Fit and proper persons requirement

Part of Pension Schemes Bill [Lords] – in a Public Bill Committee at 10:45 am on 7 February 2017.

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Photo of Craig Mackinlay Craig Mackinlay Conservative, South Thanet 10:45, 7 February 2017

On the point about the person who promotes or markets the scheme, a lone employer or an employer thinking about his options, whether it be the National Employers Saving Trust or another master trust, may ask his independent financial adviser to consider which scheme is suitable for his business. How would the Pensions Regulator get involved with subsection(3)(a)—

“a person who promotes or markets the scheme”?

The subsection includes the word “may”. I am concerned that we may be putting regulatory requirements on IFAs who are already duly authorised under the FCA and may be caught under this clause. Was that the Minister’s intention?