EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends Schedules 3 and 7 to the Pensions (Northern Ireland) Order 2005 (the “2005 Order”) to enable the Pensions Regulator and the Board of the Pension Protection Fund respectively to disclose restricted information to certain persons to facilitate the exercise of certain regulatory functions by those persons. It also adds to the functions of “the Commissioners of Inland Revenue or their officers” (now called “the Commissioners for Her Majesty’s Revenue and Customs”) in those Schedules to bring them into line with corresponding functions contained in Schedules 3 and 8 of the Pensions Act 2004 (c. 35).
The persons added to Schedule 3 to the 2005 Order by this Order are any bodies carrying on activities concerned with any of the matters set out in section 16(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004 or in Article 16(2) of the Companies (Audit, Investigations and Community Enterprise) (Northern Ireland) Order 2005, any subsidiaries of such bodies and any bodies established under the constitution of any such bodies or subsidiaries.
The functions specified for this purpose are those relating to such bodies’ investigatory, disciplinary, supervisory, oversight, direction, standard-setting and enforcement activities in connection with actuarial bodies, their members and actuarial work, the funding of such activities, and functions in connection with any levy payable under section 17 of Companies (Audit, Investigations and Community Enterprise) Act 2004.
Additionally this Order adds the members of the panel of Financial Ombudsmen, the functions specified for this purpose being those relating to Parts 3, 3A and 4 of Schedule 17 to the Financial Services Act 2000 and the Gambling Commission, for the functions specified in the Gambling Act 2005 to both Schedules 3 and 7 to the 2005 Order, and omits a superseded reference to the Gaming Board for Great Britain.