House of Commons Amendments

Session 2010 - 12
Internet Publications
Other Bills before Parliament

117

House of Commons

Notices of Amendments

given on

Thursday 1 March 2012

For other Amendment(s) see the following page(s):

Financial Services Bill Committee 100-116

Public Bill Committee

Financial Services Bill

Chris Leslie

Cathy Jamieson

140

Clause  9,  page  42,  line  28,  at end insert—

‘(6)
The regulators must co-ordinate their procedures for, and provide clear and

detailed guidance on, the processes for applying for, varying and cancelling

permission that are applicable to authorised persons regulated by both the PRA

and the FCA.’.

Chris Leslie

Cathy Jamieson

141

Clause  9,  page  43,  line  10,  at end insert—

‘(1A)
An order under subsection (1) is not to be made unless a draft of the order has

been laid before and approved by resolution of both Houses of Parliament.’.

Chris Leslie

Cathy Jamieson

142

Clause  9,  page  43,  leave out lines 32 to 35 and insert—

‘(3)
In considering how much weight (if any) to attach to the opinion the UK regulator

must have regard to—

(a)
the nature and scope of the supervision exercised in relation to the non-

EEA firm by the overseas regulator; and

(b)
decisions previously made by EU regulatory authorities regarding the

overseas regulator.’.

Notices of Amendments: 1 March 2012
118

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

143

Clause  10,  page  59,  line  18,  at end insert—

‘(1B)
In seeking to ensure an appropriate degree of protection for consumers, the PRA

and FCA shall—

(a)
require banks to provide clear and prominent warnings to consumers

where deposits are not covered by the Financial Services Compensation

Scheme; and

(b)
make and maintain effective arrangements to consult consumers on the

prominence and method of such warnings.’.

Chris Leslie

Cathy Jamieson

144

Clause  10,  page  59,  line  18,  at end insert—

‘(1C)
The PRA shall provide regular reports to Parliament on its duty to co-ordinate

with international regulators.’.

Chris Leslie

Cathy Jamieson

145

Clause  11,  page  61,  line  7,  at end insert—

‘(8A)
In the event of a prohibition order being made, the FCA or PRA shall—

(a)
publish an explanatory statement regarding the decision; and

(b)
include the individual on an updated list of those subject to prohibition

orders to be presented on HM Treasury website.’.

Chris Leslie

Cathy Jamieson

146

Clause  12,  page  62,  line  19,  at end insert—


‘If the FCA considers it appropriate to change the way it exercises its powers

under section 59(3)(a), it must lay before Parliament a report on its reasons for

any changes.’.

Chris Leslie

Cathy Jamieson

147

Clause  16,  page  68,  line  37,  at end insert—

‘(9)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Chris Leslie

Cathy Jamieson

148

Clause  17,  page  74,  line  15,  at end insert—

‘(9)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Notices of Amendments: 1 March 2012
119

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

149

Clause  22,  page  82,  line  10,  at end insert—

‘(c)
provide for a legal sanction based approach introducing a strict liability

for executives and Board members.’.

Chris Leslie

Cathy Jamieson

150

Clause  22,  page  82,  line  10,  at end insert—

‘(c)
provide for a requirement that an employee representative should be a

member of the remuneration committee of a relevant body corporate; and

(d)
provide for a requirement that the remuneration consultants advising on

remuneration policy shall be appointed by the shareholders of a relevant

body corporate.’.

Chris Leslie

Cathy Jamieson

151

Clause  22,  page  89,  line  34,  at end insert—

‘137QA
  Advisory fees in respect of mergers and acquisitions

(1)
Either regulator may make rules (“fee structures in respect of mergers and

acquisitions”) about the advisory or consultancy fee arrangements where an

authorised person contracts a third party to give advice on the possibility of a

merger or acquisition of control of any other body corporate.’.

Chris Leslie

Cathy Jamieson

152

Clause  22,  page  93,  line  43,  after ‘1B(1)’, insert ‘and 1B(5)(a),’.

Chris Leslie

Cathy Jamieson

153

Clause  22,  page  95,  line  10,  after ‘2D(3)’, insert ‘and 2G’.

Chris Leslie

Cathy Jamieson

154

Clause  22,  page  100,  line  13,  at end insert—

‘(1)
The FCA and the Office of Fair Trading (OFT) must co-ordinate in the exercise

of their functions to promote competition in financial services. The FCA and the

OFT must prepare and maintain a memorandum of understanding which

describes the role of each regulator in relation to promoting competition in

financial services markets. The memorandum of understanding should make

clear the OFT will only conduct a market study into a financial services market

within the regulatory remit of the FCA in exceptional circumstances.’.

Notices of Amendments: 1 March 2012
120

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

155

Clause  22,  page  102,  line  10,  at end insert—

‘(1A)
Before the end of 2013, a regulator may, in consultation with the Treasury, ask

the Competition Commission to provide a report giving section 140B advice with

reference to the Independent Commission on Banking recommendations on

competition.’.

Chris Leslie

Cathy Jamieson

156

Clause  25,  page  108,  leave out lines 29 and 30.

Chris Leslie

Cathy Jamieson

157

Clause  25,  page  108,  leave out lines 34 to 39.

Chris Leslie

Cathy Jamieson

158

Clause  25,  page  111,  line  38,  at end insert—

‘(8)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Chris Leslie

Cathy Jamieson

159

Schedule  9,  page  230,  line  39,  leave out from ‘(c)’ to ‘the’ in line 40.

Chris Leslie

Cathy Jamieson

160

Schedule  10,  page  239,  line  36,  at end insert—

‘(14)
The regulators shall bring forward recommendations within six months of Royal

Assent of this Act applying the Financial Services Compensation Scheme by

brand.’.

Chris Leslie

Cathy Jamieson

161

Schedule  11,  page  243,  line  2,  after ‘advice’, insert—

‘(a)
the scheme operator must consult publicly on any information, advice or

guidance produced prior to publication.’.

Chris Leslie

Cathy Jamieson

162

Clause  47,  page  130,  line  36,  at end insert—

‘(f)
providing for any function of the FSA in respect of the Registry of

Friendly Societies to be transferred to a registrar established at the

Registrar of Companies.’.

Notices of Amendments: 1 March 2012
121

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

163

Clause  47,  page  131,  line  1,  leave out ‘both the FCA and PRA’ and insert ‘the

Registry of Friendly Societies established at the Registrar of Companies or to any of the

FCA and PRA and the Registry of Friendly Societies at the Registrar of Companies’.

Chris Leslie

Cathy Jamieson

164

Clause  48,  page  132,  line  4,  leave out ‘to the FCA and the PRA’ and insert ‘the

Registrar of Companies or to the FCA, the PRA and the Registrar of Companies’.

Chris Leslie

Cathy Jamieson

165

Clause  52,  page  133,  line  28,  at end insert—

‘(6)
In Schedule 7 to that Act, in paragraph 1(1) for “£5,000” substitute “£15,000”

and, in paragraph 1(4) for “£5,000” substitute “£15,000”.’.

Depositor preference in insolvency

Chris Leslie

Cathy Jamieson

NC2

To move the following Clause:—

‘The Treasury shall bring forward regulations to ensure FSCS insured deposits

are moved above other unsecured creditors and above floating charge holders in

the creditor hierarchy in the event of insolvency or any imposition of losses in

resolution.’.



© Parliamentary copyright	Revised 2 March 2012