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.