The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

• “general business” means business which consists of effecting or carrying out contracts of general insurance;

• (c) for the definition of “long term business” substitute—

• “long term business” means business which consists of effecting or carrying out contracts of long term insurance;

• (d) in the definition of “long term fund” for “in accordance with the provisions of the 1982 Act” substitute “in accordance with rules made by the Financial Services Authority under Part X of the Financial Services and Markets Act 2000”; and

• (e) for the definition of “policy holder” substitute—

• “policy holder” has the meaning given in any relevant order under section 424(2) of the Financial Services and Markets Act 2000;

Share dealing by directors etc.: supplementary provision

73

• (1) Paragraph 11 of Schedule 13 to the 1986 Order (share dealing by directors etc.: provision supplementary to Articles 332 to 336) is amended as follows.

• (2) The existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, in paragraph (a), the words “within the meaning of the Financial Services Act 1986” are repealed.

• (4) After that sub-paragraph, insert—

(2) “Unit trust scheme” and “authorised unit trust scheme” have the meaning given in section 237 of the Financial Services and Markets Act 2000.

Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I. 9))

Repeal of spent provisions

74

The following provisions of the Companies Consolidation (Consequential Provisions)(Northern Ireland) Order 1986 are repealed—

• (a) Article 22; and

• (b) in Part 2 of Schedule 1, the entries relating to-

• (i) the Policyholders Protection Act 1975;

• (ii) the Insurance Brokers (Registration) Act 1977; and

• (iii) the Insurance Companies Act 1982.

The Companies' Act 1989 (c. 40)

Repeal of spent or unnecessary provisions

75

The following provisions of the Companies Act 1989 are repealed—

• (a) sections 72 to 77;

• (b) section 79;

• (c) section 81;

• (d) section 119(3);

• (e) section 156;

• (f) section 168;

• (g) section 169(1) and (4);

• (h) section 171;

• (i) sections 192 to 197;

• (j) section 200(1);

• (k) sections 201 to 206;

• (l) in section 213, subsections (5)(b) and (6);

• (m) section 214;

• (n) in Schedule 10, paragraphs 36 and 37;

• (o) in Schedule 20, paragraph 26;

• (p) Schedule 21;

• (q) Schedule 22; and

• (r) Schedule 23.

Requests for assistance by overseas regulatory authorities

76

• (1) Section 82 of the Companies Act 1989 (requests for assistance by overseas regulatory authorities) is amended as follows.

• (2) In subsection (2), for paragraph (a)[^f00079] substitute—

(a) any function corresponding to— (i) any function of the Secretary of State under the Companies Act 1985; (ii) any function of the Financial Services Authority under the Financial Services and Markets Act 2000; (iii) any function exercised by the competent authority under Part VI of that Act in relation to the listing of shares;

• (3) In subsection (3), for “he is” substitute “he and the Financial Services Authority are”.

• (4) In subsection (5)[^f00080], in the definition of “banking supervisor”, for “under the Banking Act 1987” substitute “in relation to authorised persons with permission under the Financial Services and Markets Act 2000 to accept deposits”.

• (5) After that subsection, insert—

(5A) In subsection (5), “authorised person” has the meaning given in the Financial Services and Markets Act 2000 and the references to deposits and their acceptance must be read with— (a) section 22 of that Act; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Exceptions from restrictions on disclosure of information

77

• (1) Section 87 of the Companies Act 1989 (exceptions from restrictions on disclosure of information) is amended as follows.

• (2) In subsection (2), for paragraph (b) substitute—

(b) civil proceedings arising under or by virtue of the Financial Services and Markets Act 2000 and proceedings before the Financial Services and Markets Tribunal;

• (3) In subsection (4), the table is amended in accordance with paragraphs (4) to (11).

• (4) The entries relating to the following are repealed—

• A designated agency within the meaning of the Financial Services Act 1986;

• A transferee body or the competent authority within the meaning of the Financial Services Act 1986;

• The body administering a scheme under section 54 of the Financial Services Act 1986;

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange, recognised clearing house or recognised self-regulating organisation for friendly societies (within the meaning of the Financial Services Act 1986);

• The Chief Registrar of friendly societies, and the Assistant Registrar of Friendly Societies for Scotland;

• The Friendly Societies Commission[^f00081];

• The Deposit Protection Board;

• The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland; and

• The Building Societies Commission.

• (5) For the entry relating to the Secretary of State substitute—

The Secretary of State	Functions under— the enactments relating to companies or insolvency; Part 2, this Part or Part 7 of this Act; the Financial Services and Markets Act 2000.

• (6) For the entry relating to the Treasury[^f00082] substitute—

The Treasury.	Functions under— this Part or Part 7 of this Act; the Financial Services and Markets Act 2000.

• (7) For the entry relating to an inspector substitute—

An inspector appointed under Part 14 of the Companies Act 1985.	Functions under that Part.

• (8) For the entry which begins “A person authorised to exercise powers”[^f00083] substitute—

A person authorised to exercise powers under section 447 of the Companies Act 1985 or section 84 of this Act.

Functions under that section.

A person appointed under— section 167 of the Financial Services and Markets Act 2000 (general investigations), section 168 of that Act (investigations in particular cases), section 169(1)(b) of that Act (investigation in support of overseas regulator), section 284 of that Act (investigations into affairs of certain collective investment schemes), or regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies), to conduct an investigation.

Functions in relation to the investigation.

• (9) For the entry relating to the Financial Services Authority[^f00084] substitute—

The Financial Services Authority.	Functions under the enactments relating to friendly societies, under the Building Societies Act 1986 and under the Financial Services and Markets Act 2000.

