OpenLegislation

The Financial Services Act 1986 (Extension of Scope of Act) Order 1992

S.I. 1992/273 · Made 17 February 1992

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Order made by the Secretary of State, laid before Parliament under section 2(3) of the Financial Services Act 1986, for approval by resolution of each House of Parliament within twenty-eight days beginning with the day on which the Order was made, subject to extension for periods of dissolution, prorogation or adjournment for more than four days.

FINANCIAL SERVICES

MadeMade 17th February 1992

Laid before Parliament 17th February 1992

Coming into force 1st June 1992

The Secretary of State, in exercise of his powers under section 2 of the Financial Services Act 1986f1 hereby makes the following Order:

Annotations to the whole text

Footnotes

f1

1986 c. 60. The Financial Services Act 1986 has been amended in various respects not relevant to the Order.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Advice given in television, sound or teletext services
  3. 3Revocation
  4. Signature
  5. Explanatory note

1Citation, commencement and interpretation

(1)

The Order may be cited as the Financial Services Act 1986 (Extensionof Scope of Act) Order 1992 and shall come into force on 1st June 1992.

(2)

In this Order, “the Act” means the Financial Services Act 1986.

2Advice given in television, sound or teletext services

(1)

For paragraph 25A of Schedule 1 to the Financial Services Act 1986f1 there shall be substituted—

“Advice given in television, sound or teletext services

25A
(1)

Paragraph 15 above does not apply to any advice given in any programme included, or made for inclusion, in—

(a)

any television broadcasting service or other television programme service (within the meaning of Part I of the Broadcasting Act 1990f2); or

(b)

any sound broadcasting service or licensable sound programme service (within the meaning of Part III of that Act); or

(c)

any teletext service.

(2)

For the purposes of this paragraph, “programme”, in relation to a service mentioned in sub-paragraph (1) above, includes an advertisement and any other item included in the service.”

3Revocation

Article 5 of the Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1990f1 is hereby revoked.

Signature

John Redwood

Minister of State,

Department of Trade and Industry

17th February 1992

Explanatory note

(This note is not part of the Order)

The Order replaces the existing paragraph 25A of Schedule 1 to the Financial Services Act 1986 with a new paragraph which narrows the scope of the exclusion for which the former paragraph made provision. The former paragraph 25A provided that investment advice given in a programme included, or made for inclusion, in a programme service was not advice to which paragraph 15 of Schedule 1 to the Financial Services Act applied. The new paragraph provides that investment advice given in a television broadcasting service, a sound broadcasting service or a teletext service is not advice to which that paragraph applies. Apart from teletext, investment advice given through all other programme services of a kind described in section 201(1)(c) of the Broadcasting Act 1990, including recorded telephone services, is brought within the scope of the Financial Services Act. The Broadcasting Act 1990 contains definitions which are relevant to the expressions used in the Order.