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The Financial Services and Markets Act 2000 (Regulated Activities) (Transitional Provisions) Order 2015

S.I. 2015/732 · Made 16 March 2015

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.

Financial Services And Markets

Made 16th March 2015

Laid before Parliament 17th March 2015

Coming into force 6th April 2015

The Treasury, in exercise of the powers conferred by section 426(1) of Schedule 2 to, the Financial Services and Markets Act 2000f1, make the following Order.

Annotations to the whole text

Footnotes

f1

2000 c. 8. Section 22 and paragraph 25 of Schedule 2 were amended by sections 7(1) and 8(2) of the Financial Services Act 2012 (c. 21).

Contents

  1. 1Citation and commencement
  2. 2Transitional provisions
  3. Signature
  4. Explanatory note

1Citation and commencement

 This Order may be cited as the Financial Services and Markets Act 2000 (Regulated Activities) (Transitional Provisions) Order 2015 and comes into force on 6th April 2015.

2Transitional provisions

(1)

A person who immediately before 6th April 2015 had permission under the Act to carry on an activity of the kind specified by article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001f1 (advising on investments) in respect of a specified investment of the kind specified by article 82 of that Order (rights under a pension scheme), is to be treated as having that permission varied with effect from 6th April 2015 to include the activity of the kind specified by article 53E of that Order (advising on conversion or transfer of pension benefits).

(2)

A Part 4A permissionf2 that is treated as having been varied in accordance with paragraph (1) is to be treated as being varied by—

(a)

in the case of a PRA-authorised personf3, the PRAf4; or

(b)

in the case of any other authorised person, the FCAf5.

(3)

Paragraph (1) does not affect the ability of the FCA or the PRA to vary or cancel a Part 4A permission under the Act.

Signature

Gavin Barwell

Alun Cairns

Two of the Lords Commissioners of Her Majesty’s Treasury

16th March 2015

Explanatory note

(This note is not part of the Order)

This Order makes transitional arrangements for the new activity of advising on conversion or transfer of pension benefits introduced to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 (S.I. 2015/731).

The transitional arrangements provide that certain persons (with the permissions under the Act detailed in regulation 2(1)) – sometimes known as pension transfer specialists – are to be treated as having that permission varied to include permission to carry on the new activity of advising on the conversion or transfer of pension benefits with effect from 6th April 2015.

An impact assessment has not been produced for this Order as no, or no significant, impact on the costs of business or the voluntary sector is foreseen.