UK Act of Parliament 2018 c. 10 United Kingdom

Financial Guidance and Claims Act 2018

Read the Act on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Imprisonment 1 of 18 obligations carry imprisonment (12 months). 17 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person4 Trustee1

Plus 13 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trustee — also bound by 104 other Acts
Charities Act 2011 27 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Financial Guidance etc

10 of 27 sections shown
s.002 Objectives (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Single financial guidance body must follow statutory objectives when providing financial guidanceStatutory regulator
s.003 Functions (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Provide free and impartial financial guidance and advice to the publicCrown / Minister / Government department
s.004 Specific requirements as to the pensions guidance function (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Single financial guidance body must provide pensions guidance to scheme membersCrown / Minister / Government department
s.004 Specific functions included in the pensions guidance function Regulated
Other duties (1) — Crown / regulator
  • Single Financial Guidance Body must provide a pensions dashboard serviceCrown / Minister / Government department
s.009 Setting standards (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Set standards for pensions, debt advice, and money guidance servicesCrown / Minister / Government department
s.010 Monitoring and enforcement of standards (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • FCA must review financial guidance standards every three yearsStatutory regulator
s.015 False claims about provision of information etc (opens in a new tab) Imprisonment
  • Falsely claim to be acting for the single financial guidance bodyAny Person
s.019 Occupational pension schemes: requirements to refer members to guidance etc (opens in a new tab) Regulated
  • Refer pension scheme members to guidance before transfers or benefitsTrustee
s.020 FCA general rules: information about the availability of guidance (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • FCA must make rules requiring authorised persons to provide financial guidance informationStatutory regulator
s.023 Power to dissolve the single financial guidance body (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Secretary of State must review and potentially dissolve the single financial guidance body following public consultationCrown / Minister / Government department
17 other sections in this Part — procedural and definitional
s.001 The single financial guidance body (opens in a new tab)
s.005 Delegation of functions to delivery partner organisations (opens in a new tab)
s.006 Debt respite scheme: advice to the Secretary of State (opens in a new tab)
s.007 Debt respite scheme: regulations (opens in a new tab)
s.008 Guidance and directions from the Secretary of State (opens in a new tab)
s.011 Financial assistance from the Secretary of State (opens in a new tab)
s.012 Levies under Pension Schemes Act 1993 and Pension Schemes (NI) Act 1993 (opens in a new tab)
s.013 Levy under FSMA 2000 for expenses of single financial guidance body (opens in a new tab)
s.014 Levy under FSMA 2000 for debt advice expenses of devolved authorities (opens in a new tab)
s.016 Offences under section 15 committed by bodies corporate etc (opens in a new tab)
s.017 Disclosure of information (opens in a new tab)
s.018 Personal pension schemes: requirements to refer members to guidance etc (opens in a new tab)
s.021 Unsolicited direct marketing: pensions (opens in a new tab)
s.022 Unsolicited direct marketing: other consumer financial products etc (opens in a new tab)
s.024 Regulations dissolving the new single financial guidance body: procedure (opens in a new tab)
s.025 Minor and consequential amendments (opens in a new tab)
s.026 Interpretation of Part 1 (opens in a new tab)
Part 2

Claims Management Services

3 of 9 sections shown
s.030 PPI claims: interim restriction on charges before transfer of regulation to FCA (opens in a new tab) Regulated
  • Do not charge PPI claimants more than the fee capAny Person
s.031 PPI claims: interim restriction on charges imposed by authorised persons after transfer of regulation to FCA (opens in a new tab) Regulated
  • Do not charge PPI claim customers more than the capped feeAny Person
s.032 PPI claims: interim restriction on charges imposed by legal practitioners after transfer of regulation to FCA (opens in a new tab) Regulated
  • Do not charge PPI claimants more than the fee capAny Person
6 other sections in this Part — procedural and definitional
s.027 Transfer to FCA of regulation of claims management services (opens in a new tab)
s.028 Power of FCA to make rules restricting charges for claims management services (opens in a new tab)
s.029 PPI claims and charges for claims management services: general (opens in a new tab)
s.033 Legal services regulators' rules: charges for claims management services (opens in a new tab)
s.034 Extension of power of the Law Society of Scotland to make rules (opens in a new tab)
s.035 Cold calling about claims management services (opens in a new tab)
Part 3

