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Financial Guidance and Claims Act 2018 in Northern Ireland

2018 c. 10 · Enacted 10 May 2018 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 30 September 2026.

An Act to make provision establishing a new financial guidance body (including provision about a debt respite scheme); to make provision about the funding of debt advice in Scotland, Wales and Northern Ireland; to provide a power to make regulations prohibiting unsolicited direct marketing in relation to pensions and other consumer financial products and services; and to make provision about the regulation of claims management services.

[10th May 2018]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: Financial Guidance etc
  2. Establishment of the single financial guidance body
  3. 1The single financial guidance body
  4. Objectives and functions of the single financial guidance body
  5. 2Objectives
  6. 3Functions
  7. 4Specific requirements as to the pensions guidance function
  8. 4ASpecific functions included in the pensions guidance function
  9. 5Delegation of functions to delivery partner organisations
  10. 6Debt respite scheme: advice to the Secretary of State
  11. 7Debt respite scheme: regulations
  12. 8Guidance and directions from the Secretary of State
  13. Standards set by the single financial guidance body
  14. 9Setting standards
  15. 10Monitoring and enforcement of standards
  16. Funding of the single financial guidance body
  17. 11Financial assistance from the Secretary of State
  18. 12Levies under Pension Schemes Act 1993 and Pension Schemes (NI) Act 1993
  19. 13Levy under FSMA 2000 for expenses of single financial guidance body
  20. Funding of debt advice in Scotland, Wales and Northern Ireland
  21. 14Levy under FSMA 2000 for debt advice expenses of devolved authorities
  22. Offence of impersonating the single financial guidance body
  23. 15False claims about provision of information etc
  24. 16Offences under section 15 committed by bodies corporate etc
  25. Information exchange
  26. 17Disclosure of information
  27. Rules etc about financial guidance
  28. 18Personal pension schemes: requirements to refer members to guidance etc
  29. 19Occupational pension schemes: requirements to refer members to guidance etc
  30. 20FCA general rules: information about the availability of guidance
  31. Unsolicited direct marketing approaches
  32. 21Unsolicited direct marketing: pensions
  33. 22Unsolicited direct marketing: other consumer financial products etc
  34. Miscellaneous
  35. 23Power to dissolve the single financial guidance body
  36. 24Regulations dissolving the new single financial guidance body: procedure
  37. 25Minor and consequential amendments
  38. 26Interpretation of Part 1
  39. Part 2: Claims Management Services
  40. 27Transfer to FCA of regulation of claims management services
  41. 28Power of FCA to make rules restricting charges for claims management services
  42. 29PPI claims and charges for claims management services: general
  43. 31PPI claims: interim restriction on charges imposed by authorised persons after transfer of regulation to FCA
  44. 33Legal services regulators' rules: charges for claims management services
  45. 34Extension of power of the Law Society of Scotland to make rules
  46. Cold calling about claims management services
  47. 35Cold calling about claims management services
  48. Part 3: General
  49. 36Extent
  50. 37Commencement
  51. 38Short title
  52. Schedule 1: THE SINGLE FINANCIAL GUIDANCE BODY
  53. Status
  54. 1Paragraph 1
  55. Members: general
  56. 2Paragraph 2
  57. Non-executive members: tenure
  58. 3Paragraph 3
  59. Non-executive members: conflicts of interest
  60. 4Paragraph 4
  61. Non-executive members: remuneration etc
