On 30 June 2022, there was published on the legislation.gov.uk website, The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 together with an explanatory memorandum.
The Order makes certain amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (the RAO). It clarifies the regulatory position of certain credit agreements, detailed in articles 60H and 60HA of the RAO, entered into by high-net worth individuals who have spent at least 183 days in the UK during the continuous period of 365 days ending with the date that the agreement is entered into. The RAO currently provides for a “designated guidance provider” to be exempt from carrying on specified regulated activities where the provider provides pensions guidance under arrangements made with HM Treasury. These providers have been replaced by the Money and Pensions Service (MaPS) and its pensions guidance function. The Order makes amendments to provide for MaPS, and its delivery partners, to be exempt from regulation in specified circumstances when fulfilling MaPS’ pensions guidance function.