Regulation 38 Third party compliance noticeF1

(1)

The Regulator may issue a third party compliance notice to a person (“A”) with a view to ensuring another person (“B”)’s compliance with a listed provision if—

(a)

the Regulator is of the opinion that—

(i)

B is not complying, or has not complied, with that provision, and

(ii)

that non-compliance is, or was, wholly or partly, a result of the failure of A, and

(b)

A’s failure is not itself a contravention of any listed provision.

(2)

A third party compliance notice must—

(a)

state the listed provision which the Regulator is of the opinion was not, or is not being, complied with,

(b)

state the evidence on which that opinion is based, and

(c)

specify the steps that the Regulator requires A to take, or refrain from taking, with a view to remedying and, where appropriate, preventing a recurrence of the failure mentioned in paragraph (1)(a)(ii).

(3)

A compliance notice may also—

(a)

specify the period within which any step must be taken;

(b)

require A to provide the Regulator within a specified period specified information relating to the non-compliance;

(c)

require A to inform the Regulator, within a specified period, of how they have complied with or are complying with the notice;

(d)

state that, if the Regulator is of the opinion that A has failed to comply with the notice, the Regulator may issue a penalty notice to A under regulation 39;

(e)

give A a choice between different ways of remedying, or preventing the recurrence of, the non-compliance.

(4)

In this regulation “specified” means specified in a third party compliance notice.

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)