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
5designation.

(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.

(3) 10Subsection (1) does not limit the grounds on which the power in
section 333E(3) may be exercised.

FCA’s duties and power to give guidance

333N FCA’s duties

(1) The FCA must discharge its general pensions guidance functions
15with a view to securing an appropriate degree of protection for
recipients of pensions guidance from designated guidance
providers.

(2) In discharging its general pensions guidance functions the FCA must
have regard to—

(a) 20its strategic and operational objectives in section 1B(2) and
(3), and

(b) the regulatory principles in section 3B.

(3) In this section the FCA’s “general pensions guidance functions”
means its functions of—

(a) 25setting standards under section 333G,

(b) issuing statements under section 333J,

(c) giving general guidance under section 333O (see section
333O(9)),

(d) making rules under section 333P, and

(e) 30determining the general policy and principles by reference to
which it performs particular functions under this Part.

333O Power of the FCA to give guidance

(1) The FCA may give guidance consisting of such information and
advice relating to its functions under sections 333G, 333H, 333I, 333J
35and 333P as it considers appropriate.

(2) Subsection (3) applies where the FCA proposes to give guidance to
designated guidance providers generally, or to a class of designated
guidance providers, in relation to standards set under section 333G
or rules made under section 333P.

(3) 40Where this subsection applies, subsections (1)(b), (2)(e) and (3) of
section 138I apply to the proposed guidance as they apply to
proposed rules, unless the FCA considers that the delay in
complying with those provisions would be prejudicial to the
interests of recipients of pensions guidance from designated
45guidance providers.

(4) The FCA may—

(a) publish its guidance,

(b) offer copies of its published guidance for sale at a reasonable
price, and

(c) 5if it gives guidance in response to a request made by any
person, make a reasonable charge for that guidance.

(5) On giving any general guidance, the FCA must give written notice to
the Treasury without delay.

(6) If the FCA alters any of its general guidance, it must give written
10notice to the Treasury without delay.

(7) The notice under subsection (6) must include details of the alteration.

(8) If the FCA revokes any of its general guidance, it must give written
notice to the Treasury without delay.

(9) In this section “general guidance” means guidance given by the FCA
15under this section which is—

(a) given to persons generally, to designated guidance providers
generally or to a class of designated guidance provider,

(b) intended to have continuing effect, and

(c) given in writing or other legible form.

20Funding of pensions guidance

333P Funding of FCA’s pensions guidance costs

(1) For the purpose of meeting the FCA’s pensions guidance costs the
FCA must make rules requiring designated guidance providers, or
any specified class of designated guidance provider, to pay to the
25FCA specified amounts or amounts calculated in a specified way.

(2) Before the FCA publishes a draft of the rules it must consult the
Treasury.

(3) The amounts to be paid under the rules may include a component—

(a) to cover the expenses of the FCA in collecting the payments;

(b) 30to enable the FCA to maintain an adequate reserve.

(4) In this section the “FCA’s pensions guidance costs” means the
expenses incurred, or expected to be incurred, by the FCA in
connection with the carrying out of the functions conferred on it by
this Part other than by section 333Q.

333Q 35Funding of Treasury’s pensions guidance costs

(1) The Treasury must, from time to time, notify the FCA of the amount
of the Treasury’s pensions guidance costs.

(2) Having been so notified, the FCA must make rules requiring
authorised persons, or any specified class of authorised person, to
40pay to the FCA specified amounts or amounts calculated in a
specified way with a view to recovering the amount notified under
subsection (1).

(3) The amounts to be paid under the rules may include a component to
cover the expenses of the FCA in collecting the payments (“collection
costs”).

(4) Before the FCA publishes a draft of the rules it must consult the
5Treasury.

(5) The rules may be made only with the consent of the Treasury.

(6) The Treasury may notify the FCA of matters that they will take into
account when deciding whether or not to give consent for the
purposes of subsection (5).

(7) 10The FCA must have regard to any matters notified under subsection
(6) before publishing a draft of rules to be made under this section.

(8) The FCA must pay to the Treasury the amounts that it receives under
rules made under this section apart from amounts in respect of its
collection costs (which it may keep).

(9) 15The Treasury must pay into the Consolidated Fund the amounts
received by them under subsection (8).

