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Financial Guidance and Claims Act 2018

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  1. Introductory Text

  2. PART 1 Financial Guidance etc

    1. Establishment of the single financial guidance body

      1. 1.The single financial guidance body

    2. Objectives and functions of the single financial guidance body

      1. 2.Objectives

      2. 3.Functions

      3. 4.Specific requirements as to the pensions guidance function

      4. 5.Delegation of functions to delivery partner organisations

      5. 6.Debt respite scheme: advice to the Secretary of State

      6. 7.Debt respite scheme: regulations

      7. 8.Guidance and directions from the Secretary of State

    3. Standards set by the single financial guidance body

      1. 9.Setting standards

      2. 10.Monitoring and enforcement of standards

    4. Funding of the single financial guidance body

      1. 11.Financial assistance from the Secretary of State

      2. 12.Levies under Pension Schemes Act 1993 and Pension Schemes (NI) Act 1993

      3. 13.Levy under FSMA 2000 for expenses of single financial guidance body

    5. Funding of debt advice in Scotland, Wales and Northern Ireland

      1. 14.Levy under FSMA 2000 for debt advice expenses of devolved authorities

    6. Offence of impersonating the single financial guidance body

      1. 15.False claims about provision of information etc

      2. 16.Offences under section 15 committed by bodies corporate etc

    7. Information exchange

      1. 17.Disclosure of information

    8. Rules etc about financial guidance

      1. 18.Personal pension schemes: requirements to refer members to guidance etc

      2. 19.Occupational pension schemes: requirements to refer members to guidance etc

      3. 20.FCA general rules: information about the availability of guidance

    9. Unsolicited direct marketing approaches

      1. 21.Unsolicited direct marketing: pensions

      2. 22.Unsolicited direct marketing: other consumer financial products etc

    10. Miscellaneous

      1. 23.Power to dissolve the single financial guidance body

      2. 24.Regulations dissolving the new single financial guidance body: procedure

      3. 25.Minor and consequential amendments

      4. 26.Interpretation of Part 1

  3. PART 2 Claims Management Services

    1. Transfer of regulation of claims management services to FCA

      1. 27.Transfer to FCA of regulation of claims management services

    2. Charges for claims management services

      1. 28.Power of FCA to make rules restricting charges for claims management services

      2. 29.PPI claims and charges for claims management services: general

      3. 30.PPI claims: interim restriction on charges before transfer of regulation to FCA

      4. 31.PPI claims: interim restriction on charges imposed by authorised persons after transfer of regulation to FCA

      5. 32.PPI claims: interim restriction on charges imposed by legal practitioners after transfer of regulation to FCA

      6. 33.Legal services regulators’ rules: charges for claims management services

      7. 34.Extension of power of the Law Society of Scotland to make rules

    3. Cold calling about claims management services

      1. 35.Cold calling about claims management services

  4. PART 3 General

    1. 36.Extent

    2. 37.Commencement

    3. 38.Short title

  5. SCHEDULES

    1. SCHEDULE 1

      THE SINGLE FINANCIAL GUIDANCE BODY

      1. 1.Status

      2. 2.Members: general

      3. 3.Non-executive members: tenure

      4. 4.Non-executive members: conflicts of interest

      5. 5.Non-executive members: remuneration etc

      6. 6.Executive members: appointment

      7. 7.Executive members: terms and conditions

      8. 8.Other staff: appointment, terms and conditions

      9. 9.Committees

      10. 10.Delegation

      11. 11.Procedure etc

      12. 12.Validity of acts

      13. 13.Authentication of seal

      14. 14.Reports and accounts

    2. SCHEDULE 2

      TRANSFER SCHEMES UNDER SECTION 1

      1. 1.Power to make transfer schemes

      2. 2.Contents of a scheme

      3. 3.Modifications to a scheme

      4. 4.Supplementary

    3. SCHEDULE 3

      MINOR AND CONSEQUENTIAL AMENDMENTS RELATING TO PART 1

      1. 1.Public Records Act 1958 (c. 51)

      2. 2.Parliamentary Commissioner Act 1967 (c. 13)

      3. 3.House of Commons Disqualification Act 1975 (c. 24)

      4. 4.Northern Ireland Assembly Disqualification Act 1975 (c. 25)

      5. 5.Financial Services and Markets Act 2000 (c. 8)

      6. 6.In section 1A(6) (functions of the FCA), after paragraph (c)...

      7. 7.In section 1B (FCA’s general duties), omit subsection (7A).

      8. 8.In section 1C (the consumer protection objective), in subsection (2),...

      9. 9.In section 1M (FCA’s general duty to consult), omit the...

