Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

PERG 12.4 The application of requirements which implemented EU directives

Do the changes in the scope of regulated activities concerning pension schemes that took effect on 6 April 2007 have any implications for pension scheme trustees or service providers under the UK provisions which implemented the Investment Services Directive or the UK provisions which implemented the Markets in Financial Instruments Directive or the Insurance Distribution Directive?2

In general terms, if a pension scheme trustee or service provider did1 not need to be authorised under the Investment Services Directive prior to 6 April 2007 he should not need to be authorised for carrying on the same activities after that date. This is because rights under a personal pension scheme are not a financial instrument under that2 Directive and establishing, operating or winding up a personal pension scheme is not an investment service under the Directive. This is also2 the case under the Markets in Financial Instruments Directive which replaced2 the Investment Services Directive in late 2007. Guidance on the scope of MIFID as implemented into UK law can be found in PERG 132.

Similarly, a pension scheme trustee or service provider who was1 not subject to regulation under the Insurance Mediation Directive prior to 6 April 2007 will not become subject to regulation purely as result of the changes in regulatory scope that took1 effect on 6 April 2007. Detailed guidance on the application of that Directive (as replaced by the Insurance Distribution Directive)2 to pension scheme trustees and service providers is in Chapters 10.4 and 10.4A of PERG.

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