(10) In this section the “Treasury’s pensions guidance costs” means the
expenses incurred, or expected to be incurred, by the Treasury—

(a) in giving pensions guidance or arranging for it to be given by
20designated guidance providers,

(b) in meeting the expenses of designated guidance providers
incurred in connection with the giving of the guidance
(including expenses incurred by virtue of sections 333G(2),
333L and 333P), whether by means of the power conferred by
25section 333D or otherwise,

(c) in providing services to designated guidance providers to
support them in giving the guidance,

(d) in increasing awareness of the availability of the guidance,

(e) in undertaking or commissioning research relating to the
30giving of the guidance, and

(f) otherwise in connection with the carrying out of its functions
under section 333B.

(11) The Treasury may by regulations amend the definition of the
“Treasury’s pensions guidance costs” in subsection (10).”

3 35In section 1B (the FCA’s general duties), after subsection (7) insert—

“(7A) The FCA’s general functions do not include its general pensions
guidance functions (see section 333N(3)).”

4 After section 137FA insert—

“137FB FCA general rules: disclosure of information about the availability of
40pensions guidance

(1) The FCA must make general rules requiring information about the
availability of pensions guidance to be given by the trustees or
managers of a relevant pension scheme to members of the scheme
with a right or entitlement to cash balance benefits or other money
45purchase benefits.

(2) Before the FCA publishes a draft of any rules to be made by virtue of
this section, it must consult—

(a) the Secretary of State, and

(b) the Treasury.

(3) 5In determining what provision to include in the rules, the FCA must
have regard to any regulations that are for the time being in force
under section 113 of the Pension Schemes Act 1993 concerning the
giving of information about the availability of pensions guidance to
members of pension schemes with a right or entitlement to cash
10balance benefits or other money purchase benefits.

(4) In this section—

• “cash balance benefits” has the meaning given by section 152(5)
  of the Finance Act 2004;

• “money purchase benefits” has the meaning given by section
  15152(4) of the Finance Act 2004;

• “pensions guidance” means pensions guidance given by virtue
  of Part 20A;

• “relevant pension scheme” means a pension scheme set up by a
  person with permission under this Act to establish—

  (a)

  20a personal pension scheme within the meaning of an
  order under section 22, or

  (b)

  a stakeholder pension scheme within the meaning of
  such an order.”

5 In section 138I (rules: consultation by the FCA)—

(a) 25in subsection (6) (exemption from requirement to carry out a cost
benefit analysis), after paragraph (a) insert—

“(aa) section 137FB;”;

(b) in that subsection, after paragraph (c) insert—

“(ca) section 333P;

(cb) 30section 333Q;”;

(c) in subsection (10) (rules to which requirement to consult the PRA
does not apply), after “apply to” insert “—

(a) rules made by the FCA under section 137FB, 333P or
333Q, or

(b)”.

6 In section 139A (power of the FCA to give guidance), after subsection (1)
insert—

“(1A) The FCA may not give guidance under this section relating to its
functions under sections 333G, 333H, 333I, 333J and 333P (see section
40333O for provision about the giving of guidance relating to these
functions).”

7 In section 140A (competition scrutiny: interpretation), in subsection (1), in
paragraph (a) of the definition of “regulating provisions”—

(a) in sub-paragraph (ii), after “section 139B(5)” insert “or 333O(9)”;

(b) 45after sub-paragraph (iv) insert—

“(v) standards set under section 333G;

(vi) statement issued by the FCA under 333J;”.

8 In section 168 (appointment of persons to carry out investigations in
particular cases), in subsection (2)(a), after “section 24(1)” insert “or 333F”.

9 In section 429 (Parliamentary control of statutory instruments), in subsection
(2) (regulations subject to the affirmative resolution procedure), for “or 262”
5substitute “, 262, 333C or 333Q”.

10 In Schedule 1ZA (the FCA), in paragraph 8 (arrangements for discharging
functions)—

(a) in sub-paragraph (3) (legislative functions that must be exercised by
the FCA acting through its governing body), in paragraph (c)(i), for
10“or 312J” substitute “, 312J or 333J”;

(b) in sub-paragraph (3), after paragraph (d) insert—

“(e) setting standards under section 333G.”

(c) in sub-paragraph (4), after “section 139B(5)” insert “or 333O(9)”.

11 In that Schedule, in paragraph 11 (annual report), in sub-paragraph (1)
15(matters to be covered in the report), after paragraph (ha) insert—

“(hb) how, in its opinion, it has complied with its duties in
section 333N,”.

12 In that Schedule, in paragraph 23 (fees)—

(a) in sub-paragraph (1), in the opening words, after “of this Act” insert
20“other than sections 333P and 333Q”;

(b) in sub-paragraph (1)(a), after “functions” insert “, other than its
excepted functions,”;

(c) in sub-paragraph (2)(a), after “(ca)” insert “but not its excepted
functions”;

(d) 25after sub-paragraph (2) insert—

“(2ZA) The “excepted functions” of the FCA are—

(a) its functions under sections 333E to 333P, and

(b) its functions under section 333Q so far as relating to
the collection of payments.”

