The Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021

Made: 29th March 2021

The Secretary of State for Work and Pensions, in exercise of the powers conferred by section 37(5) and (9)(a)(i) of the Financial Guidance and Claims Act 2018[^f00001], makes the following Regulations.

Citation

1

These Regulations may be cited as the Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021.

Commencement

2

The following provisions of the Financial Guidance and Claims Act 2018 come into force on 6th April 2021—

• (a) section 1(6) (the consumer financial education body); and

• (b) the following provisions in Schedule 3 (minor and consequential amendments relating to Part 1) and section 25 (minor and consequential amendments) so far as it relates to them—

• (i) paragraph 8;

• (ii) paragraph 12;

• (iii) paragraph 15;

• (iv) paragraph 22;

• (v) paragraph 25;

• (vi) paragraph 26;

• (vii) paragraph 27; and

• (viii) paragraph 29.

Signed

Signed by the authority of the Secretary of State for Work and Pensions

Guy Opperman — Parliamentary Under Secretary of State — Department for Work and Pensions — 29th March 2021

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations bring into force the specified provisions in Part 1 of the Financial Guidance and Claims Act 2018 (c. 10) (“the 2018 Act”) on the 6th April 2021.

Regulation 2 brings into force various paragraphs of Schedule 3 to the 2018 Act, which make minor and consequential amendments to the Financial Services and Markets Act 2000 (c. 8), the Financial Services Act 2010 (c. 28) and the Financial Services Act 2012 (c. 21). The effect of the provisions in regulation 2 is the dissolution of the Consumer Financial Education Body whose functions have been transferred to the Single Financial Guidance Body established under section 1(1) of the 2018 Act.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.

A full impact assessment has been produced in relation to the provisions of the 2018 Act, including the provisions that are commenced by these Regulations, and a copy is available at http://www.legislation.gov.uk/ukpga/2018/10/resources. A hard copy of this impact assessment can be obtained from Private Pensions, Projects and Guidance, Department for Work and Pensions, Floor 1, Caxton House, 6 – 12 Tothill Street, London, SW1H 9NA.

Footnotes

[^f00001]: 2018 c. 10.