General

0 of 3 sections shown
3 other sections in this Part — procedural and definitional
s.036 Extent (opens in a new tab)
s.037 Commencement (opens in a new tab)
s.038 Short title (opens in a new tab)
Schedules

Schedules

5 of 93 shown
s.sch001 (1) The single financial guidance body may regulate its own... Regulated
Other duties (1) — Crown / regulator
  • Manage conflicts of interest, publish procedures, and keep recordsStatutory regulator
s.sch001 (1) Before appointing a person to be a non-executive member,... Regulated
Other duties (1) — Crown / regulator
  • Secretary of State must ensure no conflict of interest before appointing non-executive membersCrown / Minister / Government department
s.sch001 (1) Before the date on which the single financial guidance... Regulated
Other duties (1) — Crown / regulator
  • Secretary of State must appoint chief executive and executive members before launchCrown / Minister / Government department
s.sch004 The OLC must provide the Treasury and the Lord Chancellor... Regulated
Other duties (1) — Crown / regulator
  • OLC must provide information and assistance to Treasury and Lord ChancellorCrown / Minister / Government department
s.sch005 Where a regulated claims management activity order is made which... Regulated
Other duties (1) — Crown / regulator
  • FCA must reimburse OLC for costs of dealing with complaints under regulated claims management activity ordersStatutory regulator
88 other schedules
s.sch001 (1) The single financial guidance body is not to be...
s.sch001 (1) The single financial guidance body may delegate any function...
s.sch001 A defect in appointment does not affect the validity of...
s.sch001 (1) The application of the single financial guidance body's seal...
s.sch001 (1) As soon as reasonably practicable after the end of...
s.sch001 (1) The single financial guidance body is to consist of—...
s.sch001 (1) The non-executive members hold and vacate office in accordance...
s.sch001 (1) The single financial guidance body may—
s.sch001 (1) The executive members are to be employees of the...
s.sch001 The single financial guidance body may appoint other employees on...
s.sch001 (1) The single financial guidance body may—
s.sch002 (1) The Secretary of State may make one or more...
s.sch002 (1) A scheme under this Schedule may, in particular, make...
s.sch002 (1) The Secretary of State may modify a scheme made...
s.sch002 A scheme may— (a) contain incidental, supplementary and consequential provisions;...
s.sch003 In Schedule 1 to the Public Records Act 1958 (definition...
s.sch003 In section 1S (reviews), in subsection (3) omit the words...
s.sch003 In section 3R (arrangements for provision of services), in subsection...
s.sch003 Omit section 3S (the consumer financial education body).
s.sch003 In section 138F (notification of rules), in subsection (2) (exceptions...
s.sch003 (1) Section 138I (consultation on rules by FCA) is amended...
s.sch003 In section 138J (consultation on rules by PRA), in subsection...
s.sch003 In section 139A (power of FCA to give guidance), omit...
s.sch003 In section 140A (competition scrutiny: interpretation), in subsection (1), in...
s.sch003 In section 168 (appointment of persons to carry out investigations),...
s.sch003 Omit Part 20A (sections 333A to 333R; pensions guidance).
s.sch003 In Schedule 2 to the Parliamentary Commissioner Act 1967 (departments...
s.sch003 In section 429 (Parliamentary control of statutory instruments), in subsection...
s.sch003 (1) Schedule 1ZA (the Financial Conduct Authority) is amended as...
s.sch003 Omit Schedule 1A (further provision about the consumer financial education...
s.sch003 In Part 6 of Schedule 1 to the Freedom of...
s.sch003 In Part 1 of Schedule 19 to the Equality Act...
s.sch003 The Financial Services Act 2010 is amended as follows.
