A Treasury consultation paper warns there are no provisions extending the previous Financial Services Act, making the trustees subject to the FSA in relation to the conduct of investment business.
The change is one of several in a biennial tidying-up exercise, which includes relaxing the rules applying to Citizens Advice Bureau and other advice centres and to employers advising their employees on pensions and promoting pension schemes.
Other proposed changes are designed largely to reduce the scope of regulation of promotions, extend regulation to advice to private shareholders during takeovers and maintain the supervision of unauthorised persons during telephone campaigns.
The Treasury is also consulting on giving unauthorised pension fund trustees more freedom on investment decisions provided they have considered appropriate advice and on making advisers subject to disclosure requirements.
The consultation period ends on 28 May.
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