Financial Services and Markets Act 2000

[F1 333R Funding of Treasury's pensions guidance costs U.K.

(1) The Treasury must, from time to time, notify the FCA of the amount of the Treasury's pensions guidance costs.

(2) Having been so notified, the FCA must make rules requiring authorised persons, or any specified class of authorised person, to pay to the FCA specified amounts or amounts calculated in a specified way with a view to recovering the amount notified under subsection (1).

(3) The amounts to be paid under the rules may include a component to cover the expenses of the FCA in collecting the payments (“collection costs”).

(4) Before the FCA publishes a draft of the rules it must consult the Treasury.

(5) The rules may be made only with the consent of the Treasury.

(6) The Treasury may notify the FCA of matters that they will take into account when deciding whether or not to give consent for the purposes of subsection (5).

(7) The FCA must have regard to any matters notified under subsection (6) before publishing a draft of rules to be made under this section.

(8) The FCA must pay to the Treasury the amounts that it receives under rules made under this section apart from amounts in respect of its collection costs (which it may keep).

(9) The Treasury must pay into the Consolidated Fund the amounts received by them under subsection (8).

(10) In this section the “Treasury's pensions guidance costs” means the expenses incurred, or expected to be incurred, by the Treasury—

(a) in giving pensions guidance or arranging for it to be given by designated guidance providers,

(b) in meeting the expenses of designated guidance providers incurred in connection with the giving of the guidance (whether by means of the power conferred by section 333D or otherwise),

(c) in providing services to designated guidance providers to support them in giving the guidance,

(d) in increasing awareness of the availability of the guidance,

(e) in undertaking or commissioning research relating to the giving of the guidance, and

(f) otherwise in connection with the carrying out of its functions under section 333B.

(11) For the purposes of subsection (10)(b) “expenses of designated guidance providers”—

(a) includes expenses incurred by virtue of sections 333H(2), 333J, 333M and 333Q, and

(b) where a recommendation or direction has been made by virtue of section 333J(4) or 333N(2), includes expenses of a former designated guidance provider.

(12) The Treasury may by regulations amend the definition of the “Treasury's pensions guidance costs” in subsection (10).]

Textual Amendments

F1 Pt. 20A inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 2 (with s. 87, Sch. 3 para. 18(1))