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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Consultation requirement

Section 137FB of FSMA

Sections 137FB(2) and 138I(1) of FSMA

Section 333E(1)(e) of FSMA

Section 333E(2) of FSMA

Section 333G(1) of FSMA

Section 138I(1) of FSMA as applied with modifications by section 333G(5) of FSMA

Section 333J(1) of FSMA

Section 333K(1) of FSMA

Section 333O(1) of FSMA

Section 138(1)(b) of FSMA as applied by section 333O(3) of FSMA

Section 333P(1) of FSMA

Sections 138I(1) and 333P(2) of FSMA.

Section 333Q(2) of FSMA

Sections 138I(1) and 333Q(4) of FSMA

(2) Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed standards for the giving of pensions guidance by designated guidance providers—

(a) the consultation requirement in section 138I of FSMA may be treated as satisfied by virtue of sub-paragraph (1) even if the draft is not accompanied by—

(i) a cost benefit analysis, or

(ii) an explanation of the Financial Conduct Authority’s reasons for believing that setting the proposed standards would secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers, and

(b) if it is, any resulting standards published under section 138G(4) of FSMA must be accompanied by—

(i) a cost benefit analysis within the meaning of section 138I of that Act even if the conditions in subsection (5) of section 138I are not satisfied, and

(ii) an explanation of the Financial Conduct Authority’s reasons for believing that setting the standards will secure an appropriate degree of protection for recipients of pensions guidance from designated guidance providers.

(3) References in sub-paragraph (2) to provisions of sections 138G and 138I of FSMA are to those provisions as applied with modifications by section 333G(5) of that Act.

(4) Where before the day on which this Act is passed the Financial Conduct Authority publishes a draft of proposed rules requiring information about the availability of pensions guidance to be given by the trustees or managers of a relevant pension scheme to members of the scheme with a right or entitlement to cash balance benefits or other money purchase benefits, the consultation requirement in section 137FB(2) of FSMA may be treated as satisfied by virtue of sub-paragraph (1) even if the only consultation before publication was with the Treasury.

(5) In this paragraph—

“consultation requirement” includes—

(a) a requirement to publish a draft;

(b) a requirement under section 333E(2)(b) or (c) of FSMA;

“FSMA” means the Financial Services and Markets Act 2000.

15 Expenses incurred by the Financial Conduct Authority before the day on which this Act is passed in anticipation of the conferral of functions on it by virtue of the amendments made by this Schedule are to be treated as if they had been incurred on or after that day.’