Financial Services Bill

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Financial Services Bill

Financial Services Bill
Schedule 19 — Repeals
309

Schedule 19
Section 94(2)

Repeals

Short title
Extent of repeal

Competition Act 1998
In Schedule 2, paragraph 1 and the italic

heading before it.

5

In Schedule 7, in paragraph 19A(9)—

(a)
“or (in the case of the Financial Services

and Markets Act 2000 (c 8)) an

investigation”, and

(b)
paragraph (m).

10

In Schedule 12, paragraph 8 and the italic

heading before it.

In Schedule 13, in paragraph 26—

(a)
sub-paragraph (1)(a),

(b)
sub-paragraph (2),

15

(c)
in sub-paragraph (3) the words “and

(2)”, and

(d)
sub-paragraph (3)(a).

Insolvency Act 2000
Section 15(2).

Proceeds of Crime Act 2002
In Schedule 11, paragraph 38 and the italic

20

heading before it.

Enterprise Act 2002
Sections 241A(2)(b) and 243(3)(c).

In Schedule 25, sub-paragraphs (2) to (5) and

(10) to (15) of paragraph 40.

Communications Act 2003
In Schedule 16, paragraph 5 and the italic

25

heading before it.

Constitutional Reform Act 2005
In Schedule 7, the entry relating to the Financial

Services and Markets Act 2000.

In Schedule 9, paragraph 70 and the italic

heading before it.

30

Inquiries Act 2005
Section 46.

Companies Act 2006
Section 964(3) and (5).

In Part 2 of Schedule 2, paragraph 38.

In Schedule 11A, paragraph 53.

In Schedule 15, paragraphs 2 and 9.

35

Tribunals, Courts and
In Schedule 6, in the Table in Part 3, the entry

Enforcement Act 2007
relating to the Financial Services and Markets

Tribunal.

Consumers, Estate Agents and
In section 20—

Redress Act 2007
(a)
in subsection (2), in the definition of

40

“designated body”, paragraph (b), and

(b)
subsection (3)(a).

Section 39.

In Schedule 1, paragraph 1(4)(a).

Banking Act 2009
Section 249(4).

45

Financial Services Act 2010
Section 1.

Section 2(2) to (5).

Section 3(2) to (4).

Financial Services Bill
Schedule 20 — Transitional provisions
310

Short title
Extent of repeal

Financial Services Act 2010—
Section 6.

cont.
Section 7.

In Schedule 2, paragraphs 2 to 6, 11 to 14, 27 and

34.

5

Schedule 20
Section 99(1)

Transitional provisions
Interpretation
1
In this Schedule “the relevant commencement” means the time when section
5 comes into force in relation to section 1A(1) of FSMA 2000, (which renames
10
the Financial Services Authority as the Financial Conduct Authority).
References in this Act to FCA or Financial Services Authority
2     (1)
In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Services Authority is to be read, in relation to any
time after the relevant commencement, as a reference to the Financial
15
Conduct Authority.
      (2)
In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Conduct Authority is to be read, in relation to
any time before the relevant commencement, as a reference to the Financial
Services Authority
20
Interpretation of documents referring to the Financial Services Authority
3     (1)
In a relevant provision, a reference (however expressed) to the Financial
Services Authority is, in relation to any time after the relevant
commencement, to be read as a reference to the Financial Conduct
Authority, but subject to sub-paragraph (2).
25
      (2)
If the relevant provision is predicated on the continuing exercise by the
Financial Services Authority of a function which has by virtue of this Act
become exercisable by the Prudential Regulation Authority or the Bank of
England, the reference is to be read as being or as the case requires including
a reference to the Prudential Regulation Authority or the Bank.
30
      (3)
Sub-paragraphs (1) and (2) have effect subject to the provisions of any
scheme under paragraph 2 of Schedule 21.
      (4)
In this paragraph “relevant provision” means a provision which—
(a)
has effect before, as well as after, the relevant commencement, and
(b)
is contained in a document other than an enactment.
35
Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority
4     (1)
On the relevant commencement, the registrar of companies for England and
Wales must give effect to section 1A(1) of FSMA 2000 by—

