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119.—(1) Amend regulation 4ZA(4) of the Occupational Pension Schemes (Transitional Provisions) Regulations 1988 (disapplication of paragraphs 2, 3, 4 and 6 of the Schedule—further provision)(1) as follows.
(2) In the definition of “bad investment advice” for paragraph (d) substitute—
“(d)by reason of a contravention which is actionable—
(i)under section 62 of the Financial Services Act 1986; or
(ii)under section 150 of the Financial Services and Markets Act 2000;”.
(3) For the definition of “investment advice” substitute—
““investment advice”—
in relation to a time before 1st December 2001, means advice such as is mentioned in paragraph 15 of Schedule 1 to the Financial Services Act 1986; and
in relation to a time on or after that date, means advice such as is mentioned in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.
Regulation 4ZA was inserted by regulation 4 of S.I. 1996/3115.