      10. 10.In section 1S (reviews), in subsection (3) omit the words...

      11. 11.In section 3R (arrangements for provision of services), in subsection...

      12. 12.Omit section 3S (the consumer financial education body).

      13. 13.In section 138F (notification of rules), in subsection (2) (exceptions...

      14. 14.(1) Section 138I (consultation on rules by FCA) is amended...

      15. 15.In section 138J (consultation on rules by PRA), in subsection...

      16. 16.In section 139A (power of FCA to give guidance), omit...

      17. 17.In section 140A (competition scrutiny: interpretation), in subsection (1), in...

      18. 18.In section 168 (appointment of persons to carry out investigations),...

      19. 19.Omit Part 20A (sections 333A to 333R; pensions guidance).

      20. 20.In section 429 (Parliamentary control of statutory instruments), in subsection...

      21. 21.(1) Schedule 1ZA (the Financial Conduct Authority) is amended as...

      22. 22.Omit Schedule 1A (further provision about the consumer financial education...

      23. 23.Freedom of Information Act 2000 (c. 36)

      24. 24.Equality Act 2010 (c. 15)

      25. 25.Financial Services Act 2010 (c. 28)

      26. 26.In section 2 (enhancing public understanding of financial matters etc),...

      27. 27.Omit Schedule 1 (further provision about the consumer financial education...

      28. 28.Financial Services Act 2012 (c. 21)

      29. 29.Omit section 45 and Schedule 15 (the consumer financial education...

      30. 30.In section 85 (relevant functions in relation to complaints scheme)—...

      31. 31.Pension Schemes Act 2015 (c. 8)

      32. 32.Bank of England and Financial Services Act 2016 (c. 14)

    4. SCHEDULE 4

      REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSFER SCHEMES

      1. PART 1 APPLICATION AND INTERPRETATION

        1. 1.This Schedule applies if the Treasury make an order under...

        2. 2.In this Schedule— “the data protection legislation” has the same...

      2. PART 2 TRANSFER OF PROPERTY AND STAFF FROM THE REGULATOR TO THE FCA

        1. 3.Power of Secretary of State to make transfer schemes

        2. 4.Transfer of property, rights and liabilities

        3. 5.The property, rights and liabilities which are the subject of...

        4. 6.The property, rights and liabilities that may be the subject...

        5. 7.For the purpose of paragraph 6(b)— (a) an individual who...

        6. 8.Contents of a transfer scheme

        7. 9.Supplementary

        8. 10.Modification of a transfer scheme

        9. 11.A modification relating to a transfer that has taken effect...

        10. 12.A modification takes effect from such date as the Secretary...

      3. PART 3 TRANSFER OF PROPERTY AND STAFF FROM THE OLC TO THE FOS

        1. 13.Power of OLC to make transfer schemes

        2. 14.A scheme made under paragraph 13 is not to be...

        3. 15.The OLC may not submit a scheme to the Treasury...

        4. 16.Power of Lord Chancellor to make transfer schemes

        5. 17.The Lord Chancellor may, with the approval of the Treasury,...

        6. 18.Provision of information and assistance by OLC

        7. 19.Paragraph 18 is subject to any express restriction on disclosure...

        8. 20.Transfer of property, rights and liabilities

        9. 21.The property, rights and liabilities which are the subject of...

        10. 22.The property, rights and liabilities that may be the subject...

        11. 23.Contents of a transfer scheme

        12. 24.Supplementary

        13. 25.Modification of a transfer scheme

        14. 26.A modification relating to a transfer that has taken effect...

        15. 27.A modification is not to be capable of coming into...

        16. 28.The OLC may not submit a scheme to the Treasury...

        17. 29.A modification takes effect from such date as the OLC...

    5. SCHEDULE 5

      REGULATION OF CLAIMS MANAGEMENT SERVICES: TRANSITIONAL PROVISION

      1. 1.FCA information gathering powers

      2. 2.A person falls within this paragraph if the person—

      3. 3.A person falls within this paragraph if the person—

      4. 4.FCA preparatory steps

      5. 5.Consultation requirements

      6. 6.Any requirement imposed on the FCA— (a) to publish a...

      7. 7.Section 138I of the Financial Services and Markets Act 2000...

      8. 8.Designation of Regulator’s rules

      9. 9.The rules may be modified by the FCA.

      10. 10.Provision of information by Regulator and OLC

      11. 11.Section 244 of the Enterprise Act 2002 (considerations relevant to...

      12. 12.The OLC may disclose to the FOS or the FCA...

      13. 13.Complaints handling

      14. 14.Interpretation

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