedule 5 simply repeats the lines quoted above for "Section 4.5 mandatory," with no reference to BS7671.