• (10) After that entry insert—

A body corporate established in accordance with section 212(1) of that Act.	Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).	Functions in its capacity as an exchange or clearing house recognised under that Act.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.	Functions in its capacity as a body designated under that section.

• (11) In the entry relating to the Director General of Fair Trading, for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Exercise of powers in relation to Northern Ireland

78

In section 88 of the Companies Act 1989 (exercise of powers in relation to Northern Ireland), in subsection (3), for paragraph (b) substitute—

(b) section 449 of the Companies Act 1985 and sections 86 and 87 above (restrictions on disclosure of information);

Change in default rules of recognised investment exchange and clearing house

79

In section 157(1) of the Companies Act 1989 (notification of change in default rules), for “Secretary of State”, in both places, substitute “Authority”.

Duty to report on completion of default proceedings

80

• (1) Section 162 of the Companies Act 1989 (duty to report on completion of default proceedings) is amended as follows.

• (2) In subsection (1)[^f00085], for “Secretary of State” substitute “Authority”.

• (3) In subsection (1A)[^f00086], for “Secretary of State” substitute “Authority”.

• (4) In subsection (4)—

• (a) for “Secretary of State, he” substitute “Authority, it”;

• (b) for “he”, in the second place where it occurs, substitute “it”; and

• (c) for “it” substitute “the report”.

Power to give directions

81

• (1) Section 166 of the Companies Act 1989 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.

• (2) In subsection (2), in each of paragraphs (a) and (b)—

• (a) for “Secretary of State” substitute “Authority”;

• (b) for “he” substitute “the Authority”.

• (3) In subsection (3)—

• (a) for “Secretary of State” substitute “Authority”; and

• (b) for “he”, in both places, substitute “it”.

• (4) In subsection (7)—

• (a) for “Secretary of State”, in both places, substitute “Authority”; and

• (b) for “he is satisfied that it” substitute “it is satisfied that the direction”.

• (5) In subsection (8) for “Secretary of State” substitute “Authority”.

Application to determine whether default proceedings to be taken

82

• (1) Section 167 of the Companies Act 1989 (application to determine whether default proceedings to be taken) is amended as follows.

• (2) In subsection (1) for “Secretary of State” substitute “Authority”.

• (3) In subsection (3), for “Secretary of State”, in both places, substitute “Authority”.

• (4) In subsection (4) for “Secretary of State” substitute “Authority”.

• (5) In subsection (5) for “Secretary of State”, in both places, substitute “Authority”.

Application of certain provisions for purposes of Part 7

83

• (1) Section 169 of the Companies Act 1989 (Part 7: supplementary provisions) is amended as follows.

• (2) In subsection (2) for the words from the beginning to “apply” substitute “Sections 296 and 297 of the Financial Services and Markets Act 2000 apply”.

• (3) In subsection (3)—

• (a) for “Financial Services Act 1986, the Secretary of State” substitute “Financial Services and Markets Act 2000, the appropriate authority”; and

• (b) for “he” substitute “it”.

• (4) After that subsection insert—

(3A) “The appropriate authority” means— (a) in the case of an overseas investment exchange or clearing house, the Treasury; and (b) in the case of a UK investment exchange or clearing house, the Authority.

• (5) In subsection (5)—

• (a) for the words from the beginning to “applies” substitute “Regulations under section 414 of the Financial Services and Markets Act 2000 (service of notices) may make provision”; and

• (b) for “Secretary of State” substitute “Treasury or the Authority”.

Application of Part 7 in relation to overseas investment exchanges and clearing houses

84

• (1) Section 170 of the Companies Act 1989 (power to make provision in relation to certain overseas investment exchanges and clearing houses) is amended as follows.

• (2) In subsection (1)—

• (a) after “Secretary of State” insert “and the Treasury”; and

• (b) for “him” substitute “the Treasury”.

• (3) In subsection (2)—

• (a) for “Secretary of State” substitute “Treasury”; and

• (b) for “he is” substitute “they are”.

• (4) In subsections (4), (5)(a) and (6) for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

Power to make provision about certain charges other than market charges

85

• (1) Section 176 of the Companies Act 1989 (power to make provision about certain other charges) is amended as follows.

• (2) In paragraph (b) of subsection (2)—

• (a) the words “Financial Services” are repealed[^f00087]; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (3) For paragraphs (d) and (e) of that subsection substitute—

(d) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or (e) an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,

• (4) In subsection (6)[^f00088]—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (5) After subsection (7) insert—

(8) For the purposes of subsection (2)(d), “relevant regulated activity” means— (a) dealing in investments as principal or as agent; (b) arranging deals in investments; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; or (f) establishing etc. a collective investment scheme. (9) Subsection (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Power to apply sections 177 to 180 to other cases

86

• (1) Section 181 of the Companies Act 1989 (power to apply sections 177 to 180 to other cases) is amended as follows.

• (2) In subsection (1), for the words from the beginning to “includes” substitute “A power to which this subsection applies includes the”.

• (3) After subsection (2) insert—

(3) Subsection (1) applies to the powers of the Secretary of State and the Treasury to act jointly under— (a) sections 170, 172 and 176 of this Act; and (b) section 301 of the Financial Services and Markets Act 2000 (supervision of certain contracts).

Indemnity for certain acts

87

In section 184(5) of the Companies Act 1989 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.

Power of Treasury and Secretary of State to make further provision for purposes of Part 7

88

After subsection (3) of section 185 of the Companies Act 1989 (power of Treasury and Secretary of State to make further provision for purposes of Part 7) insert—

(4) References in this section to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.

Definitions for purposes of Part 7

89

• (1) Section 190 of the Companies Act 1989 (definitions for purposes of Part 7) is amended in accordance with paragraphs (2) to (6).

