(This note is not part of the Order)
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by inserting a new article 52B into the Order.
This provides that providing basic advice to a retail consumer on a stakeholder product is a regulated activity where the consumer is asked questions to assess the suitability of a stakeholder product for him and, if a stakeholder product is assessed to be appropriate for him, a description of that product is discussed with him, a recommendation is given to him and he certifies that he has understood the description and recommendation.
Transitional provision is made for existing Part 4 permissions in respect of the article 53 activity to have effect as from the date the order comes into force as permission also for the article 52B activity.
Supplemental provision is made to include the Article 52B activity in the list of activities for which appointed representatives do not need Part 4 permiss
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