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
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.