OpenLegislation

Financial Guidance and Claims Act 2018 in Scotland

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. 8Guidance and directions from the Secretary of State
  11. Standards set by the single financial guidance body
  12. 9Setting standards
  13. 10Monitoring and enforcement of standards
  14. Funding of the single financial guidance body
  15. 11Financial assistance from the Secretary of State
  16. 12Levies under Pension Schemes Act 1993 and Pension Schemes (NI) Act 1993
  17. 13Levy under FSMA 2000 for expenses of single financial guidance body
  18. Funding of debt advice in Scotland, Wales and Northern Ireland
  19. 14Levy under FSMA 2000 for debt advice expenses of devolved authorities
  20. Offence of impersonating the single financial guidance body
  21. 15False claims about provision of information etc
  22. 16Offences under section 15 committed by bodies corporate etc
  23. Information exchange
  24. 17Disclosure of information
  25. Rules etc about financial guidance
  26. 18Personal pension schemes: requirements to refer members to guidance etc
  27. 19Occupational pension schemes: requirements to refer members to guidance etc
  28. 20FCA general rules: information about the availability of guidance
  29. Unsolicited direct marketing approaches
  30. 21Unsolicited direct marketing: pensions
  31. 22Unsolicited direct marketing: other consumer financial products etc
  32. Miscellaneous
  33. 23Power to dissolve the single financial guidance body
  34. 24Regulations dissolving the new single financial guidance body: procedure
  35. 25Minor and consequential amendments
  36. 26Interpretation of Part 1
  37. Part 2: Claims Management Services
  38. Transfer of regulation of claims management services to FCA
  39. 27Transfer to FCA of regulation of claims management services
  40. Charges for 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. Equality Act 2010 (c. 15)
  121. 24Paragraph 24
  122. Financial Services Act 2010 (c. 28)
  123. 25Paragraph 25
  124. 26Paragraph 26
  125. 27Paragraph 27
  126. Financial Services Act 2012 (c. 21)
  127. 28Paragraph 28
  128. 29Paragraph 29
  129. 30Paragraph 30
  130. Pension Schemes Act 2015 (c. 8)
  131. 31Paragraph 31
  132. Bank of England and Financial Services Act 2016 (c. 14)
  133. 32Paragraph 32
  134. Part 1: APPLICATION AND INTERPRETATION
  135. 1Paragraph 1
  136. 2Paragraph 2
  137. Part 2: TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCA
  138. Power of Secretary of State to make transfer schemes
  139. 3Paragraph 3
  140. Transfer of property, rights and liabilities
  141. 4Paragraph 4
  142. 5Paragraph 5
  143. 6Paragraph 6
  144. 7Paragraph 7
  145. Contents of a transfer scheme
  146. Supplementary
  147. 9Paragraph 9
  148. Modification of a transfer scheme
  149. 10Paragraph 10
  150. 11Paragraph 11
  151. 12Paragraph 12
  152. Part 3: TRANSFER OF PROPERTY AND STAFF FROM THE OLC TO THE FOS
  153. Power of OLC to make transfer schemes
  154. 13Paragraph 13
  155. 14Paragraph 14
  156. 15Paragraph 15
  157. Power of Lord Chancellor to make transfer schemes
  158. 16Paragraph 16
  159. 17Paragraph 17
  160. Provision of information and assistance by OLC
  161. 18Paragraph 18
  162. 19Paragraph 19
  163. Transfer of property, rights and liabilities
  164. 20Paragraph 20
  165. 21Paragraph 21
  166. 22Paragraph 22
  167. Contents of a transfer scheme
  168. 23Paragraph 23
  169. Supplementary
  170. 24Paragraph 24
  171. Modification of a transfer scheme
  172. 25Paragraph 25
  173. 26Paragraph 26
  174. 27Paragraph 27
  175. 28Paragraph 28
  176. 29Paragraph 29
  177. Schedule 5: REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSITIONAL PROVISION
  178. FCA information gathering powers
  179. 1Paragraph 1
  180. 2Paragraph 2
  181. 3Paragraph 3
  182. FCA preparatory steps
  183. 4Paragraph 4
  184. Consultation requirements
  185. 5Paragraph 5
  186. 6Paragraph 6
  187. 7Paragraph 7
  188. Designation of Regulator's rules
  189. 8Paragraph 8
  190. 9Paragraph 9
  191. Provision of information by Regulator and OLC
  192. 10Paragraph 10
  193. 11Paragraph 11
  194. 12Paragraph 12
  195. Complaints handling
  196. 13Paragraph 13
  197. Interpretation
  198. 14Paragraph 14