Financial Services Bill
Schedule 20 — Transitional provisions
311

(a)
entering the new name on the register of companies in place of the
former name, and
(b)
issuing a new certificate of incorporation altered to take account of
the new name.
      (2)
On the coming into force of section 5 so far as it relates to section 2A(1) of
5
FSMA 2000, (which renames the Prudential Regulation Authority Limited as
the Prudential Regulation Authority), the registrar of companies for
England and Wales must give effect to that provision by—
(a)
entering the new name on the register of companies in place of the
former name, and
10
(b)
issuing a new certificate of incorporation altered to take account of
the new name.
Threshold conditions
5
Before section 9 comes into force in relation to section 55B of FSMA 2000 (the
threshold conditions), the Treasury must make an order under section 55C
15
of that Act which—
(a)
amends or replaces Parts 1 and 2 of Schedule 6 to that Act, and
(b)
makes provision as to which of the conditions set out in those Parts
of that Schedule are to relate to the discharge by each regulator of its
functions.
20
Consultation
6
The requirements of sections 138J and 138K of FSMA 2000 may be satisfied
by consultation undertaken, and other things done, before the
commencement of the section in question or the passing of this Act.
7     (1)
Sub-paragraph (2) applies where by virtue of any amendment made by this
25
Act the FCA, the PRA or the Bank of England (each a “successor regulator”)
has power to charge a fee.
      (2)
The successor regulator on which the power is conferred may rely on any
consultation in relation to the fee that was undertaken by the FCA (wholly
or in part) before the commencement of the amendment or the passing of
30
this Act.
Information
8     (1)
The FSA may disclose to the PRA any information which the FSA considers
that it is necessary or expedient to disclose to the PRA in preparation for the
commencement of any provision of this Act conferring functions on the
35
PRA.
      (2)
Section 348 of FSMA 2000 (restrictions on disclosure of confidential
information) has effect subject to sub-paragraph (1).
Postal Services Act 2000
9     (1)
The following amendments of the Postal Services Act 2000 have effect until
40
the repeal by the Postal Services Act 2011 of the provisions amended has
been brought into force for all purposes.

Financial Services Bill
Schedule 21 — Transfer schemes
312

      (2)
In section 7 of the Postal Services Act 2000 (exceptions), in subsection (5), in
the definition of “deposit taker”, for “Part 4” substitute “Part 4A”.
      (3)
In Schedule 7 of that Act (disclosure of information), for paragraph 3(2)(s)
substitute—
“(s)
the Financial Conduct Authority,
5
(sa)
the Prudential Regulation Authority,”.
Schedule 21
Section 99(2)

Transfer schemes
Interpretation
1
In this Schedule—
10
“the Bank” means the Bank of England;
“the FSA” means the Financial Services Authority.
Transfer schemes
2     (1)
The FSA must make one or more schemes under this paragraph for the
transfer of property, rights and liabilities of the FSA—
15
(a)
to the PRA or the Bank,
(b)
to the PRA and the Bank, to be held jointly, or
(c)
to the FSA and either the PRA or the Bank or both, to be held jointly.
      (2)
A scheme under this paragraph made by the FSA is not to be capable of
coming into force unless it is approved by the Treasury.
20
      (3)
The FSA may not submit a scheme under this paragraph to the Treasury for
their approval without the consent of the Bank.
      (4)
Sub-paragraph (5) applies if—
(a)
the FSA fails, before such time as may be notified to it by the
Treasury as the latest time for submission of a scheme under this
25
paragraph in connection with the transfer by or under this Act of
specified functions of the FSA to the PRA , to the Bank, or to the FSA
and the PRA, to submit such a scheme to the Treasury for their
approval, or
(b)
the Treasury decide not to approve a scheme that has been submitted
30
to them by the FSA (either with or without modifications).
      (5)
Where this sub-paragraph applies, the Treasury may, after consultation with
the FSA and the Bank, make a scheme under this paragraph for the transfer
of such of the FSA’s property, rights and liabilities as appear to them
appropriate to be transferred as mentioned in sub-paragraph (1) in
35
consequence of the transfer of functions by or under this Act.
      (6)
The property, rights and liabilities which are the subject of the scheme are
transferred in accordance with the provisions of the scheme on such day as
the scheme may specify.
      (7)
The FSA must provide the Treasury with all such information and other
40
assistance as they may reasonably require for the purposes of, or otherwise

Financial Services Bill
Schedule 21 — Transfer schemes
313

in connection with, the exercise of any power conferred on the Treasury by
this paragraph.
      (8)
In the following provisions of this Schedule a scheme under this paragraph
is referred to as a “transfer scheme”.
3
The property, rights and liabilities that may be the subject of a transfer
5
scheme include—
(a)
any that would otherwise be incapable of being transferred or
assigned, and
(b)
rights and liabilities under a contract of employment.
4
A transfer scheme may—
10
(a)
apportion, or provide for the apportionment of, property, rights and
liabilities,
(b)
define the property, rights and liabilities to be transferred by
specifying them or by describing them (including describing them
by reference to functions that are transferred by or under this Act);
15
(c)
contain provision for the payment of compensation by the PRA or
the Bank to the FSA;
(d)
contain provision for the payment of compensation by the FSA, the
PRA or the Bank to any person whose interests are adversely affected
by the scheme;
20
(e)
may contain supplemental, incidental, transitional and
consequential provision.
5
A transfer scheme which relates to rights and liabilities under a contract of
employment—
(a)
must provide for the transfer to which the scheme relates to be
25
treated as if it were a relevant transfer for the purposes of the
Transfer of Undertakings (Protection of Employment) Regulations
2006 (“TUPE”), but
(b)
may, in connection with functions becoming exercisable (alone or
jointly) by the PRA—
30
(i)
provide for the transfer of rights and liabilities under a
contract of employment to the Bank, and
(ii)
provide for TUPE to have effect as if the relevant transfer
were a transfer to the Bank.