Requirements for processing financial transactionsU.K.
18. In the Administration Regulations, after regulation 23 M1 insert—
“Requirements for processing financial transactions
24.—(1) The trustees or managers of a relevant scheme must secure that core financial transactions are processed promptly and accurately.
(2) A “core financial transaction” includes (but is not limited to)—
(a)investment of contributions to the scheme;
(b)transfers of assets relating to members into and out of the scheme;
(c)transfers of assets relating to members between different investments within the scheme;
(d)payments from the scheme to, or in respect of, members.
(3) In relation to a scheme which is not a money purchase scheme, this regulation applies only in relation to the provision of money purchase benefits.”.
Marginal Citations
M1Inserted by regulation 17 of these Regulations.