PART 3 AMENDMENTS TO SECONDARY LEGISLATION

The Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (S.I.1990/586)

126 Mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of Schedule 6 to the Finance Act 1989
1 Amend regulation 6(5) of the Retirement Benefits Schemes (Tax Relief on Contributions) (Disapplication of Earnings Cap) Regulations 1990 (mis-sold pension contracts—further disapplication of paragraphs 5(4) and 6(5) of the Schedule) as follows.
Regulation 6 was added by regulation 5 of S.I.1996/3113.
2 In the definition of “bad investment advice” for paragraph (d) substitute—

“(d) by reason of a contravention which is actionable—
(i) under section 62 of the Financial Services Act 1986; or
(ii) under section 150 of the Financial Services and Markets Act 2000;”

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3 For the definition of “investment advice” substitute—

““investment advice”—
(a) in relation to a time before 1st December 2001, means advice such as is mentioned in paragraph 15 of Schedule 1 to the Financial Services Act 1986; and
(b) in relation to a time on or after that date, means advice such as is mentioned in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”

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