13 30In section 85 of the Financial Services Act 2012 (relevant functions in relation
to scheme for investigating complaints against FCA and other regulators), in
subsection (4) (legislative functions of the FCA that are excluded)—

(a) in paragraph (c)(i), for “or 312J” substitute “, 312J or 333J”;

(b) in paragraph (e), after “139B(5)” insert “or 333O(9)”;

(c) 35after paragraph (e) insert—

“(f) setting standards under section 333G of FSMA 2000.”

14 (1) For the purpose of the exercise of a function conferred by a provision listed
in the first column of the table, a consultation requirement listed in the
corresponding entry in the second column may be satisfied by things done
40before the day on which this Act is passed.

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

(a) 20the consultation requirement in section 138I of FSMA may be treated
as satisfied by virtue of sub-paragraph (1) even if the draft is not
accompanied by—

(i) a cost benefit analysis, or

(ii) an explanation of the Financial Conduct Authority’s reasons
25for believing that setting the proposed standards would
secure an appropriate degree of protection for recipients of
pensions guidance from designated guidance providers, and

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

(i) 30a cost benefit analysis within the meaning of section 138I of
that Act even if the conditions in subsection (5) of section 138I
are not satisfied, and

(ii) an explanation of the Financial Conduct Authority’s reasons
for believing that setting the standards will secure an
35appropriate degree of protection for recipients of pensions
guidance from designated guidance providers.

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

(4) 40Where before the day on which this Act is passed the Financial Conduct
Authority publishes a draft of proposed rules requiring information about
the availability of pensions guidance to be given by the trustees or managers
of a relevant pension scheme to members of the scheme with a right or
entitlement to cash balance benefits or other money purchase benefits, the
45consultation requirement in section 137FB(2) of FSMA may be treated as

satisfied by virtue of sub-paragraph (1) even if the only consultation before
publication was with the Treasury.

(5) In this paragraph—

• “consultation requirement” includes—

  (a)

  5a requirement to publish a draft;

  (b)

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

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

15 Expenses incurred by the Financial Conduct Authority before the day on
which this Act is passed in anticipation of the conferral of functions on it by
10virtue of the amendments made by this Schedule are to be treated as if they
had been incurred on or after that day.

Section 45

SCHEDULE 5 Pension scheme for fee-paid judges: consequential amendments

Pensions (Increase) Act 1971 (c. 56)Pensions (Increase) Act 1971 (c. 56)

1 15The Pensions (Increase) Act 1971 is amended as follows.

2 In section 19(2)(a) (extent to Northern Ireland)—

(a) after “or section” insert “18A or”, and

(b) after “section 10 of that Act” insert “or provision made under section
18A of that Act that is corresponding or similar to the provision that
20may be made by regulations under section 10 of that Act”.

3 In Schedule 2 (official pensions), after paragraph 4A insert—

“4AA A pension payable under a scheme made under section 18A of the
Judicial Pensions and Retirement Act 1993, other than a pension
payable under or by virtue of provision that is corresponding or
25similar to the provision that may be made by regulations under
section 10 of that Act.”

Judicial Pensions and Retirement Act 1993 (c. 8)Judicial Pensions and Retirement Act 1993 (c. 8)

4 The Judicial Pensions and Retirement Act 1993 is amended as follows.

5 In section 22 (application of the Pensions (Increase) Act 1971 to Northern
30Ireland), in subsection (2)—

(a) after “shall include” insert “—

(a)”;

(b) at the end insert “; and

(b) pensions payable under a scheme made under section
3518A above, other than pensions payable under or by
virtue of provision that is corresponding or similar to
the provision that may be made by regulations under
section 10 above.”

6 (1) Section 28 (funding arrangements) is amended as follows.,

(2) 40In subsection (2) (benefits payable out of money provided by Parliament),

after paragraph (a) (but before the “and” at the end) insert—

“(aa) any pension or other benefits payable under a scheme made
under section 18A above;”.

(3) In subsection (7), for “section 10 above” substitute “—

(a) 5section 10 above, or

(b) provision made under section 18A above that is
corresponding or similar to the provision that may be made
by regulations under section 10 above.”

7 In section 28A (contributions in respect of Northern Ireland judges), at the
10end insert “or as a fee-paid judge in Northern Ireland (within the meaning
given by section 18A)”.