Clause 44 - Commencement

Part of Pension Schemes Bill – in a Public Bill Committee at 9:25 am on 4th November 2014.

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333G Standards for giving of pensions guidance by designated guidance providers

(1) The FCA must from time to time set standards for the giving of pensions guidance by designated guidance providers.

(2) A failure by a designated guidance provider to comply with a standard set under this section is actionable at the suit of a private person who suffers loss as a result of the failure, subject to the defences and other incidents applying to actions for breach of statutory duty.

(3) In subsection (2) “private person” has the same meaning as in section 138D.

(4) Standards set under this section may provide for subsection (2) not to apply to a failure to comply with a specified provision of the standards.

(5) The procedural provisions of this Act in the first column of the table apply to the setting of standards under this section as if references in those provisions to the making of rules (however expressed) were references to the setting of standards and with the additional modifications in the second column.