s.sch003 In section 2 (enhancing public understanding of financial matters etc),...
s.sch003 Omit Schedule 1 (further provision about the consumer financial education...
s.sch003 The Financial Services Act 2012 is amended as follows.
s.sch003 Omit section 45 and Schedule 15 (the consumer financial education...
s.sch003 In Part 2 of Schedule 1 to the House of...
s.sch003 In section 85 (relevant functions in relation to complaints scheme)—...
s.sch003 In Schedule 3 to the Pension Schemes Act 2015 (pensions...
s.sch003 In the Bank of England and Financial Services Act 2016,...
s.sch003 In Part 2 of Schedule 1 to the Northern Ireland...
s.sch003 The Financial Services and Markets Act 2000 is amended as...
s.sch003 In section 1A(6) (functions of the FCA), after paragraph (c)...
s.sch003 In section 1B (FCA's general duties), omit subsection (7A).
s.sch003 In section 1C (the consumer protection objective), in subsection (2),...
s.sch003 In section 1M (FCA's general duty to consult), omit the...
s.sch004 This Schedule applies if the Treasury make an order under...
s.sch004 Subject to paragraph 11, the Secretary of State may, with...
s.sch004 A modification relating to a transfer that has taken effect...
s.sch004 A modification takes effect from such date as the Secretary...
s.sch004 The OLC may make one or more schemes for the...
s.sch004 A scheme made under paragraph 13 is not to be...
s.sch004 The OLC may not submit a scheme to the Treasury...
s.sch004 Paragraph 17 applies if the OLC fails to make a...
s.sch004 The Lord Chancellor may, with the approval of the Treasury,...
s.sch004 Paragraph 18 is subject to any express restriction on disclosure...
s.sch004 In this Schedule— “the data protection legislation” has the same...
s.sch004 The following provisions of this Part of this Schedule apply...
s.sch004 The property, rights and liabilities which are the subject of...
s.sch004 The property, rights and liabilities that may be the subject...
s.sch004 (1) A transfer scheme may— (a) provide for anything done...
s.sch004 A transfer scheme may— (a) contain supplementary, incidental and consequential...
s.sch004 Subject to paragraphs 26 to 28, the OLC may modify...
s.sch004 A modification relating to a transfer that has taken effect...
s.sch004 A modification is not to be capable of coming into...
s.sch004 The OLC may not submit a scheme to the Treasury...
s.sch004 A modification takes effect from such date as the OLC...
s.sch004 The Secretary of State may, with the consent of the...
s.sch004 The following provisions of this Part of this Schedule apply...
s.sch004 The property, rights and liabilities which are the subject of...
s.sch004 The property, rights and liabilities that may be the subject...
s.sch004 For the purpose of paragraph 6(b)— (a) an individual who...
s.sch004 (1) A transfer scheme may— (a) provide for anything done...
s.sch004 A transfer scheme may— (a) contain supplementary, incidental and consequential...
s.sch005 Part 11 of the Financial Services and Markets Act 2000...
s.sch005 The Regulator may disclose to the FCA or the FOS...
s.sch005 Section 244 of the Enterprise Act 2002 (considerations relevant to...
s.sch005 The OLC may disclose to the FOS or the FCA...
s.sch005 In this Schedule— “the FCA” means the Financial Conduct Authority;...
s.sch005 A person falls within this paragraph if the person—
s.sch005 A person falls within this paragraph if the person—
s.sch005 The FCA may, before the making of a regulated claims...
s.sch005 Paragraphs 6 and 7 apply in connection with the making...
s.sch005 Any requirement imposed on the FCA— (a) to publish a...
s.sch005 Section 138I of the Financial Services and Markets Act 2000...
s.sch005 After the making of a regulated claims management activity order,...
s.sch005 The rules may be modified by the FCA.

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.