The Financial Guidance and Claims Act 2018 (Commencement No. 5) Regulations 2018

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations bring into force the specified provisions in Part 1 of the Financial Guidance and Claims Act 2018 (c.10) on 1st January 2019.

Section 3(1), (4) to (7) and (9) was commenced for specified purposes on 1st October 2018 and will be commenced for all remaining purposes by these regulations.

Section 3(1) gives the single financial guidance body the pensions guidance function, the debt advice function, the money guidance function and the consumer protection function. These functions are described in section 3(4) to (7).

Section 3(1) also gives the single financial guidance body a strategic function which is described in section 3(9).

Section 3(8) gives the single financial guidance body a duty, when providing information, guidance or advice in relation to pensions guidance, debt advice or money guidance, to consider whether the recipient would benefit from also receiving information, guidance or advice in relation to either of the other two functions.

Section 3(10) requires the single financial guidance body, when developing a national strategy, to work with other sectors including financial services, the devolved authorities and the public and voluntary sectors.

Section 4 extends the pensions guidance function of the single financial guidance body to flexible benefits as defined in section 74 of the Pension Schemes Act 2015 (c. 8).

Section 5 permits the single financial guidance body to delegate certain functions to delivery partners.

Section 10 requires the single financial guidance body to monitor its own standards and those of its delivery partners.

Section 17(4), (5) and (6)(b) enables disclosure of information between the single financial guidance body, the financial conduct authority, delivery partners, the Secretary of State for Work and Pensions and the devolved authorities in certain circumstances.

Section 18(7) inserts a new definition of pensions guidance into section 137B of the Financial Services and Markets Act 2000 (2000 c. 8). Section 18(1) is commenced for the purposes of section 18(7).

These Regulations also bring into force various paragraphs of Schedule 3 which make minor and consequential amendments to the Financial Services and Markets Act 2000, the Financial Services Act 2012 (c. 21) and the Pension Schemes Act 2015.

These are the fifth commencement regulations made under the Financial Guidance and Claims Act 2018.

A full impact assessment has not been produced for these Regulations as they have no impact on the costs of business or the voluntary sector.

A full impact assessment has been produced in relation to the provisions of the Financial Guidance and Claims Act 2018, including the provisions that are commenced by these Regulations, and a copy is available at http://www.legislation.gov.uk/ukpga/2018/10/resources. A hard copy of this impact assessment can be obtained from Private Pensions, Projects and Guidance, Department for Work and Pensions, Floor 1, Caxton House, 6 – 12 Tothill Street, London, SW1H 9NA.