Sch. 4 para. 3 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 4 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 5 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 6 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 7 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 8 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 9 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 10 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 11 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

Sch. 4 para. 12 in force at 6.10.2018 by S.I. 2018/1045, reg. 2(b)

http://www.legislation.gov.uk/ukpga/2018/10/schedule/4/part/2Financial Guidance and Claims Act 2018An 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.texttext/xmlenStatute Law Database2022-12-19Expert Participation2022-10-14SCHEDULESSCHEDULE 4REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSFER SCHEMESPART 2TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCAPower of Secretary of State to make transfer schemes3

The Secretary of State may, with the consent of the FCA, make one or more schemes for the transfer of property, rights and liabilities of the Regulator to the FCA.

Transfer of property, rights and liabilities4

The following provisions of this Part of this Schedule apply in relation to schemes under paragraph 3 (“transfer schemes”).

5

The property, rights and liabilities which are the subject of a transfer scheme are transferred in accordance with the provisions of the scheme on such day as the scheme may specify.

6

The property, rights and liabilities that may be the subject of a transfer scheme include—

a

any that would not otherwise be capable of being transferred or assigned,

b

rights and liabilities under a contract of employment, and

c

amounts in respect of fees paid under the Compensation (Claims Management Services) Regulations 2006 (S.I. 2006/3322).

7

For the purpose of paragraph 6(b)—

a

an individual who holds employment in the civil service of the State is to be treated as employed by virtue of a contract of employment, and

b

the terms on which the individual holds that employment are to be regarded as constituting the terms of that contract.

Contents of a transfer scheme81

A transfer scheme may—

a

provide for anything done before the transfer by or in relation to the Regulator in connection with any property, rights or liabilities transferred by the scheme to be treated as having been done by or in relation to the FCA;

b

contain provision for the payment by the FCA of compensation to the Regulator for costs incurred (before or after the transfer) in connection with the transfer or the exercise of functions in relation to the regulation of claims management services;

c

contain provision for the payment of compensation by the FCA to any person whose interests are adversely affected by the transfer scheme;

d

make provision that is the same as or similar to provision made by the Transfer of Undertakings (Protection of Employment) Regulations 2006 (S.I. 2006/246), if those Regulations do not apply to the transfer.

2

An obligation of the FCA to make a compensation payment or to meet a liability transferred under provision in a transfer scheme is to be treated for the purposes of paragraph 23 of Schedule 1ZA to the Financial Services and Markets Act 2000 (fees) as a qualifying function conferred on the FCA under that Act.

Supplementary9

A transfer scheme may—

a

contain supplementary, incidental and consequential provision;

b

make transitory or transitional provision or savings;

c

make different provision for different purposes;

d

make provision subject to exceptions.

Modification of a transfer scheme10

Subject to paragraph 11, the Secretary of State may, with the consent of the FCA, modify a transfer scheme.

11

A modification relating to a transfer that has taken effect may be made only with the agreement of the person (or persons) affected by the modification.

12

A modification takes effect from such date as the Secretary of State may specify, and that date may be the date when the original scheme came into effect.

