Financial Services and Markets Act 2000

[F1 [F2 137FAC Sections 137FAA and 137FAB: supplementary U.K.

(1) Before the FCA publishes a draft of any general rules to be made by virtue of section 137FAA, it must consult—

(a) the Secretary of State, and

(b) the Treasury.

(2) Section 137FAA is not to be treated as requiring the FCA to make general rules by virtue of section 137FAA that come into force before regulations made under section 238D of the Pensions Act 2004 come into force.

(3) Section 137FAA is not to be treated as requiring the FCA to exercise the power to make general rules by virtue of section 137FAA in relation to every case to which the power extends.

(4) A reference in sections 137FAA and 137FAB to the Money and Pensions Service includes a reference to a person with whom arrangements are made under section 5(1), (2) or (3) of the Financial Guidance and Claims Act 2018.

(5) In sections 137FAA and 137FAB—

• “the data protection legislation” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

• “pensions dashboard service” means—

  (a)

  a pensions dashboard service within the meaning of section 238A of the Pensions Act 2004, or

  (b)

  a pensions dashboard service within the meaning of Article 215A of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1));

• “personal data” has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act);

• “personal pension scheme” means a personal pension scheme within the meaning of an order under section 22 (except in section 137FAB(3)(c));

• “qualifying pensions dashboard service” means a pensions dashboard service that satisfies—

  (a)

  such requirements as may be prescribed by regulations under section 238A of the Pensions Act 2004, or

  (b)

  such requirements as may be prescribed by regulations under Article 215A of the ;

• “specified authorised person” means an authorised person of a description specified in general rules made by virtue of section 137FAA;

• “stakeholder pension scheme” has the meaning given by—

  (a)

  section 1 of the Welfare Reform and Pensions Act 1999, in relation to England and Wales and Scotland;

  (b)

  Article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999 (S.I. 1999/3147 (N.I. 11)), in relation to Northern Ireland.]]

Textual Amendments

F1 Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F2 Ss. 137FAA-137FAC inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 121(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(c)