The Financial Services Act 1986 (Commencement) (No. 5) Order 1987

Explanatory Note

(This note is not part of the Order)

This Order brings into force on 15th May 1987 those provisions of the Financial Service Act 1986 which enable the Secretary of State to transfer the function of publishing information and advice to a designated agency.

This Order brings into force on 4th June 1987 those provisions of the Financial Services Act 1986 which are necessary to enable recognition to be granted to self-regulating organisations (including self-regulating organisations for friendly societies), professional bodies and to investment exchanges and clearing houses whose head offices are situated in the United Kingdom. The Order also brings into force on the same date the provisions of the Act relating to withdrawal of recognition from organisations of the kind just described, to information to be supplied by them, to fees payable by them and to their position under competition law and the Data Protection Act 1984. Provisions of the Act concerning immunity from actions in damages and false and misleading statements made in connection with applications for recognition, recognised status and requirements imposed on recognised organisations are also brought into force on that date.

The Order also brings into force on the same date provisions which will enable rules and regulations to be made under Chapter V of Part I of and Schedule 11 to the Act.

The Order also brings into force on the same date the provisions of the Act relating to the maintenance and inspection of the register of authorised persons and recognised organisations etc, to the giving of information and advice, to the appointment of auditors by authorised persons and to communications by auditors with supervisory authorities.

The Order also brings into force on 4th June 1987 provisions concerning rules which may be made under the Insurance Brokers (Registration) Act 1977 (c. 46) and the meaning of the expression "authorised insurer' in that Act. Provisions concerning the position under the Act of managers of occupational pension schemes are also brought into force on that date.