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Textual Amendments
F1Art. 60 cross-heading substituted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(14)
60.—(1) There is excluded from article 59 any contract under which—
(a)the provider undertakes to secure that sums paid by the customer under the contract will be applied towards a contract of whole life insurance on the life of the customer (or other person for whom the funeral is to be provided), effected and carried out by an authorised person who has permission to effect and carry out such contracts of insurance, for the purpose of providing the funeral; or
(b)the provider undertakes to secure that sums paid by the customer under the contract will be held on trust for the purpose of providing the funeral, and that the following requirements are or will be met with respect to the trust—
(i)the trust must be established by a written instrument;
(ii)more than half of the trustees must be unconnected with the provider;
(iii)the trustees must appoint, or have appointed, an independent fund manager who is an authorised person who has permission to carry on an activity of the kind specified by article 37, and who is a person who is unconnected with the provider, to manage the assets of the trust;
(iv)annual accounts must be prepared, and audited by a person who is eligible for appointment as a [F2statutory auditor under Part 42 of the Companies Act 2006], with respect to the assets and liabilities of the trust; and
(v)the assets and liabilities of the trust must, at least once every three years, be determined, calculated and verified by an actuary who is a Fellow of the Institute of Actuaries or of the Faculty of Actuaries.
(2) For the purposes of paragraph (1)(b)(ii) and (iii), a person is unconnected with the provider if he is a person other than—
(a)the provider;
(b)a member of the same group as the provider;
(c)a director, other officer or employee of the provider, or of any member of the same group as the provider;
(d)a partner of the provider;
(e)a close relative of a person falling within sub-paragraph (a), (c) or (d); or
(f)an agent of any person falling within sub-paragraphs (a) to (e).
Textual Amendments
F2Words in art. 60(1)(b)(iv) substituted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 1(tt) (with arts. 6, 11, 12)
Commencement Information
I1Art. 60 in force at 1.1.2002, see art. 2(2)(a)
60A. Article 59 is subject to the [F5exclusions] in article 72A (information society services) [F6and article 72AA (managers of UCITS and AIFs).]]
Textual Amendments
F3Art. 60A inserted (21.8.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2002 (S.I. 2002/1776), arts. 1, 3(15)
F4Words in art. 60A heading inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(a)
F5Word in art. 60A substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(b)
F6Words in art. 60A inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(4)(c)