OpenLegislation

Financial Guidance and Claims Act 2018

2018 c. 10 · Enacted 10 May 2018 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 30 September 2026.

An Act to make provision establishing a new financial guidance body (including provision about a debt respite scheme); to make provision about the funding of debt advice in Scotland, Wales and Northern Ireland; to provide a power to make regulations prohibiting unsolicited direct marketing in relation to pensions and other consumer financial products and services; and to make provision about the regulation of claims management services.

[10th May 2018]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: Financial Guidance etc
  2. Establishment of the single financial guidance body
  3. 1The single financial guidance body
  4. Objectives and functions of the single financial guidance body
  5. 2Objectives
  6. 3Functions
  7. 4Specific requirements as to the pensions guidance function
  8. 4ASpecific functions included in the pensions guidance function
  9. 5Delegation of functions to delivery partner organisations
  10. 6Debt respite scheme: advice to the Secretary of State
  11. 7Debt respite scheme: regulations
  12. 8Guidance and directions from the Secretary of State
  13. Standards set by the single financial guidance body
  14. 9Setting standards
  15. 10Monitoring and enforcement of standards
  16. Funding of the single financial guidance body
  17. 11Financial assistance from the Secretary of State
  18. 12Levies under Pension Schemes Act 1993 and Pension Schemes (NI) Act 1993
  19. 13Levy under FSMA 2000 for expenses of single financial guidance body
  20. Funding of debt advice in Scotland, Wales and Northern Ireland
  21. 14Levy under FSMA 2000 for debt advice expenses of devolved authorities
  22. Offence of impersonating the single financial guidance body
  23. 15False claims about provision of information etc
  24. 16Offences under section 15 committed by bodies corporate etc
  25. Information exchange
  26. 17Disclosure of information
  27. Rules etc about financial guidance
  28. 18Personal pension schemes: requirements to refer members to guidance etc
  29. 19Occupational pension schemes: requirements to refer members to guidance etc
  30. 20FCA general rules: information about the availability of guidance
  31. Unsolicited direct marketing approaches
  32. 21Unsolicited direct marketing: pensions
  33. 22Unsolicited direct marketing: other consumer financial products etc
  34. Miscellaneous
  35. 23Power to dissolve the single financial guidance body
  36. 24Regulations dissolving the new single financial guidance body: procedure
  37. 25Minor and consequential amendments
  38. 26Interpretation of Part 1
  39. Part 2: Claims Management Services
  40. Transfer of regulation of claims management services to FCA
  41. 27Transfer to FCA of regulation of claims management services
  42. Charges for claims management services
  43. 28Power of FCA to make rules restricting charges for claims management services
  44. 29PPI claims and charges for claims management services: general
  45. 30PPI claims: interim restriction on charges before transfer of regulation to FCA
  46. 31PPI claims: interim restriction on charges imposed by authorised persons after transfer of regulation to FCA
  47. 32PPI claims: interim restriction on charges imposed by legal practitioners after transfer of regulation to FCA
  48. 33Legal services regulators' rules: charges for claims management services
  49. 34Extension of power of the Law Society of Scotland to make rules
  50. Cold calling about claims management services
  51. 35Cold calling about claims management services
  52. Part 3: General
  53. 36Extent
  54. 37Commencement
  55. 38Short title
  56. Schedule 1: THE SINGLE FINANCIAL GUIDANCE BODY
  57. Status
  58. 1Paragraph 1
  59. Members: general
  60. 2Paragraph 2
  61. Non-executive members: tenure
  62. 3Paragraph 3
  63. Non-executive members: conflicts of interest
  64. 4Paragraph 4
  65. Non-executive members: remuneration etc
