Session 2010 - 12
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Other Bills before Parliament

Financial Services Bill


Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

296

 

      (2)  

In section 145 (restrictions on disclosure of information), in subsection (2)(c),

for “or the Financial Services Authority” substitute “, the Financial Conduct

Authority or the Prudential Regulation Authority”.

      (3)  

In section 151 (general interpretation), in subsection (1), in the definition of

“securities”, for “section 74(5)” substitute “section 102A(2)”.

5

Pension Schemes Act 1993 (c. 48)

74    (1)  

The Pension Schemes Act 1993 is amended as follows.

      (2)  

In section 149 (procedure on an investigation by the Pensions Ombudsman),

in subsection (6)—

(a)   

for paragraph (e) substitute—

10

“(e)   

the Financial Conduct Authority,

(ea)   

the Prudential Regulation Authority,

(eb)   

the Bank of England,”, and

(b)   

in paragraph (o), for “a body corporate established in accordance

with paragraph 2(1)” substitute “the body corporate mentioned in

15

paragraph 2”.

      (3)  

In section 158A (disclosures by the Secretary of State), in subsection (1), in

the Table, for the entry relating to the Financial Services Authority

substitute—

 

“The Financial Conduct Authority

Any of its functions.

 

20

 

The Prudential Regulation Authority

Any of its functions.”.

 

      (4)  

In section 180A (insurer and long-term insurance business), in subsection

(1)(a), for “Part 4” substitute “Part 4A”.

      (5)  

In section 185 (duty to consult before making regulations)—

(a)   

in subsection (7), for “the Financial Services Authority” substitute

25

“the appropriate regulator”, and

(b)   

after that subsection insert—

“(7A)   

“The appropriate regulator” means—

(a)   

where the group insurance business to which the

regulations relate consists only of activities which are

30

PRA-regulated activities, the Prudential Regulation

Authority,

(b)   

where the group insurance business to which the

regulations relate consists partly of activities which

are PRA-regulated activities and partly of other

35

regulated activities, the Prudential Regulation

Authority and the Financial Conduct Authority, or

(c)   

in any other case, the Financial Conduct Authority.

(7B)   

In subsection (7A) “regulated activities” and “PRA-regulated

activities” have the same meaning as in the Financial Services

40

and Markets Act 2000.”

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

297

 

Finance Act 1994 (c. 9)

75    (1)  

The Finance Act 1994 is amended as follows.

      (2)  

In Schedule 7 (insurance premium tax), in paragraph 28B—

(a)   

in sub-paragraph (1)—

(i)   

for “the Financial Services Authority (“the Authority”)”

5

substitute “a regulator”, and

(ii)   

for “assisting the Authority” substitute “assisting the

regulator”, and

(b)   

in sub-paragraph (2)—

(i)   

for “the Authority”, in the first place, substitute “a regulator”,

10

and

(ii)   

for “the Authority”, in the second place, substitute “the

regulator”.

(c)   

after that sub-paragraph insert—

“(3)   

In this paragraph “regulator” means—

15

(a)   

the Financial Conduct Authority;

(b)   

the Prudential Regulation Authority.”

      (3)  

In Schedule 24 (provisions relating to the Railways Act 1993), in paragraph

19(7), in the definition of “securities”, for “section 74(5)” substitute “section

102A(2)”.

20

Coal Industry Act 1994 (c. 21)

76         

In section 59 of the Coal Industry Act 1994 (information to be kept

confidential), in subsection (3)(b), for “and the Financial Services Authority”

substitute “, the Financial Conduct Authority and the Prudential Regulation

Authority”.

25

Value Added Tax Act 1994 (c. 23)

77         

In Part 2 of Schedule 9 to the Value Added Tax Act 1994 (exemptions:

groups), in Group 5 (finance), in Note (6), in the definitions of “closed-ended

collective investment undertaking” and “individually recognised overseas

scheme”, for “Financial Services Authority” substitute “Financial Conduct

30

Authority”.