• (2) In subsection (1), after the definition of “administrative receiver”, insert—

• “the Authority” means the Financial Services Authority;

• (3) In that subsection, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.

• (4) In that subsection, after the definition of “overseas”, insert—

• “recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;

• (5) In that subsection, for the definition of “The Stock Exchange” substitute—

• “The Stock Exchange” means the London Stock Exchange Limited;

• (6) Subsection (4) is repealed.

• (7) In the table in section 191 of that Act (table of defined expressions)—

• (a) the entries relating to the following expressions are repealed—

• clearing house;

• ensuring the performance of a transaction;

• investment;

• investment exchange; and

• recognised; and

• (b) insert the following in the appropriate places—

the Authority	section 190(1)

; and

recognised clearing house and recognised investment exchange	section 190(1)

Transfer of securities

90

In section 207(1) of the Companies Act 1989 (transfer of securities), in paragraph (a), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Companies (Northern Ireland) Order 1989 (S.I. 1989/2404 (N.I. 18))

Disqualification after investigation of company

91

In Article 11 of the Companies (Northern Ireland) Order 1989 (disqualification after company investigation), for paragraphs (1)[^f00089] and (2) substitute—

(1) If it appears to the Department from investigative material that it is expedient in the public interest that a disqualification order should be made against a person who is, or has been, a director or shadow director of a company, the Department may apply to the High Court for such an order. (1A) “Investigative material” means— (a) a report made by inspectors under— (i) Article 430 of the Companies Order; or (ii) section 167, 168, 169 or 284 of the Financial Services and Markets Act 2000; or (iii) where the company is an open-ended investment company (within the meaning of that Act) regulations made as a result of section 262(2)(k) of that Act; and (b) information or documents obtained under— (i) Article 440 or 441 of the Companies Order; (ii) section 2 of the Criminal Justice Act 1987; (iii) section 28 of the Criminal Law (Consolidation)(Scotland) Act 1995; (iv) section 83 of the Companies Act 1989; or (v) section 165, 171, 172, 173 or 175 of the Financial Services and Markets Act 2000.

The Companies (No.2)(Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))

Repeal of spent or unnecessary provisions

92

The following provisions of the Companies (No. 2) (Northern Ireland) Order 1990 are repealed—

• (a) Articles 24 to 26;

• (b) Article 54(3);

• (c) Article 91; and

• (d) Article 93.

Duty to report on completion of default proceedings

93

• (1) Article 85 of the Companies (No. 2)(Northern Ireland) Order 1990 (duty to report on completion of default proceedings) is amended as follows.

• (2) In paragraph (1)[^f00090], for “Secretary of State” substitute “Authority”.

• (3) In paragraph (1A)[^f00091], for “Secretary of State” substitute “Authority”.

• (4) In paragraph (4)—

• (a) for “Secretary of State, he” substitute “Authority, it”;

• (b) for “he”, in the second place where it occurs, substitute “it”; and

• (c) for “it” substitute “the report”.

Power to give directions

94

• (1) Article 89 of the Companies (No. 2) (Northern Ireland) Order 1990 (power to give directions to recognised investment exchanges and recognised clearing houses with head offices in the UK) is amended as follows.

• (2) In paragraph (2), in each of sub-paragraphs (a) and (b)—

• (a) for “Secretary of State” substitute “Authority”;

• (b) for “he” substitute “the Authority”.

• (3) In paragraph (3)—

• (a) for “Secretary of State” substitute “Authority”; and

• (b) for “he”, in both places, substitute “it”.

• (4) In paragraph (7)—

• (a) for “Secretary of State”, in both places, substitute “Authority”; and

• (b) for “he is satisfied that it” substitute “it is satisfied that the direction”.

• (5) In paragraph (8) for “Secretary of State” substitute “Authority”.

Application to determine whether default proceedings to be taken

95

• (1) Article 90 of the Companies (No. 2) (Northern Ireland) Order 1990 (application to determine whether default proceedings to be taken) is amended as follows.

• (2) In paragraph (1) for “Secretary of State” substitute “Authority”.

• (3) In paragraph (3), for “Secretary of State”, in both places, substitute “Authority”.

• (4) In paragraph (4) for “Secretary of State” substitute “Authority”.

• (5) In paragraph (5) for “Secretary of State”, in both places, substitute “Authority”.

Application of Part 5 in relation to overseas investment exchanges and clearing houses

96

In Article 92(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to make provision in relation to certain overseas investment exchanges and clearing houses)—

• (a) after “Department” insert “and the Treasury”; and

• (b) for “Secretary of State” substitute “the Treasury”.

Power to make provision about certain charges other than market charges

97

• (1) Article 98 of the Companies (No.2) (Northern Ireland) Order 1990 (power to make provision about certain other charges) is amended as follows.

• (2) In sub-paragraph (b) of paragraph (2)—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (3) For sub-paragraphs (d) and (e) of that paragraph substitute—

(d) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a relevant regulated activity, or (e) an international securities self-regulating organisation approved for the purposes of an order made under section 22 of the Financial Services and Markets Act 2000,

• (4) In paragraph (6)—

• (a) the words “Financial Services” are repealed; and

• (b) for “section 171” substitute “section 301 of the Financial Services and Markets Act 2000”.

• (5) After paragraph (7) insert—

(8) For the purposes of subsection (2)(d), “relevant regulated activity” means— (a) dealing in investments as principal or as agent; (b) arranging deals in investments; (c) managing investments; (d) safeguarding and administering investments; (e) sending dematerialised instructions; or (f) establishing etc. a collective investment scheme. (9) Paragraph (8) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Power to apply Articles 99 to 102 to other cases

98

In Article 103(1)(a) of the Companies (No. 2) (Northern Ireland) Order 1990 (power to apply Articles 99 to 102 to other cases), the words “93” are repealed.

