Firms which apply to operate personal pension schemes will be given ‘interim permission', even if their application has not been approved when regulations come into force.
In a Statutory Instrument (SI) laid before Parliament, HM Treasury outlined the amendments to the Financial Services and Markets Act 2000 which mean people operating personal pensions will have to be authorised by the Financial Services Authority (FSA) from 6 April 2007. Article four of the SI allows firms which have applied to the FSA for permission to establish, operate or wind-up a personal pension scheme between October 2006 and March 2007, but whose application is still pending when the regulations come into force, to continue operating as normal. The SI, which has been published b...
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