Pensions Act 1995 (c. 26)

78    (1)  

The Pensions Act 1995 is amended as follows.

      (2)  

In section 49 (responsibilities of trustees etc.), in subsection (8A)(a), for “Part

4” substitute “Part 4A”.

35

      (3)  

In section 172 (information about public service schemes), in subsection

(1)(a), for “section 150” substitute “section 138D”.

Finance Act 1997 (c. 16)

79         

In section 96 of the Finance Act 1997 (demutualisation of insurance

companies), in subsection (8), in the definition of “general insurance

40

company”, for “Part 4” substitute “Part 4A”.

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

298

 

Social Security (Recovery of Benefits) Act 1997 (c. 27)

80         

In Part 1 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997

(compensation payments: exempted payments), in paragraph 5(2)(a), for

“Part 4” substitute “Part 4A”.

Bank of England Act 1998 (c. 11)

5

81    (1)  

The Bank of England Act 1998 is amended as follows.

      (2)  

In section 17 (power to obtain information), in subsections (3D) and (7)(a),

for “Part 4” substitute “Part 4A”.

      (3)  

Omit—

(a)   

section 21 and the italic heading before it;

10

(b)   

section 23(2);

(c)   

section 24 and the italic heading before it.

      (4)  

In Schedule 2 (cash ratio deposits), in paragraph 1(1A)(c), for “Part 4”

substitute “Part 4A”.

      (5)  

In Schedule 7 (restriction on disclosure of information), in paragraph 3, in

15

the Table—

(a)   

for “Financial Services Authority” substitute “Financial Conduct

Authority or the Prudential Regulation Authority”, and

(b)   

omit the entry relating to the competent authority for the purposes

of Part 6 of the Financial Services Act 2000.

20

Data Protection Act 1998 (c. 29)

82         

In Schedule 7 to the Data Protection Act 1998 (miscellaneous exemptions), in

paragraph 6(3), in the definition of “relevant person”, in paragraph (a), for

“Part IV” substitute “Part 4A”.

Terrorism Act 2000 (c. 11)

25

83    (1)  

The Terrorism Act 2000 is amended as follows.

      (2)  

In Part 2 of Schedule 3A (supervisory authorities), in paragraph 4(1)—

(a)   

for paragraph (c) substitute—

“(c)   

the Financial Conduct Authority;”, and

(b)   

after paragraph (e) insert—

30

“(ea)   

the Prudential Regulation Authority;”.

      (3)  

In Schedule 6 (financial information), in paragraph 6(1)(a), for “Part 4”

substitute “Part 4A”.

Regulation of Investigatory Powers Act 2000 (c. 23)

84         

In Part 1 of Schedule 1 to the Regulation of Investigatory Powers Act 2000

35

(relevant authorities), for paragraph 19 substitute—

“19        

The Financial Conduct Authority.

19A        

The Prudential Regulation Authority.”

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

299

 

Utilities Act 2000 (c. 27)

85         

In section 105 of the Utilities Act 2000 (general restriction on disclosure of

information), in subsection (4)(da), for “or the Financial Services Authority”

substitute “, the Financial Conduct Authority, the Prudential Regulation

Authority or the Bank of England”.

5

Freedom of Information Act 2000 (c. 36)

86         

In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (other public

bodies and offices: general)—

(a)   

omit the entry relating to the Financial Services Authority, and

(b)   

at the appropriate place in each case insert—

10

“The Financial Conduct Authority;”;

“The Prudential Regulation Authority;”.

Criminal Justice and Police Act 2001 (c. 16)

87         

In section 57 of the Criminal Justice and Police Act 2001 (retention of seized

items), in subsection (1)(o), for “section 176(8)” substitute “section 176A”.

15

Anti-terrorism, Crime and Security Act 2001 (c. 24)

88         

In Part 5 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001

(property earmarked as terrorist property), in paragraph 16(6)—

(a)   

for “Financial Services Authority under” substitute “Financial

Conduct Authority, the Prudential Regulation Authority or the Bank

20

of England under or by virtue of”, and

(b)   

omit “of authority”.

