Article 2 Amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

(1)

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f1 is amended as follows.

(2)

In paragraph (1) of article 3 (interpretation)—

(a)

for the definition of “occupational pension scheme”, substitute—

““occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993^f2;”;

(b)

at the end of the definition of “stakeholder pension scheme”, insert—

“in relation to Great Britain and has the meaning given by article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999^f3 in relation to Northern Ireland”.

(3)

In the definition of “stakeholder product” in paragraph (3) of article 52B^f4 (providing basic advice on stakeholder products), for paragraph (b), substitute—

“(b)

rights under a stakeholder pension scheme;”.

(4)

After paragraph (4) of article 66 (trustees, nominees and personal representatives), insert—

“(4A)

There is excluded from article 40 any activity carried on by a person acting as trustee which consists of arranging for one or more other persons to safeguard and administer trust assets where—

(a)

that other person is a qualifying custodian; or

(b)

that safeguarding and administration is also arranged by a qualifying custodian.

In this paragraph, “qualifying custodian” has the meaning given by article 41(2).”.

Annotations

Footnotes

f1: S.I. 2001/544; a relevant amending instrument is S.I. 2004/2737.
f2: 1993 c. 48 as amended by sections 239 and 285 of the Pensions Act 2004 (c. 35).
f3: S.I. 1999/3147 (N.I. 11); a relevant amending instrument is S.I. 2005/255 (N.I. 1).
f4: Article 52B was inserted by S.I. 2004/2737.