delete The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2005
Amends the 2001 Order on carrying on regulated activities by removing 'routine or' from definitions, substituting definitions of 'occupational pension scheme', modifying trustee investment decision requirements to require advice from authorized/exempt persons, and streamlining paragraph 7 cases for who can provide such advice.
Imposes compliance costs on occupational pension trustees by requiring them to obtain advice from narrow categories of authorized persons before making investment decisions. This creates regulatory gatekeepers where none should exist, raising costs for pension schemes and reducing returns for beneficiaries. Such mandatory advice requirements distort the market for financial advice, favor large institutions over independent advisors, and add bureaucratic friction to trustee decision-making. In a competitive global pension market, this Act contributes to driving pension administration business to less regulated jurisdictions.