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92. Amend the Finance Act 1996 in accordance with Articles 93 to 96.
93.—(1) Amend section 148(6) (mis-sold personal pensions: interpretation) as follows.
(2) In the definition of “bad investment advice” for paragraph (d) substitute—
“(d)by reason of a contravention which is actionable—
(i)under section 62 of the Financial Services Act 1986; or
(ii)under section 150 of the Financial Services and Markets Act 2000;”.
(3) For the definition of “investment advice” substitute—
““investment advice”—
in relation to a time before 1st December 2001, means advice such as is mentioned in paragraph 15 of Schedule 1 to the Financial Services Act 1986; and
in relation to a time on or after that date, means advice such as is mentioned in Article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”.
94.—(1) Amend paragraph 12 of Schedule 9 (loan relationships: continuity of treatment) as follows.
(2) In sub-paragraph (1) for paragraph (c) substitute—
“(c)a transfer between two companies of business consisting of the effecting or carrying out of contracts of long-term insurance which has effect under an insurance business transfer scheme;”.
(3) For paragraph (9) substitute—
“(9) In this paragraph—
“contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“insurance business transfer scheme” means a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section;
“overseas life insurance company” has the same meaning as in Chapter 1 of Part 12 of the Taxes Act 1988.”.
(4) This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.
95.—(1) Amend paragraph 8 of Schedule 10 (loan relationships: non-qualifying investment test for collective investment schemes)(1) as follows.
(2) In sub-paragraph (7A)—
(a)in paragraph (a) for “75 of the Financial Services Act 1986” substitute “235 of the Financial Services and Markets Act 2000”;
(b)in paragraph (b) for “75(8) of the Financial Services Act 1986” substitute “236 of the Financial Services and Markets Act 2000”.
(3) In sub-paragraph (7D)—
(a)in paragraph (a) for “75(8) of the Financial Services Act 1986” substitute “236 of the Financial Services and Markets Act 2000”;
(b)in paragraph (c) for “75(3)(a)” substitute “235(3)(a)”.
96.—(1) In the following provisions for “long term” substitute “long-term”—
(a)paragraph 12(3) of Schedule 9;
(b)the following paragraphs of Schedule 11(2)—
(i)paragraph 3(b);
(ii)paragraph 3A(1)(b), (2), (3)(a) and (4);
(iii)paragraph 5(1)(a);
(iv)paragraph 6;
(c)paragraph 1(3) of Schedule 15.
(2) In paragraph 3A(1)(a) of Schedule 11 for “long term business” substitute “long-term insurance”.
Paragraph 8 was relevantly amended by Article 10 of S.I. 1997/213.
Schedule 11 was relevantly amended by section 109(8) of the Finance Act 2000.
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