SCHEDULECONSEQUENTIAL AMENDMENTS

PART 1Amendments to primary legislation

Pension Schemes (Northern Ireland) Act 1993I19

In the Pension Schemes (Northern Ireland) Act 199311—

a

in section 145 (procedure on an investigation), in subsection (6), for paragraph (e) substitute—

e

the Financial Conduct Authority,

ea

the Prudential Regulation Authority,

eb

the Bank of England (acting otherwise than in its capacity as the Prudential Regulation Authority),

b

in section 154A (other disclosures by the Department), in the Table in subsection (1)—

i

in the entry relating to the Bank of England, in the second column, after the word “functions” insert “, apart from its functions as the Prudential Regulation Authority”; and

ii

in the entry relating to the Financial Services Authority, in the first column, for the words “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;

c

in section 175A (insurer and long-term insurance business), in subsection (1)(a), for “Part 4” substitute “Part 4A”; and

d

in section 180 (consultations about other regulations)—

i

in subsection (1), for the words “Financial Services Authority” substitute “appropriate regulator”; and

ii

after that subsection insert—

1A

“The appropriate regulator” means—

a

where the group insurance business to which the regulations relate consists only of activities which are PRA-regulated activities, the Prudential Regulation Authority,

b

where the group insurance business to which the regulations relate consists partly of activities which are PRA-regulated activities and partly of other regulated activities, the Prudential Regulation Authority and the Financial Conduct Authority, or

c

in any other case, the Financial Conduct Authority.

1B

In subsection (1A) “regulated activities” and “PRA-regulated activities” have the same meaning as in the Financial Services and Markets Act 200012.