Article 126 Mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989I1

Amend regulation 6(5) of the Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of the Schedule)^f1 as follows.

In the definition of “bad investment advice” for paragraph (d) substitute—

“(d)

by reason of a contravention which is actionable—

(i)

under section 62 of the Financial Services Act 1986; or

(ii)

under section 150 of the Financial Services and Markets Act 2000;”.

For the definition of “investment advice” substitute—

• ““investment advice”—

  1. (a)

     in relation to a time before 1st December 2001, means advice such as is mentioned in paragraph 15 of Schedule 1 to the Financial Services Act 1986; and

  2. (b)

     in relation to a time on or after that date, means advice such as is mentioned in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.