Indemnity for certain acts

99

In Article 105(5) of the Companies (No. 2) (Northern Ireland) Order 1990 (indemnity for certain acts), for the words from “exercising” to “procedures” substitute “to whom the exercise of any function of a recognised investment exchange or recognised clearing house is delegated under its default rules”.

Power of Secretary of State to make further provision for purposes of Part 5

100

After paragraph (3) of Article 106 of the Companies (No. 2) (Northern Ireland) Order 1990 (power of Secretary of State to make further provision for purposes of Part 5) insert—

(4) References in paragraph (2) to the provisions of this Part include any provision made under section 301 of the Financial Services and Markets Act 2000.

Definitions for purposes of Part 5

101

• (1) Article 111 of the Companies (No. 2) (Northern Ireland) Order 1990 (definitions for purposes of Part 5) is amended in accordance with paragraphs (2) to (6).

• (2) In paragraph (1), after the definition of “administrative receiver”, insert—

• “the Authority” means the Financial Services Authority;

• (3) In that paragraph, the definitions of “clearing house”, of “investment” and “investment exchange” and of “recognised” are repealed.

• (4) In that paragraph, after the definition of “overseas”, insert—

• “recognised clearing house” and “recognised investment exchange” have the same meaning as in the Financial Services and Markets Act 2000;

• (5) In that paragraph, for the definition of “The Stock Exchange” substitute—

• “The Stock Exchange” means the London Stock Exchange Limited;

• (6) Paragraph (4) is repealed.

• (7) In the table in Article 112 of that Order (table of defined expressions)—

• (a) the entries relating to the following expressions are repealed—

• clearing house;

• ensuring the performance of a transaction;

• investment;

• investment exchange; and

• recognised; and

• (b) insert the following in the appropriate places—

the Authority	Article 111(1)

; and

recognised clearing house and recognised investment exchange	Article 111(1)

PART 3 — ENACTMENTS RELATING TO PENSIONS

Fire Services Act 1947 (c. 41)

Information in connection with firemen’s pensions

102

In section 27A[^f00092] of the Fire Services Act 1947 (information in connection with firemen’s pensions), in subsection (2)(a), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

Judicial Pensions Act (Northern Ireland) 1951 (c. 20)

Additional voluntary contributions

103

• (1) Section 11A[^f00093] of the Judicial Pensions Act (Northern Ireland) 1951 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7)[^f00094] insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

County Courts Act (Northern Ireland) 1959 (c. 25)

Additional voluntary contributions

104

• (1) Section 127A[^f00095] of the County Courts Act (Northern Ireland) 1959 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)[^f00096]—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7) insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Resident Magistrates' Pensions Act (Northern Ireland) 1960 (c. 2)

Additional voluntary contributions

105

• (1) Section 9A[^f00097] of the Resident Magistrates' Pensions Act (Northern Ireland) 1960 (additional voluntary contributions) is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (7)[^f00098]—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (7B), (7C) or (7D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (7) insert—

(7A) In subsection (7), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (7B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (7C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (7D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (7E) Expressions used in subsections (7B) to (7D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Superannuation Act 1972 (c. 11)

Authorised providers in relation to superannuation schemes for civil servants etc.

106

• (1) Section 1 of the Superannuation Act 1972 (superannuation schemes in respect civil servants etc) is amended as follows.

• (2) In subsection (9)[^f00099], for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit;

• (3) After that subsection insert—

(9A) In subsection (9), the definition of “authorised provider” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (9B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (9C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are- (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (9D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (9E) Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Authorised providers in relation to superannuation schemes for teachers

107

In section 9(6) of the Superannuation Act 1972 (superannuation schemes as respects teachers) for the definition of “authorised provider”[^f00100] substitute—

• “authorised provider” has the meaning given in section 1;

Authorised providers in relation to superannuation schemes for persons engaged in health services, etc.

108

In section 10(6) of the Superannuation Act 1972 (superannuation schemes as respects persons engaged in health services, etc) for the definition of “authorised provider”[^f00101] substitute—

• “authorised provider” has the meaning given in section 1;

Police Pensions Act 1976 (c. 35)

Information in connection with police officers' pensions

109

In section 8A[^f00102] of the Police Pensions Act 1976 (information in connection with police pensions), in subsection (2)(a), after “section 62 of the Financial Services Act 1986” insert “or section 150 of the Financial Services and Markets Act 2000”.

Judicial Pensions Act 1981 (c. 20)

Voluntary contributions by members of judicial pension scheme.

110

• (1) Section 33A[^f00103] of the Judicial Pensions Act 1981 is amended as follows.

• (2) In subsection (2)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (9)[^f00104]—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (9B), (9C) or (9D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (9) insert—

(9A) In subsection (9), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (9B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (9C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (9D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (9E) Expressions used in subsections (9B) to (9D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Judicial Pensions (Northern Ireland) Order 1991 (S.I. 1991/2631 (N.I. 24))

Judicial pensions: transfer of accrued benefits

111

• (1) The Schedule which is set out in paragraph 1(2) of Schedule 2 to the Judicial Pensions (Northern Ireland) Order 1991 (transfer of accrued benefits) is amended as follows.

• (2) In paragraph 1, the existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, for the definition of “authorised insurance company” substitute—

• “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After that sub-paragraph, insert—

(2) The definition of “authorised insurer” in sub-paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

• (5) In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.

• (6) In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.

Judicial Pensions and Retirement Act 1993 (c. 8)

Voluntary contributions by persons to whom Part 1 of the Act applies

112

• (1) Section 10 of the Judicial Pensions and Retirement Act 1993 is amended as follows.

