Regulation 34 Meaning of “IC provider”, “existing IC provider” and related expressionsF1

(1)

This regulation defines “IC provider”, “existing IC provider” and related expressions for the purposes of this Part.

(2)

“IC provider”, in relation to a relevant trust scheme, means a person who provides investment consultancy services to the trustees of the scheme and is not—

(a)

a trustee of the scheme, or

(b)

a trustee owned company.

(3)

A person (“P”) provides investment consultancy services to the trustees of a relevant trust scheme if—

(a)

P gives advice to the trustees of the scheme on or in connection with any of the following—

(i)

the merits of—

(aa)

the exercise of any of the trustees’ powers of investment in any particular case (including the making or retaining of any investment);

(bb)

the appointment of a particular fund manager;

(cc)

strategic asset allocation;

(dd)

adopting a particular investment strategy, or

(ii)

the preparation or revision of the statement of investment principles, and

(b)

P gives that advice otherwise than in P’s capacity as a legal adviser appointed by the trustees.

(4)

Where P is an actuary, any high-level commentary given by P in, or in relation to, an actuarial valuation on the link between the statutory funding objective and the investment strategy, is not to be treated as advice for the purposes of this regulation.

(5)

“Existing IC provider”, in relation to a relevant trust scheme, means an IC provider who—

(a)

was appointed by the trustees of the scheme before the commencement date, and

(b)

continues to provide investment consultancy services to those trustees on and after that date in accordance with the terms of that appointment.

(6)

References in this Part to investment consultancy services are to be read in accordance with this regulation.

Annotations

Textual amendments

F1: Pt. 6 inserted (1.10.2022) by The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (S.I. 2022/825), regs. 1(2), 2(2)