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Economic Secretary Ivan Lewis announced the introduction late last week of a new FSA-regulated activity related to the operation of personal pension schemes.
The Economic Secretary Ivan Lewis announced on 23 March 2006 the introduction of a new FSA regulated activity related to the operation of personal pension schemes. The Government will be amending the Financial Services and Markets Act (FSMA) Regulated Activities Order to include a new activity of ‘establishing, operating or winding up' a personal pension scheme. This will then become the basis on which persons are eligible under tax law to establish non-occupational registered pension schemes.
“We are pleased that the government has chosen to level the playing field and allow asset managers and fund platforms to establish pension schemes directly without setting up life company vehicles,” said Richard Saunders, chief executive of the Investment Management Association.
The FSA will now need to carry out their own consultation on the detailed implementation of the new regulated activity and changes to their rulebook.