• (2) In subsection (4)(d), for sub-paragraph (iii) substitute—

(iii) the general value of benefits available to a person under any contract of life insurance entered into by him with an insurer;

• (3) In subsection (8)—

• (a) for the definition of “authorised provider” substitute—

• “authorised provider”, in relation to the investment of any sums paid by way of voluntary contributions or the provision of any benefit, means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to invest such sums or, as the case may be, to provide that benefit; an EEA firm of a kind mentioned in paragraph 5(a), (b) or (c) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit and which satisfies the conditions applicable to it which are specified in subsection (8B), (8C) or (8D); or an EEA firm of a kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to invest such sums or, as the case may be, to provide that benefit.

; and

• (b) after the definition of “employment” insert—

• “insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance; an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After subsection (8) insert—

(8A) In subsection (8), the definitions of “authorised provider” and “insurer” must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act. (8B) If the EEA firm concerned is of the kind mentioned in paragraph 5(a) of Schedule 3 to the Financial Services and Markets Act 2000, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on a service falling within section A or C of the Annex to the Investment Services Directive; and (b) that the firm is authorised by its home state authorisation to carry on that service. (8C) If the EEA firm concerned is of the kind mentioned in paragraph 5(b) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; and (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions. (8D) If the EEA firm concerned is of the kind mentioned in paragraph 5(c) of that Schedule, the conditions are— (a) that, in investing of the sums in question, or in providing the benefit in question, the firm is carrying on an activity falling within Annex 1 to the Banking Consolidation Directive; (b) that the activity in question is one in relation to which an authority in the firm’s home State has regulatory functions; and (c) that the firm also carries on the activity in question in its home State. (8E) Expressions used in subsections (8B) to (8D) which are also used in Schedule 3 to the Financial Services and Markets Act 2000 have the same meaning in those subsections as they have in that Schedule.

Retirement date for holders of judicial offices etc: repeal of references to old tribunals

113

In section 26(8) of the Judicial Pensions and Retirement Act 1993 (retirement date for members of certain tribunals), paragraphs (e), (f) and (j) are repealed.

Judicial pensions: transfer of accrued benefits

114

• (1) Schedule 2 to the Judicial Pensions and Retirement Act 1993 (transfer of accrued benefits) is amended as follows.

• (2) In paragraph 1, the existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, for the definition of “authorised insurance company” substitute—

• “authorised insurer” means— a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance;

• (4) After that sub-paragraph, insert—

(2) The definition of “authorised insurer” in sub-paragraph (1) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; (c) Schedule 2 to that Act.

• (5) In paragraph 6(2)(c), for “insurance companies” substitute “insurers”.

• (6) In paragraph 11(3), in paragraph (a) of the definition of “qualifying scheme” for “insurance company” substitute “insurer”.

Repeal of spent amendments

115

The following provisions of Schedule 6 to the Judicial Pensions and Retirement Act 1993 (which are amendments to other legislation that are spent as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—

• (a) paragraph 41;

• (b) paragraph 64;

• (c) paragraph 65; and

• (d) paragraph 68.

Pension Schemes Act 1993 (c. 48)

Discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts

116

• (1) Section 19 of the Pension Schemes Act 1993 (discharge of liability where guaranteed minimum pension secured by insurance policies or annuity contracts) is amended as follows.

• (2) In subsection (4)(a)—

• (a) for “insurance company” substitute “insurer”; and

• (b) in sub-paragraph (i), the word “ordinary” is repealed.

• (3) Subsection (7) is repealed.

Ways of giving effect to the protected rights: the pension and annuity requirements

117

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discharge of protected rights on winding up: insurance policies

118

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alteration of rules of appropriate schemes: permitted form of scheme

119

• (1) Section 38 of the Pensions Schemes Act 1993 (alteration of rules of appropriate schemes: permitted forms) is amended as follows.

• (2) In subsection (6), in paragraph (b) for the words from “has” to the end substitute “is an authorised unit trust scheme”.

• (3) After that subsection, insert—

(6A) “Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order made under section 426 of that Act making transitional provisions, treated as falling within that meaning.

Entitlement to guaranteed minimum pensions: treatment of entitlements

120

In section 47(3)(d) of the Pension Schemes Act 1993 (Further provisions concerning entitlement to guaranteed minimum pensions for the purposes of section 46), for “Policyholders Protection Act 1975” substitute “Financial Services Compensation Scheme”.

Ways of taking rights to cash equivalent: members of occupational pension schemes

121

In section 95(2)(c) of the Pension Schemes Act 1993 (ways of taking rights to cash equivalent) for “insurance companies” substitute “insurers”.

Cash equivalent: authorised purposes for transfer notice

122

In section 101F(2)(b)[^f00108] of the Pension Schemes Act 1993 (authorised purposes for transfer notice) for “insurance companies” substitute “insurers”.

Procedure on an investigation by the Pensions Ombudsman

123

In section 149(6) of the Pension Schemes Act 1993 (procedure on an investigation by the Pensions Ombudsman: persons to whom information may be disclosed)—

• (a) paragraphs (f) and (g) are repealed;

• (b) for paragraph (h) substitute—

(h) a person appointed under— (i) Part 14 of the Companies Act 1985, (ii) section 167 of the Financial Services and Markets Act 2000, (iii) subsection (3) or (5) of section 168 of that Act, or (iv) section 284 of that Act, to conduct an investigation;

; and

• (c) for paragraphs (k) to (m) substitute—

(k) a body designated under section 326(1) of the Financial Services and Markets Act 2000; and (l) a recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).

