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The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2010
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- 2010 No. 905
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529) (“the 2005 Order”).
The 2005 Order sets out a number of exemptions from the restrictions on financial promotions contained in section 21(1) of the Financial Services and Markets Act 2000 (c. 8) (“the financial promotion restriction”).
This Order inserts five new articles into the 2005 Order to provide further circumstances in which the financial promotion restriction is disapplied. It also makes consequential changes to articles 2 and 72 of the 2005 Order.
New article 72A relates to communications made to employees by or on behalf of third parties about group personal pension schemes and stakeholder pension schemes.
New articles 72B and 72C relate to communications made to employees about work-related insurance by employers and by or on behalf of third parties.
New articles 72D and 72E relate to communications made to employees about staff mortgages by employers and by or on behalf of third parties.
Each new exemption only applies if certain requirements for the employees’ protection are met.
A regulatory impact assessment of the effect of this instrument on the costs of business may be obtained from the Financial Services Strategy Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is available on the Treasury’s website (www.hm-treasury.gov.uk).
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