Article 5 The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021^f1 is amended as follows.

In article 1(3) (citation, commencement and interpretation), for “This Order” substitute “Subject to article 1A, this Order”.

After article 1, insert—

“Transitional period

1A.

(1)

Article 1(3) applies subject to this article.

(2)

Where—

(a)

the FCA received a provider’s application before 1st March 2022; and

(b)

one of the following applies—

(i)

that application has not been determined by the FCA in accordance with section 55V^f2 of the Act before 29th July 2022;

(ii)

that provider withdrew that application before 29th July 2022;

(iii)

the FCA refused that application before 29th July 2022 by giving the provider a decision notice in accordance with section 55X(4)(f)^f3 of the Act;

article 2(4)(a) applies only in relation to activities carried on by that provider on or after 31st October 2022.

(3)

In this article—

• “application” means an application to the FCA under section 55A^f4 of the Act for permission to carry on either of the regulated activities specified in article 59 of the Regulated Activities Order;

• “funeral plan contract” has the same meaning as in article 59(2) of the Regulated Activities Order;

• “provider” means a person responsible for carrying out a funeral plan contract as provider.”.

Omit article 3 (substituting paragraph 18 of the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001).