Disclosure of information by the Secretary of State

124

• (1) The table set out in section 158A(1)[^f00109] of the Pension Schemes Act 1993 (power of Secretary of State to disclose social security information for certain purposes) is amended as follows.

• (2) The entries relating to the following persons are repealed—

• The Treasury;

• The Friendly Societies Commission;

• The Building Societies Commission;

• An inspector appointed by the Secretary of State;

• A person authorised to exercise powers under section 106 of the Financial Services Act 1986;

• A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986); and

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986).

• (3) In the entry relating to the Financial Services Authority[^f00110], for the second column, substitute—

	Functions under the legislation relating to friendly societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000.

• (4) After the entry relating to the Pensions Compensation Board insert—

A person appointed under— section 167 of the Financial Services and Markets Act 2000, subsection (3) or (5) of section 168 of that Act, or section 284 of that Act, to conduct an investigation.	Functions in relation to that investigation
A body designated under section 326(1) of the Financial Services and Markets Act 2000.	Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).	Functions in its capacity as an exchange or clearing house recognised under that Act.

Determination of questions by Secretary of State

125

In section 170(1)(c) of the Pension Schemes Act 1993 (Determination of questions by Secretary of State) for “Policyholders Protection Act 1975” substitute “Financial Services Compensation Scheme”.

Interpretation of expressions relating to insurance

126

In the Pensions Schemes Act 1993, after section 180 insert—

(180A) (1) In this Act “insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance. (2) In this Act “long term insurance business” means business which consists of the effecting or carrying out of contracts of long-term insurance. (3) This section must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Interpretation: Financial Services Compensation Scheme

127

In section 181(1) of the Pension Schemes Act 1993—

• (a) after the definition of “employment”, insert—

• “Financial Services Compensation Scheme” means the Financial Services Compensation Scheme referred to in section 213(2) of the Financial Services and Markets Act 2000.

• (b) the definition of “insurance company” is repealed.

Consultation on regulations concerning pension business of friendly societies

128

In section 185(7) of the Pension Schemes Act 1993 (consultation on regulations concerning removal of restrictions on pension business of friendly societies), for the words “Chief Registrar of Friendly Societies or the Friendly Societies Commission” substitute “Financial Services Authority or, if the matter concerns section 464 of the Income and Corporation Taxes Act 1988, the Commissioners of the Inland Revenue”.

Pension Schemes (Northern Ireland) Act 1993 (c. 49)

Discharge of guaranteed minimum pension secured by insurance policies or annuity contracts

129

• (1) Section 15 of the Pension Schemes (Northern Ireland) Act 1993 (discharge of guaranteed minimum pension secured by insurance policies or annuity contracts) is amended as follows.

• (2) In subsection (4)(a)—

• (a) for “insurance company” substitute “insurer”; and

• (b) in sub-paragraph (i), the word “ordinary” is repealed.

• (3) Subsection (7) is repealed.

Ways of giving effect to the protected rights: the pension and annuity requirements

130

• (1) Section 25 of the Pension Schemes (Northern Ireland) Act 1993 (the pension and annuity requirements) is amended as follows.

• (2) In subsection (3)(b) for “insurance company” substitute “insurer”.

• (3) In subsection (4), for “insurance company”, in both places, substitute “insurer”.

Discharge of protected rights on winding up: insurance policies

131

In section 28A of the Pension Schemes (Northern Ireland) Act 1993 (discharge of protected rights on winding up: insurance policies), in subsection (4)—

• (a) for “insurance company” substitute “insurer”; and

• (b) in sub-paragraph (i), the word “ordinary” and the words “(within the meaning of the Insurance Companies Act 1982)” are repealed.

Alteration of rules of appropriate schemes: permitted form of scheme

132

• (1) Section 34 of the Pension Schemes (Northern Ireland) Act 1993 (alteration of rules of appropriate schemes: permitted forms) is amended as follows.

• (2) In subsection (6), in paragraph (b) for the words from “has” to the end substitute “is an authorised unit trust scheme”.

• (3) After that subsection, insert—

(6A) “Authorised unit trust scheme” has the meaning given in Part 17 of the Financial Services and Markets Act 2000 and includes any scheme which is, as a result of an order under section 426 of that Act making transitional provisions, treated as falling within that meaning.

Ways of taking rights to cash equivalent: members of occupational pension schemes

133

In section 91(2)(c) of the Pension Schemes (Northern Ireland) Act 1993 (ways of taking rights to cash equivalent) for “insurance companies” substitute “insurers”.

Cash equivalent: authorised purposes for transfer notice

134

In section 97F(2)(b) of the Pension Schemes (Northern Ireland) Act 1993 (authorised purposes for transfer notice) for “insurance companies” substitute “insurers”.

Procedure on an investigation by the Pensions Ombudsman

135

In section 145(6) of the Pension Schemes (Northern Ireland) Act 1993 (procedure on an investigation by the Pensions Ombudsman: persons to whom information may be disclosed)—

• (a) paragraphs (f) and (g) are repealed;

• (b) for paragraph (i) to (l) substitute—

(i) a person appointed under— (i) Part 14 of the Companies Act 1985, (ii) section 167 of the Financial Services and Markets Act 2000, (iii) subsection (3) or (5) of section 168 of that Act, or (iv) section 284 of that Act, to conduct an investigation; (j) a body designated under section 326(1) of the Financial Services and Markets Act 2000; and (k) a recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).

Disclosure of information by the Department

136

• (1) The table set out in section 154A(1) of the Pension Schemes (Northern Ireland) Act 1993 (power of Department to disclose social security information for certain purposes) is amended as follows.

