Financial Services Bill

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
303

Compensation Act 2006 (c. 29)
104   (1)
Section 3 of the Compensation Act 2006 (mesothelioma: damages) is
amended as follows.
      (2)
In subsection (8)—
(a)
omit paragraph (a), and
5
(b)
in paragraph (f), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”.
      (3)
Omit subsection (9).
Companies Act 2006 (c. 46)
10
105
The Companies Act 2006 is amended as follows.
106
In section 384 (companies excluded from small companies regime), in
subsection (2)(c), for “Part 4” substitute “Part 4A”.
107   (1)
Section 461 (permitted disclosure of information obtained under
compulsory powers) is amended as follows.
15
      (2)
In subsection (3), for paragraph (e) and the “or” following it, substitute—
“(e)
the Financial Conduct Authority,
(ea)
the Prudential Regulation Authority, or”.
      (3)
In subsection (4)(g), for “Financial Services Authority” substitute “Financial
Conduct Authority or the Prudential Regulation Authority”.
20
108
In section 467 (companies excluded from being treated as medium-sized), in
subsection (1)(b)(i) and (2)(c), for “Part 4” substitute “Part 4A”.
109
In section 470 (power to apply provisions to banking partnerships), in
subsection (2), for “Part 4” substitute “Part 4A”.
110
In section 474 (definitions), in subsection (1), in the definition of “e-money
25
issuer”, for “Part 4” substitute “Part 4A”.
111
In section 539 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.
112   (1)
Section 843 (realised profits and losses of long-term insurance business) is
amended as follows.
30
      (2)
In subsection (2)(b), for “section 142(2)” substitute “Part 9A”.
      (3)
In subsection (6)(a), for “Part 10” substitute “Part 9A”.
113
In section 948 (restrictions on disclosure), in subsection (7)—
(a)
for paragraph (a) substitute—
“(a)
the Financial Conduct Authority;
35
(aa)
the Prudential Regulation Authority;
(ab)
the Bank of England;”, and
(b)
in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority or similar to the regulatory functions of the Bank of
40
England”.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
304

114
In section 950 (Panel on Takeovers and Mergers: duty of co-operation)—
(a)
for paragraph (a) substitute—
“(a)
the Financial Conduct Authority;
(aa)
the Prudential Regulation Authority;
(ab)
the Bank of England;”, and
5
(b)
in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority or similar to the regulatory functions of the Bank of
England”.
115
In section 995 (petition by Secretary of State), in subsection (1)—
10
(a)
in paragraph (c), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”, and
(b)
in paragraph (d), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
15
Authority or the Bank of England”.
116
In section 1164 (meaning of “banking company” and “banking group”), in
subsection (2), for “Part 4” substitute “Part 4A”.
117
In section 1165 (meaning of “insurance company” etc.), in subsection (2), for
“Part 4” substitute “Part 4A”.
20
118   (1)
Schedule 2 (specified persons and descriptions of disclosure for the
purposes of section 948) is amended as follows.
      (2)
In Part 1, in section (A) (United Kingdom), for paragraph 5 substitute—
“5
The Financial Conduct Authority.
5A
The Prudential Regulation Authority.”
25
      (3)
In Part 2, in section (A) (United Kingdom)—
(a)
in paragraph 11, for “paragraph 7 of Schedule 1 to the Financial
Services and Markets Act 2000” substitute “section 79 of the Financial
Services Act 2012”,
(b)
in paragraph 12, for “section 15 of the Financial Services and Markets
30
Act 2000” substitute “section 65 of the Financial Services Act 2012”,
(c)
in paragraph 37, for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”,
(d)
in paragraph 49, for paragraph (a) substitute—
35
“(a)
a decision of the Financial Conduct Authority;
(aa)
a decision of the Prudential Regulation
Authority;”.
      (4)
In Part 3, in paragraph 1(2), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation Authority or
40
similar to the regulatory functions of the Bank of England”.
119   (1)
Schedule 11A (specified persons, description, disclosures etc. for the
purposes of section 1224A) is amended as follows.
      (2)
In Part 1, for paragraph 5 substitute—
“5
The Financial Conduct Authority.
45

