Explanatory note

This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544). Article 2(2) inserts article 53E in that Order to provide that advising on the conversion or transfer of pension benefits which are safeguarded benefits (as defined in paragraph (2) of the inserted article) is a regulated activity for the purposes of the Financial Services and Markets Act 2000 (c. 8). A person who carries on a regulated activity in the United Kingdom must be an authorised person or an exempt person under that Act (see section 19).

An assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk and is published alongside this Order on www.legislation.gov.uk.