• (2) The entries relating to the following persons are repealed—

• The Treasury;

• The Friendly Societies Commission;

• The Building Societies Commission;

• An inspector appointed by the Secretary of State;

• A person authorised to exercise powers under section 106 of the Financial Services Act 1986;

• A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986); and

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986).

• (3) In the entry relating to the Financial Services Authority, for the second column, substitute—

	Functions under the legislation relating to friendly societies, under the Building Societies Act 1986, or under the Financial Services and Markets Act 2000.

• (4) After the entry relating to the Pensions Compensation Board insert—

A person appointed under— section 167 of the Financial Services and Markets Act 2000 subsection (3) or (5) of section 168 of that Act, or section 284 of that Act, to conduct an investigation.	Functions in relation to that investigation.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.	Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).	Functions in its capacity as an exchange or clearing house recognised under that Act.

Interpretation of expressions relating to insurance

137

• (1) In the Pensions Schemes (Northern Ireland) Act 1993, after section 175 insert—

(175A) (1) In this Act “insurer” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, or (b) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of insurance. (2) In this Act “long term insurance business” means business which consists of the effecting or carrying out of contracts of long-term insurance. (3) This section must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

• (2) In section 176(1) of that Act, the definition of “insurance company” is repealed.

Consultation on regulations concerning pension business of friendly societies

138

In section 180(1) of the Pension Schemes (Northern Ireland) Act 1993 (consultation on regulations concerning removal of restrictions on pension business of friendly societies), for the words “Chief Registrar of Friendly Societies” substitute “Financial Services Authority or, if the matter concerns section 464 of the Income and Corporation Taxes Act 1988, the Commissioners of the Inland Revenue”.

Pensions Act 1995 (c. 26)

Occupational pension scheme under a trust: power of investment and delegation

139

• (1) Section 34 of the Pensions Act 1995 (power of investment and delegation) is amended as follows.

• (2) For subsection (3) substitute—

(3) This subsection applies to a fund manager who, in relation to the investments, may take the decisions in question without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (prohibition on carrying on regulated activities unless authorised or exempt).

• (3) In subsection (5)(b) for the words from “carrying” to “1986)” substitute “the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000)”.

Choice of investments by trustees of occupational pension scheme under a trust: meaning of “proper advice”

140

For paragraph (a) of section 36(6) of the Pensions Act 1995 (choice of investments: meaning of “proper advice”) substitute—

(a) if the giving of the advice constitutes the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000), advice given by a person who may give it without contravening the prohibition imposed by section 19 of that Act (prohibition on carrying on regulated activities unless authorised or exempt);

Restriction on employer-related investments

141

• (1) Section 40 of the Pensions Act 1995 (employer-related investments) is amended as follows.

• (2) In subsection (2) the definition of “securities” is repealed.

• (3) After that subsection, insert—

(2A) In subsection (2)(a) “securities” does not include government or other public securities. (2B) Paragraph (a) of subsection (2) and subsection (2A) must be read with— (i) section 22 of the Financial Services and Markets Act 2000; (ii) any relevant order under that section; and (iii) Schedule 2 to that Act.

Advisers for occupational pension schemes

142

• (1) Section 47 of the Pensions Act 1995 is amended as follows.

• (2) In subsection (2) the words “(within the meaning of the Financial Services Act 1986)” are repealed.

• (3) After that subsection insert—

(2A) References in this section to investments must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Receipts, record and payments: duties of pension trustees and others

143

• (1) Section 49 of the Pensions Act 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.

• (2) In subsection (1)[^f00111], for the words from “at” to the end substitute “with a deposit-taker”.

• (3) Subsection (1A)[^f00112] is repealed.

• (4) In subsection (5)[^f00113], for the words “at a relevant institution” substitute “with a deposit-taker”.

• (5) After subsection (8)[^f00114] insert—

(8A) “Deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; (c) the Bank of England or the central bank of a member state other than the United Kingdom; (d) the National Savings Bank; or (e) a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987 exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act. (8B) Paragraphs (a) and (b) of subsection (8A) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Salary related occupational pension schemes: discharge of liabilities by insurance etc

144

In section 74 of the Pensions Act 1995 (discharge of liabilities by insurance etc.), in subsection (3)(c), for “insurance companies” substitute “insurers”.

Borrowing power of Compensation Board

145

• (1) Section 78 of the Pensions Act 1995 (the Compensation Board) is amended as follows.

• (2) In subsection (5), for the words from “an” to “1987” substitute “a deposit-taker”.

• (3) After that subsection, insert—

(5A) “Deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits. (5B) Sub-paragraph (5A) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Disclosure of information by the Occupational Pensions Regulatory Authority

146

• (1) The table set out in section 107(1) of the Pensions Act 1995 (power of the Authority to disclose pension information for certain purposes) is amended as follows.

• (2) The entries relating to the following persons are repealed—

• The Treasury[^f00115];

• The Policyholders Protection Board;

• The Deposit Protection Board;

• The Investor Protection Board;

• The Friendly Societies Commission;

• The Building Societies Commission;

• A person authorised to exercise powers under section 106 of the Financial Services Act 1986;

• A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986);

• A recognised self-regulating organisation, recognised professional body, recognised investment exchange or recognised clearing house (within the meaning of the Financial Services Act 1986); and

• A person administering a scheme for the compensation of investors under section 54 of the Financial Services Act 1986.

• (3) In the entry relating to the Secretary of State, in the second column—

• (a) the words “Insurance Companies Act 1982,” and “the Financial Services Act 1986,” are repealed; and

• (b) for “or Part III of the Pension Schemes Act 1993” substitute “, Part 3 of the Pension Schemes Act 1993 or the Financial Services and Markets Act 2000”.

