The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1990

Explanatory Note

(This note is not part of the Order)

This Order restricts the scope of the Financial Services Act 1986 in two respects. It also consolidates the provisions of earlier orders amending the references to a collective investment scheme in Schedule 1 to and elsewhere in the Financial Services Act 1986 and makes certain amendments to Schedule 1 to that Act to clarify the effect of earlier orders amending that Schedule.

Article 2 restricts the scope of paragraphs 3 and 9 of Schedule 1 by excluding certain National Savings products from those paragraphs. Article 3 deletes from paragraph 17(4) of Schedule 1 certain unnecessary words which were included in an earlier amendment made to that paragraph. Article 4 makes an amendment to paragraph 19 of Schedule 1 which is consequential upon an earlier amendment made to that paragraph. Article 5 further restricts the scope of the Act as it applies to advice given in sound, television or cable programmes by substituting, for the provision inserted into Schedule 1 to the Act by an earlier order, a new provision which extends to television broadcasting services provided by means of the technique known as direct broadcasting by satellite. Articles 6 and 7 consolidate the provisions of earlier orders amending the references to a collective investment scheme in Schedule 1 to and elsewhere in the Act and also amend those references so that they do not include arrangements which are trust funds within the meaning of section 42(1) of the Landlord and Tenant Act 1987. Article 8 makes consequential revocations.