Amendment of regulation 11A8

1

Regulation 11A (payments to advisers)3 is amended as follows.

2

In paragraph (1), omit “on or after 6th April 2016”.

3

In paragraph (2), after “11B(2)” insert “, 11B(2B)”.

4

In paragraph (4), for “This regulation” substitute “The prohibition in paragraph (2)”.

5

For paragraph (6) substitute—

6

The prohibition in paragraph (2) does not apply to a charge imposed to reimburse a service provider for any payment made to an adviser for advice or a service referred to in paragraph (3)(a) or (b) where—

a

the charge is imposed under a relevant contract4 which—

i

was entered into before 6th April 2016; and

ii

has not been varied or renewed on or after that date; and

b

the payment was made before 1st October 2017.

6

After paragraph (6) insert—

7

Where the prohibition in paragraph (2) applies it overrides any term of a relevant contract to the extent that the term conflicts with it.