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

The Stakeholder Pension Schemes Regulations 2000 (S.I. 2000/1403)

Interpretation of the 2000 Regulations: general

595.—(1) In paragraph (3) of regulation 1 of the Stakeholder Pension Schemes Regulations 2000 (Citation, commencement and interpretation)—

(a)the definition of “insurance company” is revoked, and in the same place insert—

““insurer” means—

(b)for the definition of “securities” substitute—

““securities” means investments of the following kinds—

but does not include shares in a unit trust;”.

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

“(3A) The definitions of “insurer” and “securities” in paragraph (3) 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.”.

(3) In regulation 8(5) of those Regulations for “insurance company” substitute “insurer”.

(4) In regulation 15(3) of those Regulations for “insurance company” substitute “insurer”.

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—

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—

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.”.

Meaning of “proper advice”

597.—(1) In regulation 10 of the Stakeholder Pension Schemes Regulations 2000 (Requirement for manager of schemes not established under a trust to have regard to certain matters, and to take advice, relating to investment), for sub-paragraph (a) of paragraph (5) substitute—

“(a)where the giving of advice constitutes a regulated activity of advising on investments (or would constitute such a regulated activity but for the identity of the person carrying on that activity), advice given by a person who may give that advice without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000;”.

(2) After paragraph (5) of that regulation insert—

“(5A) Paragraph (5)(a) 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.”.