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<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/3">Sch. 4 para. 3</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
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<note class="commentary I" eId="key-03972b0d8fb04889de6118f28d75cd18">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/4">Sch. 4 para. 4</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
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<note class="commentary I" eId="key-c52cd685218022b673c7a225a594b4ca">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/5">Sch. 4 para. 5</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
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<note class="commentary I" eId="key-055f41abeb3e3103378d411fa7e15285">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/6">Sch. 4 para. 6</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
</p>
</note>
<note class="commentary I" eId="key-37efb9c25b87d0b2c09037ca851cba7a">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/7">Sch. 4 para. 7</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
</p>
</note>
<note class="commentary I" eId="key-418ca748ce12184f27ed79686907d38c">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/8">Sch. 4 para. 8</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
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<note class="commentary I" eId="key-4dcb6f6a7b8c4c756b9396417bcf9c8d">
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<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/9">Sch. 4 para. 9</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
</p>
</note>
<note class="commentary I" eId="key-bcecb5093665e6f149bc20a1a6ceb6db">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/10">Sch. 4 para. 10</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
</p>
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<note class="commentary I" eId="key-84be22cac90f4029cb8d1eba4bb796b5">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/11">Sch. 4 para. 11</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
</p>
</note>
<note class="commentary I" eId="key-9f3de1e7a6c6250d66a7598ac1107ca3">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/schedule/4/paragraph/12">Sch. 4 para. 12</ref>
in force at 6.10.2018 by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045">S.I. 2018/1045</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1045/regulation/2/b">reg. 2(b)</ref>
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<heading>SCHEDULES</heading>
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<num>SCHEDULE 4</num>
<heading>REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSFER SCHEMES</heading>
<part eId="schedule-4-part-2" period="#period1">
<num>
<strong>PART 2</strong>
</num>
<heading>TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCA</heading>
<hcontainer name="crossheading" eId="schedule-4-part-2-crossheading-power-of-secretary-of-state-to-make-transfer-schemes" period="#period1">
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<em>Power of Secretary of State to make transfer schemes</em>
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<paragraph eId="schedule-4-paragraph-3" period="#period1">
<num>
<noteRef href="#key-e44aea3bd22b1404668521dbe4c7ae7b" marker="I1" class="commentary I"/>
3
</num>
<content>
<p>The Secretary of State may, with the consent of the FCA, make one or more schemes for the transfer of property, rights and liabilities of the Regulator to the FCA.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-4-part-2-crossheading-transfer-of-property-rights-and-liabilities" period="#period1">
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<em>Transfer of property, rights and liabilities</em>
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<paragraph eId="schedule-4-paragraph-4" period="#period1">
<num>
<noteRef href="#key-03972b0d8fb04889de6118f28d75cd18" marker="I2" class="commentary I"/>
4
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<content>
<p>The following provisions of this Part of this Schedule apply in relation to schemes under paragraph 3 (“transfer schemes”).</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-5" period="#period1">
<num>
<noteRef href="#key-c52cd685218022b673c7a225a594b4ca" marker="I3" class="commentary I"/>
5
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<content>
<p>The property, rights and liabilities which are the subject of a transfer scheme are transferred in accordance with the provisions of the scheme on such day as the scheme may specify.</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-6" period="#period1">
<num>
<noteRef href="#key-055f41abeb3e3103378d411fa7e15285" marker="I4" class="commentary I"/>
6
</num>
<intro>
<p>The property, rights and liabilities that may be the subject of a transfer scheme include—</p>
</intro>
<paragraph eId="schedule-4-paragraph-6-a">
<num>a</num>
<content>
<p>any that would not otherwise be capable of being transferred or assigned,</p>
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<paragraph eId="schedule-4-paragraph-6-b">
<num>b</num>
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<p>rights and liabilities under a contract of employment, and</p>
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</paragraph>
<paragraph eId="schedule-4-paragraph-6-c">
<num>c</num>
<content>
<p>
amounts in respect of fees paid under the Compensation (Claims Management Services) Regulations 2006 (
<abbr class="Acronym" title="Statutory Instrument">S.I.</abbr>
2006/3322).
</p>
</content>
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<num>
<noteRef href="#key-37efb9c25b87d0b2c09037ca851cba7a" marker="I5" class="commentary I"/>
7
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<intro>
<p>For the purpose of paragraph 6(b)—</p>
</intro>
<paragraph eId="schedule-4-paragraph-7-a">
<num>a</num>
<content>
<p>an individual who holds employment in the civil service of the State is to be treated as employed by virtue of a contract of employment, and</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-7-b">
<num>b</num>
<content>
<p>the terms on which the individual holds that employment are to be regarded as constituting the terms of that contract.</p>
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<noteRef href="#key-418ca748ce12184f27ed79686907d38c" marker="I6" class="commentary I"/>
8
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<num>1</num>
<intro>
<p>A transfer scheme may—</p>
</intro>
<paragraph eId="schedule-4-paragraph-8-1-a">
<num>a</num>
<content>
<p>provide for anything done before the transfer by or in relation to the Regulator in connection with any property, rights or liabilities transferred by the scheme to be treated as having been done by or in relation to the FCA;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-8-1-b">
<num>b</num>
<content>
<p>contain provision for the payment by the FCA of compensation to the Regulator for costs incurred (before or after the transfer) in connection with the transfer or the exercise of functions in relation to the regulation of claims management services;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-8-1-c">
<num>c</num>
<content>
<p>contain provision for the payment of compensation by the FCA to any person whose interests are adversely affected by the transfer scheme;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-8-1-d">
<num>d</num>
<content>
<p>
make provision that is the same as or similar to provision made by the Transfer of Undertakings (Protection of Employment) Regulations 2006 (
<abbr class="Acronym" title="Statutory Instrument">S.I.</abbr>
2006/246), if those Regulations do not apply to the transfer.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-4-paragraph-8-2">
<num>2</num>
<content>
<p>An obligation of the FCA to make a compensation payment or to meet a liability transferred under provision in a transfer scheme is to be treated for the purposes of paragraph 23 of Schedule 1ZA to the Financial Services and Markets Act 2000 (fees) as a qualifying function conferred on the FCA under that Act.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-4-part-2-crossheading-supplementary" period="#period1">
<heading>
<em>Supplementary</em>
</heading>
<paragraph eId="schedule-4-paragraph-9" period="#period1">
<num>
<noteRef href="#key-4dcb6f6a7b8c4c756b9396417bcf9c8d" marker="I7" class="commentary I"/>
9
</num>
<intro>
<p>A transfer scheme may—</p>
</intro>
<paragraph eId="schedule-4-paragraph-9-a">
<num>a</num>
<content>
<p>contain supplementary, incidental and consequential provision;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-9-b">
<num>b</num>
<content>
<p>make transitory or transitional provision or savings;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-9-c">
<num>c</num>
<content>
<p>make different provision for different purposes;</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-9-d">
<num>d</num>
<content>
<p>make provision subject to exceptions.</p>
</content>
</paragraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" eId="schedule-4-part-2-crossheading-modification-of-a-transfer-scheme" period="#period1">
<heading>
<em>Modification of a transfer scheme</em>
</heading>
<paragraph eId="schedule-4-paragraph-10" period="#period1">
<num>
<noteRef href="#key-bcecb5093665e6f149bc20a1a6ceb6db" marker="I8" class="commentary I"/>
10
</num>
<content>
<p>Subject to paragraph 11, the Secretary of State may, with the consent of the FCA, modify a transfer scheme.</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-11" period="#period1">
<num>
<noteRef href="#key-84be22cac90f4029cb8d1eba4bb796b5" marker="I9" class="commentary I"/>
11
</num>
<content>
<p>A modification relating to a transfer that has taken effect may be made only with the agreement of the person (or persons) affected by the modification.</p>
</content>
</paragraph>
<paragraph eId="schedule-4-paragraph-12" period="#period1">
<num>
<noteRef href="#key-9f3de1e7a6c6250d66a7598ac1107ca3" marker="I10" class="commentary I"/>
12
</num>
<content>
<p>A modification takes effect from such date as the Secretary of State may specify, and that date may be the date when the original scheme came into effect.</p>
</content>
</paragraph>
</hcontainer>
</part>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>