13 March 2012
Categories:
Legislation
Exempts BIS (Postal Services Act 2011) Company Limited in relation to the regulated activities listed in the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201, art 5(1).
This company has been set up to receive the assets of the Royal Mail Pension Plan in order to relieve Royal Mail of its pension deficit. Because BIS (Postal Services Act 2011) Company Limited is wholly owned by BIS and has entirely public sector functions, it is considered that authorisation is unnecessary, that the costs of regulation would be disproportionate
