Financial Services and Markets Act 2000

[F1 333H Standards for giving of pensions guidance by designated guidance providers U.K.

(1) The FCA must from time to time set standards for the giving of pensions guidance by designated guidance providers.

(2) A failure by a designated guidance provider to comply with a standard set under this section is actionable at the suit of a private person who suffers loss as a result of the failure, subject to the defences and other incidents applying to actions for breach of statutory duty.

(3) In subsection (2) “private person” has the same meaning as in section 138D.

(4) Standards set under this section may provide for subsection (2) not to apply to a failure to comply with a specified provision of the standards.

(5) Standards set under this section—

(a) may make different provision for different cases and may, in particular, make different provision in respect of different classes of designated guidance providers or different types of pensions guidance;

(b) may include incidental, supplemental, consequential or transitional provision.

(6) The procedural provisions of this Act in the first column of the table apply to the setting of standards under this section as if references in those provisions to the making of rules (however expressed) were references to the setting of standards and with the additional modifications in the second column.

Procedural provisions of this Act	Additional modifications
Sections 138G and 138H	Treat the references to a rule-making instrument as references to a standard-making instrument.
Section 138I	Treat— (a) subsection (1)(a) as if it were omitted; (b) subsection (2)(d) as if it referred to an explanation of the FCA's reasons for believing that setting the proposed standards would secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers.
Section 138L	Treat the reference in subsection (1) to consumers (as defined in section 425A) as a reference to recipients of pensions guidance from designated guidance providers.]

Textual Amendments

F1 Pt. 20A inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 2 (with s. 87, Sch. 3 para. 18(1))