Amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
2.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows.
(2) In paragraph (1) of article 3 (interpretation)—
(a)for the definition of “occupational pension scheme”, substitute—
““occupational pension scheme” has the meaning given by section 1 of the Pension Schemes Act 1993(2);”;
(b)at the end of the definition of “stakeholder pension scheme”, insert—
“in relation to Great Britain and has the meaning given by article 3 of the Welfare Reform and Pensions (Northern Ireland) Order 1999(3) in relation to Northern Ireland”.
(3) In the definition of “stakeholder product” in paragraph (3) of article 52B(4) (providing basic advice on stakeholder products), for paragraph (b), substitute—
“(b)rights under a stakeholder pension scheme;”.
(4) After paragraph (4) of article 66 (trustees, nominees and personal representatives), insert—
“(4A) There is excluded from article 40 any activity carried on by a person acting as trustee which consists of arranging for one or more other persons to safeguard and administer trust assets where—
(a)that other person is a qualifying custodian; or
(b)that safeguarding and administration is also arranged by a qualifying custodian.
In this paragraph, “qualifying custodian” has the meaning given by article 41(2).”.
1993 c. 48 as amended by sections 239 and 285 of the Pensions Act 2004 (c. 35).
S.I. 1999/3147 (N.I. 11); a relevant amending instrument is S.I. 2005/255 (N.I. 1).
Article 52B was inserted by S.I. 2004/2737.