|
|
| |
| |
|
| |
| |
| |
| For other Amendment(s) see the following page(s):
|
|
| Pension Schemes Bill Committee 85-123 |
|
| |
| |
| |
| | |
| To move the following Schedule— |
|
| | |
| | 1 | The Financial Services and Markets Act 2000 is amended as follows. |
|
| | 2 | After section 333 insert— |
|
| | |
| | |
| | 333A | Introduction and definitions |
|
| | (1) | This Part is about the giving of pensions guidance. |
|
| | (2) | “Pensions guidance” means guidance given for the purpose of helping |
|
| | a member of a pension scheme to make decisions about what to do |
|
| | with the cash balance benefits or other money purchase benefits that |
|
| | may be provided to the member. |
|
| | |
| | “cash balance benefits” has the meaning given by section 152(5) of |
|
| | |
| | “money purchase benefits” has the meaning given by section |
|
| | 152(4) of the Finance Act 2004; |
|
| | “pensions guidance” has the meaning given by subsection (2); |
|
| | “pension scheme” has the meaning given by section 150(1) of the |
|
| | |
|
|
| |
| |
|
| | Giving of pensions guidance |
|
| | 333B | Treasury’s role in relation to pensions guidance |
|
| | (1) | The Treasury must take such steps as they consider appropriate to |
|
| | ensure that people have access to pensions guidance. |
|
| | |
| | (a) | seek to increase awareness of the availability of the guidance; |
|
| | (b) | undertake or commission research relating to the giving of the |
|
| | |
| | 333C | Giving of pensions guidance |
|
| | (1) | The bodies listed in subsection (2) are to give pensions guidance in |
|
| | accordance with arrangements made with the Treasury. |
|
| | |
| | (a) | the Pensions Advisory Service Limited; |
|
| | (b) | the National Association of Citizens Advice Bureaux; |
|
| | (c) | the Scottish Association of Citizens Advice Bureaux; |
|
| | (d) | the Northern Ireland Association of Citizens Advice Bureaux. |
|
| | (3) | The bodies listed in subsection (2) may give pensions guidance by |
|
| | arranging for it to be given by another person (including another listed |
|
| | |
| | (4) | The National Association of Citizens Advice Bureaux, the Scottish |
|
| | Association of Citizens Advice Bureaux and the Northern Ireland |
|
| | Association of Citizens Advice Bureaux may jointly carry out their |
|
| | functions of giving pensions guidance. |
|
| | (5) | The Treasury may by regulations repeal one or more of paragraphs (a) |
|
| | to (d) of subsection (2). |
|
| | (6) | Regulations under subsection (5) may make consequential |
|
| | |
| | 333D | Financial assistance to bodies involved in giving pensions guidance |
|
| | (1) | The Treasury may make grants or loans or give any other form of |
|
| | |
| | (a) | the Pensions Advisory Service Limited; |
|
| | (b) | the Northern Ireland Association of Citizens Advice Bureaux. |
|
| | | (For the power to make grants to the National Association of Citizens |
|
| | Advice Bureaux and the Scottish Association of Citizens Advice |
|
| | Bureaux see section 40A of the Consumers, Estate Agents and Redress |
|
| | |
| | (2) | Any grant, loan or other form of financial assistance under subsection |
|
| | |
| | (a) | is to be made or given for the purpose of enabling the body to |
|
| | carry out its functions under section 333C(1), and |
|
| | (b) | may be made or given subject to such other terms as the |
|
| | Treasury consider appropriate. |
|
| | (3) | Any expenses incurred by the Treasury under this section are to be met |
|
| | out of money provided by Parliament. |
|
|
|
| |
| |
|
| | Designation of guidance providers |
|
| | 333E | Designation of providers of pensions guidance |
|
| | (1) | In this Part “designated guidance provider” means— |
|
| | (a) | the Pensions Advisory Service Limited, |
|
| | (b) | the National Association of Citizens Advice Bureaux, |
|
| | (c) | the Scottish Association of Citizens Advice Bureaux, |
|
| | (d) | the Northern Ireland Association of Citizens Advice Bureaux, |
|
| | |
| | (e) | a person designated by the Treasury as someone who must, in |
|
| | giving pensions guidance, comply with standards set by the |
|
| | |
| | (2) | Before designating a person under subsection (1)(e), the Treasury |
|
| | |
| | |
| | (b) | notify the person to be designated, and |
|
| | (c) | consider any representations made. |
|
| | (3) | The Treasury may revoke a designation under subsection (1)(e). |
|
| | (4) | The Treasury must give notice in writing of a designation under |
|
| | subsection (1)(e) or the revocation of a designation under subsection |
|
| | (3) to the person designated or (as the case may be) the person whose |
|
| | designation has been revoked. |
|
| | (5) | The Treasury must send a copy of a notice given under subsection (4) |
|
| | |
| | (a) | all other designated guidance providers, and |
|
| | |
| | (6) | The Treasury must from time to time publish, in such manner as they |
|
| | consider appropriate, a list of the persons who are designated under |
|
| | |
| | False claims when giving pensions guidance |
|
| | 333F | Offence of falsely claiming to be giving pensions guidance under |
|
| | |
| | (1) | It is an offence for a person who is not giving pensions guidance under |
|
