PART 9A

Rules and Guidance
CHAPTER 1

Rule-making powers

General rule-making powers of the FCA and the PRA

FCA general rules: pensions dashboards
137FAA
1
The FCA must make general rules imposing requirements on specified authorised persons with respect to—
a
providing pensions information by means of—
i
a qualifying pensions dashboard service;
ii
the pensions dashboard service provided by the Money and Pensions Service;
b
facilitating the provision of pensions information by means of—
i
a qualifying pensions dashboard service;
ii
the pensions dashboard service provided by the Money and Pensions Service.
2
In this section “
pensions information
” means, in relation to a personal or stakeholder pension scheme, information of a description specified in rules made by virtue of subsection (1), which may include in particular—
a
information relating to—
i
the constitution of the scheme,
ii
the administration and finances of the scheme,
iii
the rights and obligations that arise or may arise under the scheme,
iv
the pensions and other benefits an entitlement to which would be likely to accrue to a member, or be capable of being secured by a member, in respect of the rights that may arise under the scheme, and
v
other matters relevant to personal or stakeholder pension schemes in general or to personal or stakeholder pension schemes of a description to which the scheme belongs;
b
information as regards the position of an individual in relation to the scheme.
3
Rules made by virtue of subsection (1) may, in particular, impose requirements about—
a
the persons to whom pensions information must be provided;
b
the circumstances in which pensions information must be provided;
c
the steps to be taken before pensions information may be provided;
d
the manner and form in which pensions information must be provided;
e
the time within which pensions information must be provided;
f
the way in which pensions information must be held.
4
Rules made by virtue of subsection (1) may require specified authorised persons to comply with standards, specifications or technical requirements published from time to time by—
a
the Secretary of State,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the rules.
5
Rules made by virtue of subsection (1) may include provision under which a determination may fall to be made by—
a
the Secretary of State,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the rules.
6
Rules made by virtue of subsection (1) may require specified authorised persons to provide information specified in the rules about their carrying out of requirements specified in the rules to—
a
the FCA,
b
the Money and Pensions Service, or
c
a person specified or of a description specified in the rules.
7
Rules made by virtue of subsection (1) may require specified authorised persons to have regard, in complying with requirements specified in the rules, to guidance issued from time to time by a person specified or of a description specified in the rules.
8
In determining what provision to include in the rules, the FCA must have regard to any regulations that are for the time being in force under—
a
section 238D of the Pensions Act 2004, or
b
Article 215D of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)).
Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))
Ss. 137FAA-137FAC inserted (11.2.2021 for specified purposes, 14.10.2022 in so far as not already in force) by Pension Schemes Act 2021 (c. 1), ss. 121(2), 131(1)(3)(a); S.I. 2022/1044, reg. 2(c)
Pt. 9A applied (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 4, Sch. 3 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 27(a) and S.I. 2020/1385, regs. 1(2), 54(2))
Pt. 9A applied (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 74 (as amended by S.I. 2020/1385, regs. 1(4), 52(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 9A applied (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 35 (as amended by S.I. 2020/1385, regs. 1(4), 56(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.