  62. 5Paragraph 5
  63. Executive members: appointment
  64. 6Paragraph 6
  65. Executive members: terms and conditions
  66. 7Paragraph 7
  67. Other staff: appointment, terms and conditions
  68. 8Paragraph 8
  69. Committees
  70. 9Paragraph 9
  71. Delegation
  72. 10Paragraph 10
  73. Procedure etc
  74. 11Paragraph 11
  75. Validity of acts
  76. 12Paragraph 12
  77. Authentication of seal
  78. 13Paragraph 13
  79. Reports and accounts
  80. 14Paragraph 14
  81. Schedule 2: TRANSFER SCHEMES UNDER SECTION 1
  82. Power to make transfer schemes
  83. 1Paragraph 1
  84. Contents of a scheme
  85. 2Paragraph 2
  86. Modifications to a scheme
  87. 3Paragraph 3
  88. Supplementary
  89. 4Paragraph 4
  90. Schedule 3: MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1
  91. Public Records Act 1958 (c. 51)
  92. 1Paragraph 1
  93. Parliamentary Commissioner Act 1967 (c. 13)
  94. 2Paragraph 2
  95. House of Commons Disqualification Act 1975 (c. 24)
  96. 3Paragraph 3
  97. Northern Ireland Assembly Disqualification Act 1975 (c. 25)
  98. 4Paragraph 4
  99. Financial Services and Markets Act 2000 (c. 8)
  100. 5Paragraph 5
  101. 6Paragraph 6
  102. 7Paragraph 7
  103. 8Paragraph 8
  104. 9Paragraph 9
  105. 10Paragraph 10
  106. 11Paragraph 11
  107. 12Paragraph 12
  108. 13Paragraph 13
  109. 14Paragraph 14
  110. 15Paragraph 15
  111. 16Paragraph 16
  112. 17Paragraph 17
  113. 18Paragraph 18
  114. 19Paragraph 19
  115. 20Paragraph 20
  116. 21Paragraph 21
  117. 22Paragraph 22
  118. Freedom of Information Act 2000 (c. 36)
  119. 23Paragraph 23
  120. 24Paragraph 24
  121. Financial Services Act 2010 (c. 28)
  122. 25Paragraph 25
  123. 26Paragraph 26
  124. 27Paragraph 27
  125. Financial Services Act 2012 (c. 21)
  126. 28Paragraph 28
  127. 29Paragraph 29
  128. 30Paragraph 30
  129. Pension Schemes Act 2015 (c. 8)
  130. 31Paragraph 31
  131. Bank of England and Financial Services Act 2016 (c. 14)
  132. 32Paragraph 32
  133. Part 1: APPLICATION AND INTERPRETATION
  134. 1Paragraph 1
  135. 2Paragraph 2
  136. Part 2: TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCA
  137. Power of Secretary of State to make transfer schemes
  138. 3Paragraph 3
  139. Transfer of property, rights and liabilities
  140. 4Paragraph 4
  141. 5Paragraph 5
  142. 6Paragraph 6
  143. 7Paragraph 7
  144. Contents of a transfer scheme
  145. Supplementary
  146. 9Paragraph 9
  147. Modification of a transfer scheme
  148. 10Paragraph 10
  149. 11Paragraph 11
  150. 12Paragraph 12
  151. Part 3: TRANSFER OF PROPERTY AND STAFF FROM THE OLC TO THE FOS
  152. Power of OLC to make transfer schemes
  153. 13Paragraph 13
  154. 14Paragraph 14
  155. 15Paragraph 15
  156. Power of Lord Chancellor to make transfer schemes
  157. 16Paragraph 16
  158. 17Paragraph 17
  159. Provision of information and assistance by OLC
  160. 18Paragraph 18
  161. 19Paragraph 19
  162. Transfer of property, rights and liabilities
  163. 20Paragraph 20
  164. 21Paragraph 21
  165. 22Paragraph 22
  166. Contents of a transfer scheme
  167. 23Paragraph 23
  168. Supplementary
  169. 24Paragraph 24
  170. Modification of a transfer scheme
  171. 25Paragraph 25
  172. 26Paragraph 26
  173. 27Paragraph 27
  174. 28Paragraph 28
  175. 29Paragraph 29
  176. FCA information gathering powers
  177. 1Paragraph 1
  178. 2Paragraph 2
  179. 3Paragraph 3
  180. FCA preparatory steps
  181. 4Paragraph 4
  182. Consultation requirements
  183. 5Paragraph 5
  184. 6Paragraph 6
  185. 7Paragraph 7
  186. Designation of Regulator's rules
  187. 8Paragraph 8
  188. 9Paragraph 9
  189. Provision of information by Regulator and OLC
  190. 10Paragraph 10
  191. 11Paragraph 11
  192. 12Paragraph 12
  193. Complaints handling
  194. 13Paragraph 13
  195. Interpretation
  196. 14Paragraph 14