| | arrangements made with the Treasury— |
|
| | (a) | to describe himself (in whatever terms) as a person who is |
|
| | |
| | (b) | to behave, or otherwise hold himself out, in a manner which |
|
| | indicates (or which is reasonably likely to be understood as |
|
| | indicating) that he is doing so. |
|
| | (2) | For the purposes of subsection (1), pensions guidance given by a |
|
| | designated guidance provider is given under arrangements made with |
|
| | |
| | (3) | In proceedings for an offence under this section it is a defence for the |
|
| | accused to show that the accused took all reasonable precautions and |
|
| | exercised all due diligence to avoid committing the offence. |
|
|
|
| |
| |
|
| | (4) | A person guilty of an offence under this section is liable on summary |
|
| | |
| | (a) | in England and Wales, to imprisonment for a term not |
|
| | exceeding 51 weeks or a fine, or both; |
|
| | (b) | in Scotland, to imprisonment for a term not exceeding 12 |
|
| | months or a fine not exceeding level 5 on the standard scale, |
|
| | |
| | (c) | in Northern Ireland, to imprisonment for a term not exceeding |
|
| | 6 months or a fine not exceeding level 5 on the standard scale, |
|
| | |
| | (5) | In relation to an offence committed before section 281(5) of the |
|
| | Criminal Justice Act 2003 comes into force, the reference in |
|
| | subsection (4)(a) to 51 weeks is to be read as a reference to 6 months. |
|
| | (6) | In relation to an offence committed before section 85(1) of the Legal |
|
| | Aid, Sentencing and Punishment of Offenders Act 2012 comes into |
|
| | force, the reference in subsection (4)(a) to a fine is to be read as a |
|
| | reference to a fine not exceeding level 5 on the standard scale. |
|
| | Standards for giving of pensions guidance by designated guidance providers |
|
| | 333G | Standards for giving of pensions guidance by designated guidance |
|
| | |
| | (1) | The FCA must from time to time set standards for the giving of |
|
| | pensions guidance by designated guidance providers. |
|
| | (2) | A failure by a designated guidance provider to comply with a standard |
|
| | set under this section is actionable at the suit of a private person who |
|
| | suffers loss as a result of the failure, subject to the defences and other |
|
| | incidents applying to actions for breach of statutory duty. |
|
| | (3) | In subsection (2) “private person” has the same meaning as in section |
|
| | |
| | (4) | Standards set under this section may provide for subsection (2) not to |
|
| | apply to a failure to comply with a specified provision of the standards. |
|
| | (5) | The procedural provisions of this Act in the first column of the table |
|
| | apply to the setting of standards under this section as if references in |
|
| | those provisions to the making of rules (however expressed) were |
|
| | references to the setting of standards and with the additional |
|
| | modifications in the second column. |
|
| | | | | | | | | | | | Treat the references to a rule- |
| | | | | making instrument as references to |
| | | | | a standard-making instrument. |
| | | | | | | | | | (a) | subsection (1)(a) as if it |
| | | | | | | | | | (b) | subsection (2)(d) as if it |
| | | | | referred to an explanation |
| | | | | | | | | | believing that setting the |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Treat the reference in subsection |
| | | | | (1) to consumers (as defined in |
| | | | | section 425A) as a reference to |
| | | | | recipients of pensions guidance |
| | | | | | | | | | | | |
|
|
|
| |
| |
|
| | 333H | Monitoring of compliance with standards by designated guidance |
|
| | |
| | (1) | The FCA must maintain arrangements for monitoring compliance by |
|
| | designated guidance providers with the standards set under section |
|
| | |
| | (2) | Sections 165 and 167 apply for the purpose of enabling the FCA to |
|
| | monitor compliance but as if— |
|
| | (a) | references to an authorised person or a former authorised |
|
| | person were references to a designated guidance provider or a |
|
| | former designated guidance provider; |
|
| | (b) | section 165(7)(b) to (d) were omitted; |
|
| | (c) | the reference in section 167(5A)(b) to the FCA or the PRA |
|
| | were a reference to the FCA. |
|
| | (3) | Section 175 applies as if a power that the FCA or an investigator has |
|
| | by virtue of subsection (2) were a power under Part 11. |
|
| | (4) | Section 177 applies as if a requirement imposed by virtue of |
|
| | subsection (2) were a requirement imposed under Part 11. |
|
| | (5) | References in a provision of Part 11 to section 165, 167, 175 or 177 |
|
| | include the relevant section as applied with modifications by this |
|
| | |
| | 333I | Failure by designated guidance providers to comply with standards: |
|
| | |
| | (1) | If the FCA considers that a designated guidance provider has failed to |
|
| | comply with a standard set under section 333G the FCA may— |
|
|
|
| |
| |
|
| | (a) | recommend steps that the designated guidance provider might |
|
| | take to prevent the continuance or recurrence of the failure or |
|
| | to make redress to those affected by the failure, and |
|
| | (b) | having made such a recommendation, recommend that the |
