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

Interpretation of regulations 5 and 6 of, and Schedule 2A to, the 1997 Regulations

556.—(1) Regulation 5(1) of the Local Government Pension Scheme Regulations 1997 (Agreements to enable employees of non-Scheme employers to be members (“admission agreements”)) is amended as follows.

(2) In paragraph (17) of that regulation, for sub-paragraph (a)(2) substitute—

“(a) “authorised insurer” means—

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect and carry out contracts of general insurance, or

(ii) 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 and carry out contracts of general insurance;”.

(3) In paragraph (17), for sub-paragraph (f) substitute—

“(f) “relevant institution” means—

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(ii) 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, or

(iii) a person who does not require permission under that Act to accept deposits, by way of business, in the United Kingdom;”.

(4) After paragraph (17) insert—

“(18) In paragraph (17), the definitions of “authorised insurer” and “relevant institution” must be read with—

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

(b) any relevant order under that section;

(c) Schedule 2 to that Act.”.

(1)

Regulation 5 was substituted by S.I. 1999/3438, regulations 2 and 3.

(2)

Sub-paragraph (a) was amended by S.I. 2000/1005, regulation 1(1).