Proceeds of Crime Act 2002 (c. 29)

89    (1)  

The Proceeds of Crime Act 2002 is amended as follows.

      (2)  

In section 282 (exemptions), in subsection (3)—

25

(a)   

for “Financial Services Authority” substitute “Financial Conduct

Authority or the Prudential Regulation Authority”, and

(b)   

for “the authority” substitute “it”.

      (3)  

In section 308 (general exceptions), in subsection (7)(a)—

(a)   

for “Financial Services Authority under” substitute “Financial

30

Conduct Authority, the Prudential Regulation Authority or the Bank

of England under or by virtue of”, and

(b)   

omit “of authority”.

      (4)  

In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4(1)—

(a)   

for paragraph (c) substitute—

35

“(c)   

Financial Conduct Authority;” and

(b)   

after paragraph (e) insert—

“(ea)   

Prudential Regulation Authority;”.

Enterprise Act 2002 (c. 40)

90    (1)  

The Enterprise Act 2002 is amended as follows.

40

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

300

 

      (2)  

In section 213 (enforcers), in subsection (5A)(c), for “Financial Services

Authority” substitute “Financial Conduct Authority”.

      (3)  

In Schedule 14 (specified functions), in the entry relating to the Financial

Services and Markets Act 2000, for “Chapter 3 of Part 10 and Chapter 2 of

Part 18” substitute “Chapter 4 of Part 9A”.

5

Nationality, Immigration and Asylum Act 2002 (c. 41)

91         

In section 135 of the Nationality, Immigration and Asylum Act 2002

(financial institution to provide information), in subsection (2)(a), for “Part

4” substitute “Part 4A”.

Income Tax (Earnings and Pensions) Act 2003 (c. 1)

10

92    (1)  

The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

      (2)  

In Part 4 of Schedule 2 (approved share incentive plans: types of shares that

may be awarded), in paragraph 30(3)—

(a)   

for “competent authority for listing” substitute “Financial Conduct

Authority”, and

15

(b)   

for “section 74(4)” substitute “section 73A”.

      (3)  

In Part 4 of Schedule 3 (approved SAYE option schemes: applicable shares),

in paragraph 21(5)—

(a)   

for “competent authority for listing” substitute “Financial Conduct

Authority”, and

20

(b)   

for “section 74(4)” substitute “section 73A”.

      (4)  

In Part 4 of Schedule 4 (approved CSOP schemes: applicable shares), in

paragraph 19(5)—

(a)   

for “competent authority for listing” substitute “Financial Conduct

Authority”, and

25

(b)   

for “section 74(4)” substitute “section 73A”.

Finance Act 2003 (c. 14)

93         

In section 63 of the Finance Act 2003 (demutualisation of insurance

company), in subsection (7), in the definition of “general insurance

company”, for “Part 4” substitute “Part 4A”.

30

Health and Social Care (Community Health and Standards) Act 2003 (c. 43)

94         

In Schedule 10 to the Health and Social Care (Community Health and

Standards) Act 2003 (recovery of NHS charges (exempted payments)), in

paragraph 4(2)(a), for “Part 4” substitute “Part 4A”.

Finance Act 2004 (c. 12)

35

95         

In Part 1 of Schedule 28 to the Finance Act 2004 (pension rules), in paragraph

14(3)(a), for Financial Services Authority” substitute “Financial Conduct

Authority or the Prudential Regulation Authority”.

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

301

 

Energy Act 2004 (c. 20)

96         

In Part 4 of Schedule 20 to the Energy Act 2004 (modifications of Insolvency

Act 1986), in paragraph 42(3), for “administration applications by Financial

Services Authority” substitute “administration order”.

Fire and Rescue Services Act 2004 (c. 21)

5

97         

In section 35 of the Fire and Rescue Services Act 2004 (provision of

information in connection with pensions), in subsection (2)(a), for “section

150” substitute “section 138D”.

Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)

98         

In section 14 of the Companies (Audit, Investigations and Community

10

Enterprise) Act 2004 (supervision of accounts and reports of issuers of listed

securities), in subsections (2)(b) and (7)(b), for “Financial Services Authority”

substitute “Financial Conduct Authority”.

Pensions Act 2004 (c. 35)

99    (1)  

The Pensions Act 2004 is amended as follows.

15

      (2)  

In section 115 (borrowing), in subsection (3), in the definition of “deposit-

taker”, for “Part 4” substitute “Part 4A”.

      (3)  

In Schedule 3 (disclosure of restricted information by the Pensions

Regulator), in the Table—

(a)   

for the entry relating to the Financial Services Authority substitute—

20

 

“The Financial Conduct Authority

Any of its functions.

 
 

The Prudential Regulation Authority

Any of its functions.”, and

 

(b)   

in the entry relating to a member of the panel appointed under

paragraph 4 of Schedule 17 to the Financial Services and Markets Act

2000, for “established by” substitute “mentioned in”.

25

      (4)  

In Schedule 8 (disclosure of restricted information by the Board of the

Pension Protection Fund), in the Table—

(a)   

for the entry relating to the Financial Services Authority substitute—

 

“The Financial Conduct Authority

Any of its functions.

 
 

The Prudential Regulation Authority

Any of its functions.”, and

 

30

(b)   

in the entry relating to a member of the panel appointed under

paragraph 4 of Schedule 17 to the Financial Services and Markets Act

2000, for “established by” substitute “mentioned in”.

 
 

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament

302

 

Inquiries Act 2005 (c. 12)

100        

In section 23 of the Inquiries Act 2005 (risk of damage to the economy), in

subsection (1), for “Financial Services Authority” substitute “Financial

Conduct Authority, the Prudential Regulation Authority”.

Serious Organised Crime and Police Act 2005 (c. 15)

5

101   (1)  

Section 71 of the Serious Organised Crime and Police Act 2005 (immunity

from prosecution) is amended as follows.

      (2)  

In subsection (4), for paragraph (da) substitute—

“(da)   

the Financial Conduct Authority;

(daa)   

the Prudential Regulation Authority;

10

(dab)   

the Bank of England, where the indictable offence or offence

triable either way which is being investigated or prosecuted

is an offence under the Financial Services and Markets Act

2000;”.

      (3)  

In subsection (6A), for “Financial Services Authority” substitute “Financial

15

Conduct Authority, the Prudential Regulation Authority, the Bank of

England”.

      (4)  

For subsection (6B) substitute—

“(6B)   

Paragraph 8(1) of Schedule 1ZA and paragraph 16(1) of Schedule

1ZB to the Financial Services and Markets Act 2000 (arrangements

20

for discharging functions) do not apply to the exercise of the powers

conferred on the Financial Conduct Authority or the Prudential

Regulation Authority under this Chapter.

(6BA)   

Paragraph 11 of Schedule 1 to the Bank of England Act 1998 (power

to delegate) does not apply to the exercise of the powers conferred on

25

the Bank of England under this Chapter.”

      (5)  

In subsection (6C)—

(a)   

for “Financial Services Authority” substitute “Financial Conduct

Authority, the Prudential Regulation Authority, the Bank of

England”, and

30

(b)   

for “either of them” substitute “any of them”.

Gambling Act 2005 (c. 19)

102        

In Part 2 of Schedule 6 to the Gambling Act 2005 (exchange of information:

enforcement and regulatory bodies)—

(a)   

omit the entry “The Financial Services Authority”, and

35

(b)   

at the appropriate place in each case insert—

“The Financial Conduct Authority”;

“The Prudential Regulation Authority”.

Finance (No. 2) Act 2005 (c. 22)

103        

In section 18 of the Finance (No. 2) Act 2005 (regulations under section 17),

40

in subsection (3)(a), for “Financial Services Authority” substitute “Financial

Conduct Authority”.

 
 

 
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Revised 27 January 2012