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Persons registered under IIA and licensed under FTA or SIA

Financial Advisers (Transitional and Savings Provisions) Regulations

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From 1st October 2002—(a)where the Authority has by that date so notified, in writing, any person who is registered as a direct life insurance broker under Part III of the IIA, and who holds one or more of the licences referred to in regulation 4(a)(i), (iii) or (v), immediately before that date —(i)that person shall be deemed to hold a financial adviser’s licence (referred to in this regulation as a deemed licence) under the Act in respect of the activities authorised by such registration and licence immediately before that date;(ii)any condition or restriction to which that person is subject by virtue of such registration and licence immediately before that date shall, to the extent that it is consistent with the provisions of the Act, be deemed to be a condition or restriction to which the deemed licence is subject;(iii)unless otherwise notified in writing by the Authority, that person shall be entitled to carry on the activities authorised by such registration and licence immediately before that date until the date of expiry of the deemed licence;(iv)for the purpose of sub-paragraph (iii), the date of expiry of the deemed licence shall, unless otherwise notified in writing by the Authority, be the date of expiry of the licence referred to in regulation 4(a)(i), (iii) or (v) held by that person or, where that person holds more than one such licence, the date of expiry of the last of such licences to expire; and(v)regulation 4(d) to (j) shall, with the necessary modifications, apply to that person;(b)any individual who, immediately before 1st October 2002, is a broking staff carrying on direct life insurance broking activities on behalf of a person referred to in paragraph (a) shall, if the individual does not hold a representative’s licence under the FTA or SIA immediately before that date, be deemed to hold a representative’s licence under the Act to provide financial advisory services in respect of life policies —(i)for a period of 3 months from 1st October 2002; or(ii)where an application for a representative’s licence under the Act is made by the individual within 3 months from 1st October 2002, until the date on which the licence is granted to that individual or the application is refused or withdrawn,whichever is the later; and(c)without prejudice to the application of regulation 4 to any representative of a person referred to in paragraph (a), such representative shall be entitled to continue with any direct life insurance broking activity as he may have carried on immediately before 1st October 2002 for as long as he is deemed to be licensed under the Act in respect of the activities authorised by his representative’s licence under the FTA or SIA, as the case may be.

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