• (4) In the entry relating to the Financial Services Authority[^f00116], for the second column, substitute—

	Functions under the legislation relating to friendly societies, under the Building Societies Act 1986 or under the Financial Services and Markets Act 2000.

• (5) In the entry relating to an inspector appointed by the Secretary of State, the words “or section 94 or 177 of the Financial Services Act 1986” are repealed.

• (6) For the entry beginning “A person authorised to exercise powers” substitute—

A person authorised to exercise powers under section 447 of the Companies Act 1985, Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989.	Functions under those sections or that Article.
A person appointed under— section 167 of the Financial Services and Markets Act 2000, subsection (3) or (5) of section 168 of that Act, or section 284 of that Act, to conduct an investigation.	Functions in relation to that investigation.
A body designated under section 326(1) of the Financial Services and Markets Act 2000.	Functions in its capacity as a body designated under that section.
A recognised investment exchange or a recognised clearing house (as defined by section 285 of that Act).	Functions in its capacity as an exchange or clearing house recognised under that Act.
A body corporate established in accordance with section 212(1) of that Act.	Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act.

Disclosure of information to Compensation Board

147

In section 114(7) of the Pensions Act 1995 (bodies which may disclose information to the Compensation Board)—

• (a) paragraphs (f) and (j) are repealed;

• (b) after paragraph (l), insert—

(la) the Financial Services Authority; (lb) a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme: the scheme manager);

Disclosure of information concerning public service pension schemes

148

In section 172 of the Pensions Act 1995 (information in connection with public service pensions), in subsection (1)(a), after “section 62 of the Financial Services Act 1986” insert “or under section 150 of the Financial Services and Markets Act 2000”.

Repeal of spent amendments by Pensions Act 1995 to other legislation

149

The following provisions of the Pensions Act 1995 (amendments to other legislation spent as a result of the coming into force of the Financial Services and Markets Act 2000) are repealed—

• (a) in Schedule 3, paragraphs 11, 17, 18 and 19;

• (b) in Schedule 5, paragraph 11; and

• (c) in Schedule 7, in Part 1, the entries relating to the Insurance Companies Act 1982 and the Banking Act 1987 and, in Part 2, the entries relating to the Insurance Companies Act 1982.

Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))

Occupational pension scheme under a trust: power of investment and delegation

150

• (1) Article 34 of the Pensions (Northern Ireland) Order 1995 (power of investment and delegation) is amended as follows—

• (2) For paragraph (3) substitute—

(3) This paragraph applies to a fund manager who, in relation to the investments, may take the decisions in question without contravening the prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (prohibition on carrying on regulated activities unless authorised or exempt).

• (3) In paragraph (5)(b) for the words from “carrying” to “1986)” substitute “the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000)”.

Choice of investments by trustees of occupational pension scheme under a trust: meaning of “proper advice”

151

For paragraph (a) of Article 36(6) of the Pensions (Northern Ireland) Order 1995 (choice of investments: meaning of “proper advice”) substitute—

(a) if the giving of the advice constitutes the carrying on, in the United Kingdom, of a regulated activity (within the meaning of the Financial Services and Markets Act 2000), advice given by a person who may give it without contravening the prohibition imposed by section 19 of that Act (prohibition on carrying on regulated activities unless authorised or exempt);

Restriction on employer-related investments

152

• (1) Article 40 of the Pensions (Northern Ireland) Order 1995 (employer-related investments) is amended as follows.

• (2) In paragraph (2) the definition of “securities” is repealed.

• (3) After that paragraph, insert—

(2A) In paragraph (2)(a) “securities” does not include government or other public securities. (2B) Sub-paragraph (a) of paragraph (2) and paragraph (2A) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Advisers for occupational pension schemes

153

• (1) Article 47 of the Pensions (Northern Ireland) Order 1995 is amended as follows.

• (2) In paragraph (2) the words “(within the meaning of the Financial Services Act 1986)” are repealed.

• (3) After that paragraph insert—

(2A) References in this Article to investments must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Receipts, record and payments: duties of pension trustees and others

154

• (1) Article 49 of the Pensions (Northern Ireland) Order 1995 (receipts, record and payments: duties of pension trustees and others) is amended as follows.

• (2) In paragraph (1) [^f00117], for the words from “at” to the end substitute “with a deposit-taker”.

• (3) Paragraph (1A) [^f00118] is revoked.

• (4) In paragraph (5)[^f00119] for the words from “at” to “1987” substitute “with a deposit-taker”.

• (5) After paragraph (8) [^f00120] insert—

(8A) “Deposit taker” means— (a) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; (b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; (c) the Bank of England or the central bank of a member state other than the United Kingdom; (d) the National Savings Bank; or (e) a municipal bank, that is to say a company which was, immediately before the repeal of the Banking Act 1987, exempted from the prohibition in section 3 of that Act by virtue of section 4(1) of, and paragraph 4 of Schedule 2 to, that Act.” (8B) Paragraph (8A) must be read with— (a) section 22 of the Financial Services and Markets Act 2000; (b) any relevant order under that section; and (c) Schedule 2 to that Act.

Disclosure of information by the Occupational Pensions Regulatory Authority

155

• (1) The table set out in Article 105(1) of the Pensions (Northern Ireland) Order 1995 (power of the Authority to disclose pension information for certain purposes) is amended as follows.

• (2) The entries relating to the following persons are repealed—

• The Treasury;

• The Policyholders Protection Board;

• The Deposit Protection Board;

• The Investor Protection Board;

• The Friendly Societies Commission;

• The Building Societies Commission;

• A person authorised to exercise powers under section 106 of the Financial Services Act 1986;

• A designated agency or transferee body or the competent authority (within the meaning of the Financial Services Act 1986);