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
305

5A
The Prudential Regulation Authority.”
      (3)
In Part 2—
(a)
in paragraph 28, for “paragraph 7 of Schedule 1 to the Financial
Services and Markets Act 2000” substitute “section 79 of the Financial
Services Act 2012”,
5
(b)
in paragraph 29, for “section 15 of the Financial Services and Markets
Act 2000” substitute “section 65 of the Financial Services Act 2012”,
(c)
in paragraph 52, for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”, and
10
(d)
in paragraph 71, for paragraph (a) substitute—
“(a)
a decision of the Financial Conduct Authority;
(aa)
a decision of the Prudential Regulation
Authority;”.
Legal Services Act 2007 (c. 29)
15
120   (1)
The Legal Services Act 2007 is amended as follows.
      (2)
In section 64 (modification of functions of the Legal Services Board), in
subsection (5), in the definition of “authorised insurer”, for “Part 4”
substitute “Part 4A”.
      (3)
In section 169 (disclosure of information to the Legal Services Board), for
20
subsection (5)(f) substitute—
“(f)
the Financial Conduct Authority;
(g)
the Prudential Regulation Authority;
(h)
the Bank of England.”
      (4)
In section 195 (application of the Legal Profession and Legal Aid (Scotland)
25
Act 2007), in subsection (2)(e), for “Financial Services Authority” substitute
“Financial Conduct Authority”.
Regulatory Enforcement and Sanctions Act 2008 (c. 13)
121
In Schedule 5 to the Regulatory Enforcement and Sanctions Act 2008
(Designated Regulators)—
30
(a)
for “Financial Services Authority” substitute “Financial Conduct
Authority”, and
(b)
after the entry for the Pensions Regulator insert—
“Prudential Regulation Authority”.
Counter-Terrorism Act 2008 (c. 28)
35
122   (1)
Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and
money laundering) is amended as follows.
      (2)
In Part 5 (enforcement: information powers)—
(a)
in paragraph 18(1), for paragraph (a) substitute—
“(a)
The Financial Conduct Authority (“the
40
FCA”),
(b)
in paragraph 18(2), in both places, for “FSA” substitute “FCA”, and
(c)
in paragraph 21(7), for “FSA” substitute “FCA”.

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 2 — Amendments of other Acts of Parliament
306

      (3)
In Part 6 (enforcement: civil penalties)—
(a)
in paragraph 27(1), for “FSA” substitute “FCA”, and
(b)
in paragraph 28(1), for “FSA” substitute “FCA”.
      (4)
In Part 7 (enforcement: offences)—
(a)
in paragraph 33, in sub-paragraphs (1)(a) and (2)(a), for “FSA”
5
substitute “FCA”, and
(b)
in sub-paragraph (3) omit “by FSA”.
      (5)
In Part 8 (supplemental)—
(a)
in paragraph 39(2)(a) for “FSA” substitute “FCA”, and
(b)
in paragraph 41(1)—
10
(i)
for “Parts 1, 2 and 4 of Schedule 1” substitute ““Parts 1, 3 and
5 of Schedule 1ZA”, and
(ii)
for “FSA” substitute “FCA”,
(c)
in the italic heading before paragraph 41, for “Financial Services
Authority” substitute “Financial Conduct Authority”, and
15
(d)
in paragraph 46, in the index of defined terms, for “the FSA”
substitute “the FCA”.
Dormant Bank and Building Society Accounts Act 2008 (c. 31)
123
In section 7 of the Dormant Bank and Building Society Accounts Act 2008
(meaning of “bank”), in subsection (2)(a), for “Part 4” substitute “Part 4A”.
20
Corporation Tax Act 2010 (c. 4)
124   (1)
The Corporation Tax Act 2010 is amended as follows.
      (2)
In section 161 (restricted right to dividends), in subsection (8), for paragraph
(a), and the “and” following it, substitute—
“(a)
in relation to a dividend paid by a company that is a PRA-
25
authorised person for the purposes of the FISMA, the
Prudential Regulation Authority,
(aa)
in relation to a dividend paid by a company that is authorised
for the purposes of the FISMA but does not fall within
paragraph (a), the Financial Conduct Authority, and”.
30
      (3)
In section 635 (application of Chapter 6 of Part 13: banks etc. in compulsory
liquidation), in subsection (2)(a), for “Part 4” substitute “Part 4A”.
      (4)
In section 1120 (meaning of “Bank”), in subsection (3), for “Part 4” substitute
“Part 4A”.
Finance Act 2010 (c. 13)
35
125
In Part 3 of Schedule 1 to the Finance Act 2010 (bank payroll tax: definitions),
in paragraph 45(14)—
(a)
for paragraph (a) and the “or” following it, substitute—
“(a)
the Financial Conduct Authority,
(aa)
the Prudential Regulation Authority, or”, and
40
(b)
in paragraph (b), 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
307

