On 22 April 2022, there was published on the legislation.gov.uk website The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2022 together with an explanatory memorandum.
The statutory instrument:
- Amends the Financial Services and Markets Act 2000 (the Act) so that the FCA will be permitted to make rules in relation to how the Financial Services Compensation Scheme (FSCS) will operate for the pre-paid funeral plans sector.
- Amends the Act relating to the role of insolvency practitioners, such that they are required to co-operate with the FSCS – if so requested – in the event of the failure of a regulated funeral plan provider.
- Makes provision in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to ensure that where a provider agrees to take responsibility for another provider’s funeral plan contracts, that new provider can be deemed to be carrying out those contracts for regulatory purposes.
- Updates the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2021 to provide a transitional regime such that the deadline by which funeral plan providers are required to have obtained FCA authorisation to continue carrying out funeral plan contracts is extended, from 29 July 2022 to 31 October 2022, for firms that meet certain conditions on 29 July in relation to the timing and status of their application for authorisation to the FCA.