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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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8 provisions
Title and introductory text
2024 No. 1239
FINANCIAL SERVICES AND MARKETS
The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024
Made
27th November 2024
Coming into force
1st January 2025
The Treasury make these Regulations in exercise of the powers conferred by sections 22(1) and (5) and 428(3) of, and paragraph 25(1)(a) of Schedule 2 to, the Financial Services and Markets Act 2000, and sections 5(1), 83(1) and (2) of the Financial Services and Markets Act 2023.
In the opinion of the Treasury, one of the effects of these Regulations is that an activity which is not a regulated activity will become a regulated activity.
In accordance with paragraph 26 of Schedule 2 to the Financial Services and Markets Act 2000 and sections 5(3) and 84(5) of the Financial Services and Markets Act 2023, a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.
Propose a change1 Citation, commencement and extent
(1) These Regulations may be cited as the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024.
(2) These Regulations come into force on 1st January 2025.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Propose a change2 Amendment of the Terrorism Act 2000
In Schedule 3A (regulated sector and supervisory authorities) to the Terrorism Act 2000—
(a) in paragraph 1(1), for paragraph (f), substitute—
(f) the activities of an insurance intermediary as defined in article 33B(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, that Order;
;
(b) in paragraph 3(1), omit the definition of “the Insurance Distribution Directive”.
Propose a change3 Amendment of the Proceeds of Crime Act 2002
In Schedule 9 (regulated sector and supervisory authorities) to the Proceeds of Crime Act 2002—
(a) in paragraph 1(1), for paragraph (f), substitute—
(f) the activities of an insurance intermediary as defined in article 33B(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, that Order;
;
(b) in paragraph 3(1), omit the definition of “the Insurance Distribution Directive”.
Propose a change4 Amendment of the Counter-Terrorism Act 2008
In Schedule 7 (terrorist financing and money laundering) to the Counter-Terrorism Act 2008, in paragraph 5(2), for paragraph (e), substitute—
(e) an insurance intermediary as defined in article 33B(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, when it acts in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, that Order;
.
Propose a change5 Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 is amended as follows.
(2) In article 4 (specified activities: general)—
(a) in paragraph (4A), in the words before sub-paragraph (a), omit the words from “, other than” to the end;
(b) in paragraph (5)—
(i) omit the definition of “ancillary insurance intermediary”;
(ii) for the definition of “insurance distribution”, substitute—
“insurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a contract of insurance;
;
(iii) for the definition of “reinsurance distribution”, substitute—
“reinsurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a reinsurance contract.
.
(3) In article 33B (provision of information - contracts of insurance), in paragraph (4)—
(a) for the meaning of “insurance intermediary”, substitute—
“insurance intermediary” means a person, other than an insurance or reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity;
;
(b) for the meaning of “reinsurance intermediary”, substitute—
“reinsurance intermediary” means a person, other than a reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity in relation to a contract of insurance that concerns reinsurance;
.
(4) In article 72B (activities carried on by a provider of relevant goods or services), in paragraph (1)(c)—
(a) in paragraph (i), for “600 euro” substitute “£500”;
(b) in paragraph (ii), for “200 euro” substitute “£175”;
(c) in the words after paragraph (ii), omit the words “sterling or”.
(5) Omit Schedule 4 (relevant text of the Insurance Distribution Directive).
Propose a change6 Amendment of the Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013
(1) The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 is amended as follows.
(2) In article 2 (qualifying provisions: general), in paragraph (2), omit sub-paragraph (l).
(3) In article 3 (qualifying provisions: disciplinary measures)—
(a) in paragraph (2), omit sub-paragraph (o);
(b) in paragraph (3), omit sub-paragraph (m).
(4) In article 5 (qualifying provisions: injunctions and restitution)—
(a) in paragraph (2), omit sub-paragraph (o);
(b) in paragraph (5), omit sub-paragraph (n).
(5) In article 6 (qualifying provisions: fees), in paragraph (2), omit sub-paragraph (q).
Propose a change7 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
In regulation 10(2) (credit institutions and financial institutions) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, in paragraph (f), for the words from “Article 2.5” to “sub-paragraph (b))” substitute “article 33B(4) of the Regulated Activities Order”.
Propose a change