Equality Act 2010 (c. 15)
126
In Part 1 of Schedule 19 to the Equality Act 2010 (public authorities subject
to the public sector equality duty), under the italic heading “Industry,
business, finance etc”—
(a)
for “The Financial Services Authority” substitute “The Financial
5
Conduct Authority”, and
(b)
after the entry for the Office of Communications insert—
“The Prudential Regulation Authority”.
Terrorist Asset-Freezing etc. Act 2010 (c. 38)
127   (1)
The Terrorist Asset-Freezing etc Act 2010 is amended as follows.
10
      (2)
In section 23 (general power to disclose information), in subsection (1)—
(a)
in paragraph (e), for “Financial Services Authority” substitute
“Financial Conduct Authority, the Prudential Regulation
Authority”, and
(b)
after that paragraph insert—
15
“(ea)
to the Bank of England, for the purpose of enabling or
assisting the Bank to exercise any powers conferred
on it by or under the Financial Services and Markets
Act 2000;”.
      (3)
In section 41 (meaning of “relevant institution”), in subsection (1)(a), for
20
“Part 4” substitute “Part 4A”.
Postal Services Act 2011 (c. 5)
128
Part 3 of Schedule 10 to the Postal Services Act 2011 (conduct of postal
administration: modification of enactments), in paragraph 41(3), for
“administration applications by FSA” substitute “administration order”.
25
Charities Act 2011 (c. 25)
129
In section 109 of the Charities Act 2011 (dormant bank account:
supplementary), in subsection (3), for “Part 4” substitute “Part 4A”.
Health and Social Care Act 2012 (c. )
130
In section 141 of the Health and Social Care Act 2012 (borrowing), in
30
subsection (3)(a), for “Part 4” substitute “Part 4A”.
Legal Aid, Sentencing and Punishment of Offenders Act 2012 (c. )
131   (1)
The Legal Aid, Sentencing and Punishment of Offenders Act 2012 is
amended as follows.
      (2)
In section 55 (effect of rule against referral fees), in subsection (4), for
35
“Financial Services Authority” substitute “Financial Conduct Authority”.
      (3)
In section 56 (regulation by the FSA)—
(a)
in subsections (1) and (3)(c) and (d), for “Financial Services
Authority” substitute “Financial Conduct Authority”, and
(b)
in the heading, for “FSA” substitute “FCA”.
40

Financial Services Bill
Schedule 18 — Further minor and consequential amendments
Part 4 — Amendments of Northern Ireland legislation
308

      (4)
In section 57 (regulators and regulated persons)—
(a)
in subsection (1), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”, and
(b)
in subsection (2), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”.
5
Part 3
Amendment of Act of the Scottish Parliament
Housing (Scotland) Act 2006 (asp 1)
132
In section 75 of the Housing (Scotland) Act 2006 (determination by local
authorities about applications for a grant or loan), in subsection (5)(a), in the
10
definition of “commercial lender”, for “Part 4” substitute “Part 4A”.
Part 4
Amendments of Northern Ireland legislation
County Courts Act (Northern Ireland) 1959 (c. 25 (N.I.))
133
In section 127A of the County Courts Act (Northern Ireland) 1959 (voluntary
15
contributions to judicial pension scheme), in subsection (7), in the definition
of “authorised provider”, for “Part 4” substitute “Part 4A”.
District Judges (Magistrates’ Courts) Pensions Act (Northern Ireland) 1960 (c. 2 (N.I.))
134
In section 9A of the District Judges (Magistrates’ Courts) Pensions Act
(Northern Ireland) 1960 (voluntary contributions under the judicial pension
20
scheme), in subsection (7), in the definition of “insurer”, for “Part 4”
substitute “Part 4A”.
Charities Act (Northern Ireland) 2008 (c. 12 (N.I.))
135   (1)
The Charities Act (Northern Ireland) 2008 is amended as follows.
      (2)
In section 48 (power to give directions about dormant bank accounts of
25
charities), in subsection (8)(b)(i), for “Part 4” substitute “Part 4A”.
      (3)
In section 56 (powers in relation to English, Welsh and Scottish charities), in
subsection (7)(a), for “Part 4” substitute “Part 4A”.