The Financial Guidance and Claims Act 2018 (Commencement No. 8) Regulations 2021
Citation and interpretation1.
(1)
These Regulations may be cited as the Financial Guidance and Claims Act 2018 (Commencement No. 8) Regulations 2021.
(2)
In these Regulations “the Act” means the Financial Guidance and Claims Act 2018.
Appointed day2.
The day appointed for the coming into force of the following provisions of the Act is 5th July 2021—
(a)
section 18(1) (personal pension schemes: requirements to refer members to guidance etc.) only in so far as it relates to the provisions specified in paragraphs (b) and (c) of this regulation;
(b)
for the purpose only of making rules, section 18(2);
(c)
section 18(3) to (6);
(d)
section 19(1) (occupational pension schemes: requirements to refer members to guidance etc.) only in so far as it relates to the provisions specified in paragraphs (e) and (f) of this regulation;
(e)
for the purpose only of making regulations, section 19(2) and (3); and
(f)
section 19(4).
Signed by the authority of the Secretary of State for Work and Pensions
These Regulations are the eighth commencement regulations made under the Financial Guidance and Claims Act 2018 (c. 10) (“the Act”) and commence provisions of the Act relating to requirements to refer individuals to pensions guidance.
Regulation 2 appoints the day for the coming into force of section 18(2) of the Act (requirements to refer members to appropriate guidance by trustees or managers of personal or stakeholder pension schemes) for the purpose only of the making of rules by the Financial Conduct Authority as 5th July 2021.
It also appoints 5th July 2021 as the day for the coming into force of section 18(3) to (6) of the Act. In particular, section 18(4) and (6) relate to requirements on the Financial Conduct Authority to consult specified persons before publishing a draft of its rules and, in determining what provision to make in its rules, to have regard to any regulations that are for the time being in force under section 113B of the Pension Schemes Act 1993 (occupational pension schemes: requirements to refer members to guidance etc.) (c. 48) (“the 1993 Act”).
In addition, regulation 2 appoints the day for the coming into force of section 19(2) and (3) of the Act (requirements to refer relevant beneficiaries to appropriate guidance by trustees or managers of occupational pension schemes) for the purpose only of the making of regulations by the Secretary of State as 5th July 2021.
It also appoints 5th July 2021 as the appointed day for the coming into force section 19(4) of the Act which amends section 182 of the 1993 Act (orders and regulations) to create an exception to the power of the Treasury to direct that regulation-making powers are exercisable only in conjunction with them.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.
A full impact assessment has been produced in relation to the provisions of the Act, and a copy is available at http://www.legislation.gov.uk/ukpga/2018/10/resources. A hard copy of this impact assessment can be obtained from Private Pensions, Projects and Guidance, Department for Work and Pensions, Floor 1, Caxton House, 6 – 12 Tothill Street, London, SW1H 9NA.
The following provisions of the Financial Guidance and Claims Act 2018 (c. 10) have been brought into force by commencement regulations made before the date of these Regulations:
Provision | Date of Commencement | S.I. No. |
|---|---|---|
Section 1(1) to (5) and (7) | 1st October 2018 | |
Section 1(6) | 6th April 2021 | |
Section 2 | 1st October 2018 | |
Section 3(1)(a) to (c), (4) to (7) and (9) (for specified purposes) | 1st October 2018 | |
Section 3(1), (4) to (7) and (9) (for all remaining purposes) | 1st January 2019 | |
Section 3(2) and (3) | 1st October 2018 | |
Section 3(8) and (10) | 1st January 2019 | |
Section 4 | 1st January 2019 | |
Section 5 | 1st January 2019 | |
Section 6 | 1st October 2018 | |
Section 7 | 1st October 2018 | |
Section 8 | 1st October 2018 | |
Section 9 | 1st October 2018 | |
Section 10 | 1st January 2019 | |
Section 11(2) | 1st October 2018 | |
Section 14 | 1st October 2018 | |
Section 15 | 1st October 2018 | |
Section 16 | 1st October 2018 | |
Section 17(1) to (3), (6)(a), (7) and (8) | 1st October 2018 | |
Section 17(4), (5) and (6)(b) | 1st January 2019 | |
Section 18(1) (for specified purposes) | 1st January 2019 | |
Section 18(7) | 1st January 2019 | |
Section 20 | 1st January 2019 | |
Section 23 | 1st October 2018 | |
Section 24 | 1st October 2018 | |
Section 26 | 1st October 2018 | |
Section 27(1) to (14) | 6th October 2018 | |
Section 28 | 29th March 2019 | |
Section 33 | 29th March 2019 | |
Section 34 | 29th March 2019 | |
Section 35 | 8th September 2018 | |
Schedule 1 | 1st October 2018 | |
Schedule 2 | 1st October 2018 | |
Schedule 3 paragraph 1 | 1st October 2018 | |
Schedule 3 paragraph 2 | 1st October 2018 | |
Schedule 3 paragraph 4 | 1st October 2018 | |
Schedule 3 paragraph 6 | 1st October 2018 | |
Schedule 3 paragraph 7 | 1st January 2019 | |
Schedule 3 paragraphs 9 and 10 | 1st January 2019 | |
Schedule 3 paragraph 11 | 1st October 2018 | |
Schedule 3 paragraph 12 | 6th April 2021 | |
Schedule 3 paragraph 13(b) and (d) | 1st January 2019 | |
Schedule 3 paragraph 13(c) | 1st October 2018 | |
Schedule 3 paragraph 14(2)(c) and (3)(c) | 1st October 2018 | |
Schedule 3 paragraph 15 | 6th April 2021 | |
Schedule 3 paragraphs 16 to 20 | 1st January 2019 | |
Schedule 3 paragraph 21(2)(b), (3)(b), (5)(a)(ii) and (5)(b)(iv) | 1st October 2018 | |
Schedule 3 paragraphs 21(2)(a) and (c), (3)(a), (4), (5)(a)(iii), (5)(b)(i) and (ii) and 30(b) | 1st January 2019 | |
Schedule 3 paragraph 22 | 6th April 2021 | |
Schedule 3 paragraph 23 | 1st October 2018 | |
Schedule 3 paragraph 24 | 1st October 2018 | |
Schedule 3 paragraph 25 | 6th April 2021 | |
Schedule 3 paragraph 26 | 6th April 2021 | |
Schedule 3 paragraph 27 | 6th April 2021 | |
Schedule 3 paragraph 28 | 1st October 2018 | |
Schedule 3 paragraph 29 | 6th April 2021 | |
Schedule 3 paragraph 30(a) and (c) | 1st October 2018 | |
Schedule 3 paragraphs 31 and 32 | 1st January 2019 | |
Schedule 4 | 6th October 2018 |