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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333N FCA’s duties

(1) The FCA must discharge its general pensions guidance functions with a view to securing an appropriate degree of protection for recipients of pensions guidance from designated guidance providers.

(2) In discharging its general pensions guidance functions the FCA must have regard to—

(a) its strategic and operational objectives in section 1B(2) and (3), and

(b) the regulatory principles in section 3B.

(3) In this section the FCA’s “general pensions guidance functions” means its functions of—

(a) setting standards under section 333G,

(b) issuing statements under section 333J,

(c) giving general guidance under section 333O (see section 333O(9)),

(d) making rules under section 333P, and

(e) determining the general policy and principles by reference to which it performs particular functions under this Part.

333O Power of the FCA to give guidance

(1) The FCA may give guidance consisting of such information and advice relating to its functions under sections 333G, 333H, 333I, 333J and 333P as it considers appropriate.

(2) Subsection (3) applies where the FCA proposes to give guidance to designated guidance providers generally, or to a class of designated guidance providers, in relation to standards set under section 333G or rules made under section 333P.

(3) Where this subsection applies, subsections (1)(b), (2)(e) and (3) of section 138I apply to the proposed guidance as they apply to proposed rules, unless the FCA considers that the delay in complying with those provisions would be prejudicial to the interests of recipients of pensions guidance from designated guidance providers.

(4) The FCA may—

(a) publish its guidance,

(b) offer copies of its published guidance for sale at a reasonable price, and

(c) if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

(5) On giving any general guidance, the FCA must give written notice to the Treasury without delay.

(6) If the FCA alters any of its general guidance, it must give written notice to the Treasury without delay.

(7) The notice under subsection (6) must include details of the alteration.

(8) If the FCA revokes any of its general guidance, it must give written notice to the Treasury without delay.

(9) In this section “general guidance” means guidance given by the FCA under this section which is—

(a) given to persons generally, to designated guidance providers generally or to a class of designated guidance provider,

(b) intended to have continuing effect, and

(c) given in writing or other legible form.