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The Financial Services and Markets Act 2000 (Transitional Provisions) (Reviews of Pensions Business) Order 2001
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- 2001 No. 2512
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order makes transitional provisions, under the Financial Services and Markets Act 2000 (“the 2000 Act”), with respect to the reviews of pension selling being conducted under the Financial Services Act 1986 (c. 60) (“the 1986 Act”). The reviews concern (a) the selling of personal pension schemes between 29th April 1988 and 30th June 1994, and (b) the selling of free standing additional voluntary contribution schemes between 29th April 1988 and 15th August 1999.
The Order provides for the reviews, as they were being conducted immediately before the coming into force of the relevant provisions of the 2000 Act (and the repeal of the 1986 Act), to be treated as if they constituted a scheme under section 404 of the 2000 Act (schemes for reviewing past business) (see article 2). This means that the Financial Services Authority will be able to continue to conduct the reviews using its powers under the 2000 Act; and failure by relevant firms to take reasonable steps to comply with the provisions of the scheme will be treated as a breach of a rule made by the Authority under the 2000 Act (see article 6(1)(a)).
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