|
| | Treasury give a direction under section 333L. |
|
| | (2) | The FCA must publish a recommendation made under subsection |
|
| | (1)(b) unless the FCA considers that to do so— |
|
| | (a) | would be against the public interest, or |
|
| | (b) | would be inappropriate for some other reason. |
|
| | (3) | If the condition in subsection (2)(a) or (b) is satisfied in relation to a |
|
| | recommendation but would not be satisfied if the FCA published part |
|
| | only of the recommendation, the FCA may publish that part. |
|
| | 333J | FCA policy on making recommendations under section 333I |
|
| | (1) | The FCA must prepare and issue a statement of its policy with respect |
|
| | to the making of recommendations under section 333I. |
|
| | (2) | The FCA may at any time alter or replace a statement issued under this |
|
| | |
| | (3) | If a statement issued under this section is altered or replaced, the FCA |
|
| | must issue the altered or replaced statement. |
|
| | (4) | The FCA may issue a statement under this section only with the |
|
| | |
| | (5) | A statement issued under this section must be published by the FCA |
|
| | in the way appearing to the FCA to be best calculated to bring it to the |
|
| | |
| | (6) | The FCA may charge a reasonable fee for providing a person with a |
|
| | |
| | 333K | FCA policy on making recommendations under section 333I: |
|
| | |
| | (1) | Before issuing a statement under section 333J, the FCA must— |
|
| | (a) | consult the Treasury, and |
|
| | (b) | publish a draft of the proposed statement in the way appearing |
|
| | to the FCA to be best calculated to bring it to the attention of |
|
| | |
| | (2) | The draft must be accompanied by notice that representations about |
|
| | the proposal may be made to the FCA within a specified time. |
|
| | (3) | Before issuing the proposed statement, the FCA must have regard to |
|
| | any representations made to it within the specified time. |
|
| | (4) | If the FCA issues the proposed statement it must publish an account, |
|
| | |
| | (a) | the representations made to it within the specified time, and |
|
| | (b) | its response to them. |
|
| | (5) | If the statement differs from the draft published under subsection |
|
| | (1)(b) in a way which is, in the opinion of the FCA, significant, the |
|
| | FCA must (in addition to complying with subsection (4)) publish |
|
| | details of the difference. |
|
|
|
| |
| |
|
| | (6) | The FCA may charge a reasonable fee for providing a person with a |
|
| | copy of a draft published under subsection (1)(b). |
|
| | (7) | This section also applies to a proposal to alter or replace a statement. |
|
| | 333L | Failure by designated guidance providers to comply with standards: |
|
| | |
| | (1) | If the Treasury consider that a designated guidance provider has failed |
|
| | to comply with a standard set under section 333G the Treasury may |
|
| | direct the provider to take such steps as the Treasury consider |
|
| | |
| | (a) | to prevent the continuance or recurrence of the failure; |
|
| | (b) | to make redress to those affected by the failure. |
|
| | (2) | The Treasury may give a direction under subsection (1) only if the |
|
| | FCA has made a recommendation under section 333I(1)(b) (although |
|
| | the terms of the direction need not be the same as that recommended |
|
| | |
| | |
| | (a) | give notice in writing of a direction under subsection (1), and |
|
| | (b) | send a copy of the notice to the FCA. |
|
| | (4) | The notice must inform the designated guidance provider that |
|
| | representations about why the direction should not be published may |
|
| | be made to the Treasury within a specified time. |
|
| | (5) | Once the time specified under subsection (4) has elapsed, the Treasury |
|
| | must publish the direction unless— |
|
| | (a) | the Treasury consider that to do so would be against the public |
|
| | |
| | (b) | having considered representations made by the designated |
|
| | guidance provider within the specified time, the Treasury |
|
| | consider that it would be inappropriate to do so for some other |
|
| | |
| | (6) | If the condition in subsection (5)(a) or (b) is satisfied in relation to a |
|
| | direction but would not be satisfied if the Treasury published part only |
|
| | of the direction, the Treasury may publish that part. |
|
| | (7) | A direction under subsection (1) is enforceable, on an application |
|
| | made by the Treasury, by injunction or, in Scotland, by an order for |
|
| | specific performance under section 45 of the Court of Session Act |
|
| | |
| | 333M | Directions to designated guidance providers under section 333L: |
|
| | relationship with power to revoke a designation |
|
| | (1) | The power conferred by section 333L(1) is exercisable in addition to, |
|
| | or instead of, the power conferred by section 333E(3) to revoke a |
|
| | |
| | (2) | If the power in section 333E(3) is exercised before the power in |
|
| | section 333L(1) the reference in section 333L(1) to a designated |
|
| | guidance provider is to be read as a reference to a person who, at the |
|
| | time of the failure to comply, was a designated guidance provider. |
|
|