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  1. Point in time
    2007-01-21

PERG 12.6 Practical transitional considerations1

Q29. I am currently operating a SIPP but am not an authorised person. Do I have to become authorised by 6 April 2007 or will there be any transitional arrangements to allow for the possibility that I do not obtain authorisation by that date?

Transitional arrangements have been put in place. The broad effect of these arrangements is that you will be able to benefit from interim authorisation as respects any of the new regulated activities that relate to personal pension schemes pending the final determination of your application. This is provided:

  • you were carrying on the regulated activities, for which you are seeking permission, on or before 1 October 2006; and
  • your application for authorisation was submitted on or before 23 March 2007.

Q30. I am already authorised. Do I need to seek a variation of permission to carry on any of the new regulated activities?

This depends on what activities are covered by your existing permission. If, immediately prior to 6 April 2007, your permission covers any regulated activity that relates to stakeholder pension schemes, you will automatically be granted permission to carry on each such regulated activity in relation to personal pension schemes. This is provided you have not exercised your right to notify the FSA by 23 March 2007 that you do not wish your permission to be extended in this way.

If your existing permission does not cover a regulated activity relating to stakeholder pension schemes, you will need to apply for a variation of permission if you wish to carry on any of the new regulated activities. As with applications for authorisation (see Q29), you will benefit from interim permission provided:

  • you were carrying on the regulated activities, for which you are seeking to vary your permission, on or before 1 October 2006; and
  • your application to vary your permission was submitted on or before 23 March 2007.

Q31. Can I avoid the need to be authorised by becoming an appointed representative of an authorised person?

You cannot be an appointed representative for establishing, operating or winding up a personal pension scheme. But you can be an appointed representative for activities such as advising on or arranging deals in rights under a personal pension scheme.

If you are an appointed representative prior to 6 April 2007 and you intend to carry on any of the new regulated activities, you will need to consider whether your existing agreement with your principal will cover those activities or whether it will need to be amended to do so. You may be an appointed representative of a life office for the purpose of advising on or arranging deals in its investment products and also undertake unregulated activities in relation to personal pension schemes offered by third parties. If those unregulated activities include activities that will become regulated from 6 April 2007, you will need either to become the appointed representative of another appropriately authorised firm or to seek authorisation yourself. This is because an appointed representative of a life office can only undertake regulated activities that arise directly from the life office's insurance business.

Remember also that a person cannot generally be authorised and exempt as an appointed representative at the same time. However, this rule is waived if you obtain interim authorisation to carry on the new regulated activities and wish, pending determination of your application for authorisation, to continue to conduct existing regulated activities as an appointed representative.