Do pension scheme trustees or service providers provide investment services and how do the UK provisions which implemented the Insurance Distribution Directive affect them?
Rights under a personal pension scheme are not a financial instrument and establishing, operating or winding up a personal pension scheme is not an investment service and/or activity. Therefore, a pension scheme trustee or service provider acting as such is not necessarily a MiFID investment firm. Guidance on financial instruments, investment services and/or activities and MiFID investment firm can be found in PERG 13. PERG 10.4A (The application of the definition of investment firm and of requirements which implemented EU directives) also has relevant material.
Similarly, a pension scheme trustee or service provider who was not subject to regulation under the Insurance Mediation Directive prior to 6 April 2007 will not become subject to regulation purely as result of the changes in regulatory scope that took effect on 6 April 2007. Detailed guidance on the application of that Directive (as replaced by the Insurance Distribution Directive) to pension scheme trustees and service providers is in Chapters 10.4 and 10.4A of PERG.