Explanatory note

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.