The Bank of England and Financial Services (Consequential Amendments) Regulations 2017

Pension Schemes (Northern Ireland) Act 1993

9.  In the Pension Schemes (Northern Ireland) Act 1993(1)—

(a) in section 145 (procedure on an investigation), in subsection (6), for paragraph (e) substitute—

“(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority,

(eb) the Bank of England (acting otherwise than in its capacity as the Prudential Regulation Authority),”;

(b) in section 154A (other disclosures by the Department), in the Table in subsection (1)—

(i) in the entry relating to the Bank of England, in the second column, after the word “functions” insert “, apart from its functions as the Prudential Regulation Authority”; and

(ii) in the entry relating to the Financial Services Authority, in the first column, for the words “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;

(c) in section 175A (insurer and long-term insurance business), in subsection (1)(a), for “Part 4” substitute “Part 4A”; and

(d) in section 180 (consultations about other regulations)—

(i) in subsection (1), for the words “Financial Services Authority” substitute “appropriate regulator”; and

(ii) after that subsection insert—

“(1A) “The appropriate regulator” means—

(a) where the group insurance business to which the regulations relate consists only of activities which are PRA-regulated activities, the Prudential Regulation Authority,

(b) where the group insurance business to which the regulations relate consists partly of activities which are PRA-regulated activities and partly of other regulated activities, the Prudential Regulation Authority and the Financial Conduct Authority, or

(c) in any other case, the Financial Conduct Authority.

(1B) In subsection (1A) “regulated activities” and “PRA-regulated activities” have the same meaning as in the Financial Services and Markets Act 2000(2).”.

(1)

1993 c.49; subsections (5) and (6) of section 145 were inserted by the Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22)), Article 155(1) and paragraph (e) of subsection (6) was subsequently amended by the Bank of England Act 1998, Schedule 5, paragraph 70(2); section 154A was inserted by the Pensions (Northern Ireland) Order 1995, Schedule 4, paragraph 9 and, in that section, the entries relating to the Bank of England and the Financial Services Authority were amended and inserted, respectively, by the Bank of England Act 1998, Schedule 5, paragraph 70(3) and the entry relating to the Financial Services Authority was subsequently amended by S.I. 2001/3649; section 175A was inserted by S.I. 2001/3649; section 180 was amended by S.I. 2001/3649.

(2)

2000 c.8.