  66. 5Paragraph 5
  67. Executive members: appointment
  68. 6Paragraph 6
  69. Executive members: terms and conditions
  70. 7Paragraph 7
  71. Other staff: appointment, terms and conditions
  72. 8Paragraph 8
  73. Committees
  74. 9Paragraph 9
  75. Delegation
  76. 10Paragraph 10
  77. Procedure etc
  78. 11Paragraph 11
  79. Validity of acts
  80. 12Paragraph 12
  81. Authentication of seal
  82. 13Paragraph 13
  83. Reports and accounts
  84. 14Paragraph 14
  85. Schedule 2: TRANSFER SCHEMES UNDER SECTION 1
  86. Power to make transfer schemes
  87. 1Paragraph 1
  88. Contents of a scheme
  89. 2Paragraph 2
  90. Modifications to a scheme
  91. 3Paragraph 3
  92. Supplementary
  93. 4Paragraph 4
  94. Schedule 3: MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1
  95. Public Records Act 1958 (c. 51)
  96. 1Paragraph 1
  97. Parliamentary Commissioner Act 1967 (c. 13)
  98. 2Paragraph 2
  99. House of Commons Disqualification Act 1975 (c. 24)
  100. 3Paragraph 3
  101. Northern Ireland Assembly Disqualification Act 1975 (c. 25)
  102. 4Paragraph 4
  103. Financial Services and Markets Act 2000 (c. 8)
  104. 5Paragraph 5
  105. 6Paragraph 6
  106. 7Paragraph 7
  107. 8Paragraph 8
  108. 9Paragraph 9
  109. 10Paragraph 10
  110. 11Paragraph 11
  111. 12Paragraph 12
  112. 13Paragraph 13
  113. 14Paragraph 14
  114. 15Paragraph 15
  115. 16Paragraph 16
  116. 17Paragraph 17
  117. 18Paragraph 18
  118. 19Paragraph 19
  119. 20Paragraph 20
  120. 21Paragraph 21
  121. 22Paragraph 22
  122. Freedom of Information Act 2000 (c. 36)
  123. 23Paragraph 23
  124. Equality Act 2010 (c. 15)
  125. 24Paragraph 24
  126. Financial Services Act 2010 (c. 28)
  127. 25Paragraph 25
  128. 26Paragraph 26
  129. 27Paragraph 27
  130. Financial Services Act 2012 (c. 21)
  131. 28Paragraph 28
  132. 29Paragraph 29
  133. 30Paragraph 30
  134. Pension Schemes Act 2015 (c. 8)
  135. 31Paragraph 31
  136. Bank of England and Financial Services Act 2016 (c. 14)
  137. 32Paragraph 32
  138. Schedule 4: REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSFER SCHEMES
  139. Part 1: APPLICATION AND INTERPRETATION
  140. 1Paragraph 1
  141. 2Paragraph 2
  142. Part 2: TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCA
  143. Power of Secretary of State to make transfer schemes
  144. 3Paragraph 3
  145. Transfer of property, rights and liabilities
  146. 4Paragraph 4
  147. 5Paragraph 5
  148. 6Paragraph 6
  149. 7Paragraph 7
  150. Contents of a transfer scheme
  151. 8Paragraph 8
  152. Supplementary
  153. 9Paragraph 9
  154. Modification of a transfer scheme
  155. 10Paragraph 10
  156. 11Paragraph 11
  157. 12Paragraph 12
  158. Part 3: TRANSFER OF PROPERTY AND STAFF FROM THE OLC TO THE FOS
  159. Power of OLC to make transfer schemes
  160. 13Paragraph 13
  161. 14Paragraph 14
  162. 15Paragraph 15
  163. Power of Lord Chancellor to make transfer schemes
  164. 16Paragraph 16
  165. 17Paragraph 17
  166. Provision of information and assistance by OLC
  167. 18Paragraph 18
  168. 19Paragraph 19
  169. Transfer of property, rights and liabilities
  170. 20Paragraph 20
  171. 21Paragraph 21
  172. 22Paragraph 22
  173. Contents of a transfer scheme
  174. 23Paragraph 23
  175. Supplementary
  176. 24Paragraph 24
  177. Modification of a transfer scheme
  178. 25Paragraph 25
  179. 26Paragraph 26
  180. 27Paragraph 27
  181. 28Paragraph 28
  182. 29Paragraph 29
  183. Schedule 5: REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSITIONAL PROVISION
  184. FCA information gathering powers
  185. 1Paragraph 1
  186. 2Paragraph 2
  187. 3Paragraph 3
  188. FCA preparatory steps
  189. 4Paragraph 4
  190. Consultation requirements
  191. 5Paragraph 5
  192. 6Paragraph 6
  193. 7Paragraph 7
  194. Designation of Regulator's rules
  195. 8Paragraph 8
  196. 9Paragraph 9
  197. Provision of information by Regulator and OLC
  198. 10Paragraph 10
  199. 11Paragraph 11
  200. 12Paragraph 12
  201. Complaints handling
  202. 13Paragraph 13
  203. Interpretation
  204. 14Paragraph 14