The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Interpretation of the 1988 Regulations

393.—(1) In paragraph (2) of regulation 1 of the Personal Pension Scheme (Compensation) Regulations 1988 (citation, commencement and interpretation), the following definitions are revoked—

(i) “the Banking Act”,

(ii) “the Building Societies Act”,

(iii) “the Financial Services Act”,

(iv) “the Financial Services Compensation Rules”,

(v) “the Friendly Societies Protection Scheme”, and

(vi) “the Policyholders Protection Act”.

(2) In paragraph (2) of that regulation, after the definition of “the Appropriate Schemes Regulations” insert—

““authorised insurer” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act to effect and carry out contracts of insurance, or

(b)

an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance in the United Kingdom;

“authorised deposit taker” means—

(a)

a person who has permission under Part 4 of the Financial Services and Markets Act to accept deposits, or

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;

“the Financial Services and Markets Act” means the Financial Services and Markets Act 2000;

“the Financial Services Compensation Scheme” has the same meaning as in section 213(2) of the Financial Services and Markets Act;”.

(3) In that regulation, after paragraph (2) insert—

“(3) In paragraph (2), the definitions of “authorised insurer” and “authorised deposit taker” must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.