PART 2Amendments to secondary legislation made under the Act

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001I1I22

1

The Regulated Activities Order is amended as follows.

2

In article 3 (interpretation)8, in the definition of “contract of insurance”, omit “(or a contract which would be a funeral plan contract but for the exclusion in article 60)”.

3

In article 21(1) (dealing in investments as agent)9, omit “(other than investments of the kind specified by article 87, or article 89 so far as relevant to that article)”. 

4

In article 59 (funeral plan contracts)—

a

after paragraph (1), insert—

1A

 Carrying out a funeral plan contract as provider is a specified kind of activity.

b

in paragraph (2), omit “(other than one excluded by article 60)”; and

c

after paragraph (2), insert—

2A

For the purposes of paragraph (1A), “provider” includes a person who has assumed the undertaking referred to in paragraph (2)(b) as a result of the novation, assignment or transfer by operation of law of an existing funeral plan contract.

5

Omit article 60 (plans covered by insurance or trust arrangements).

6

Before paragraph 60A10, insert—

Local authorities60ZA

Article 59 is subject to the exclusion in article 72G (local authorities).

7

In article 72G (local authorities)11, after paragraph (3B)12, insert—

3C

There is excluded from article 59(1) and (1A) any activity which is carried on by a local authority.

8

For article 89(3) (rights to or interests in investments)13, substitute—

Paragraph (1) does not include any right or interest acquired as a result of entering into a funeral plan contract.