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

Interpretation of regulation 8

596.—(1) In paragraph (4) of regulation 8 of the Stakeholder Pension Schemes Regulations 2000 (Requirement applying to all stakeholder pension schemes as regards investments), for “section 75 of the Financial Services Act 1986” substitute “section 235 of the Financial Services and Markets Act 2000”.

(2) In paragraph (6) of that regulation—

(a) for the definition of “contract of insurance”(1) substitute—

““contract of insurance” means a contract—

(a)

which, or any part of which, is of one or more of the following kinds—

(i)

life and annuity,

(ii)

linked long term,

(iii)

pension fund management, and

(iv)

which is carried out by an insurer who has permission, as the case may be, under—

(v)

Part 4 of the Financial Services and Markets Act 2000, or

(ii)

paragraph 15 of Schedule 3 to that Act,

to effect or carry out contracts of insurance of that kind;”;

(b) the definition of “deposit” is revoked; and

(c) for the definition of “reference banks” substitute—

““reference banks” means the seven largest persons for the time being who—

(a)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,

(b)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits; and

(c)

quote a base rate applicable to sterling deposits,

and for the purpose of this definition the size of a person at any time is to be determined by reference to the gross assets denominated in sterling of that person, together with any subsidiary (as defined in section 736 of the Companies Act 1985), as shown in the audited end of year accounts last published before that time.”.

(3) After paragraph (6) of that regulation insert—

“(7) References to a “deposit” in this regulation, together with the definitions of “contract of insurance” and “reference banks” in paragraph (6) must be read with—

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

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.”.

(1)

The definition of “contract of insurance” was substituted by S.I. 2001/934, regulation 5.