Financial Services Act 2012

Pension Schemes Act 1993 (c. 48) U.K.

78 (1) The Pension Schemes Act 1993 is amended as follows. U.K.

(2) In section 149 (procedure on an investigation by the Pensions Ombudsman), in subsection (6)—

(a) for paragraph (e) substitute—

“(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority,

(eb) the Bank of England,”, and

(b) in paragraph (o), for “a body corporate established in accordance with paragraph 2(1)” substitute “ the body corporate mentioned in paragraph 2 ”.

(3) In section 158A (disclosures by the Secretary of State), in subsection (1), in the Table, for the entry relating to the Financial Services Authority substitute—

“The Financial Conduct Authority	Any of its functions.
The Prudential Regulation Authority	Any of its functions.”.

(4) In section 180A (insurer and long-term insurance business), in subsection (1)(a), for “Part 4” substitute “ Part 4A ”.

(5) In section 185 (duty to consult before making regulations)—

(a) in subsection (7), for “the Financial Services Authority” substitute “ the appropriate regulator ”, and

(b) after that subsection insert—

“(7A) The appropriate regulator” means—

(a) where the group insurance business to which the regulations relate consists only of activities which are PRA-regulated activities, the Prudential Regulation Authority,

(b) where the group insurance business to which the regulations relate consists partly of activities which are PRA-regulated activities and partly of other regulated activities, the Prudential Regulation Authority and the Financial Conduct Authority, or

(c) in any other case, the Financial Conduct Authority.

(7B) In subsection (7A) “regulated activities” and “PRA-regulated activities” have the same meaning as in the Financial Services and Markets Act 2000.”

Commencement Information

I1 Sch. 18 para. 78 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.