House of Commons Amendments

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Public Bill Committee: 1 March 2012
104

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

65

Clause  5,  page  29,  line  23,  at end insert ‘, including but not limited to, the UK

Corporate Governance Code’.

Chris Leslie

Cathy Jamieson

77

Clause  5,  page  29,  line  42,  at end insert—

‘(d)
that the regulators coordinate in such a manner as to minimise

unnecessary additional expenses that might be incurred by virtue of the

separate administration of the FCA and the PRA, and to maximise any

common administrative savings achievable through close coordination.’.

Mark Durkan

86

Clause  5,  page  29,  line  42,  at end insert—

‘(d)
that each regulator engages with the other where they identify any gaps

in or between their regulatory remits, or the exercise of these, that may

become apparent in relation to any product, provider, institution, market

practice, responsible shareholder interest or consumer concern;

(e)
that as appropriate both regulators can identify areas where they can

share services and information, acting to minimise burdens on firms

supervised by both regulators and/or to maximise the understanding of

consumers and facilitate the exercise of their responsible interests.’.

Chris Leslie

116

Clause  5,  page  30,  line  4,  at end insert—

‘(c)
the FCA and PRA shall publish guidance explaining those circumstances

covered by paragraphs (a) and (b) where the duty to co-ordinate shall not

apply.’.

Chris Leslie

Cathy Jamieson

78

Clause  5,  page  31,  line  24,  at end insert—

‘(8A)
The memorandum shall contain an estimate of the additional annual costs

involved in the administration of the FCA and PRA when compared with the

estimated costs of the administration of the Financial Services Authority.’.

Chris Leslie

Cathy Jamieson

66

Clause  5,  page  32,  line  5,  at end insert ‘(by reason of its consumer protection or

competition objectives)’.

Chris Leslie

Cathy Jamieson

67

Clause  5,  page  32,  line  11,  at end insert—

‘(9)
In exercising its functions under this section, the PRA must make and maintain

effective arrangements for consulting the panel established under section 1Q,

Public Bill Committee: 1 March 2012
105

Financial Services Bill, continued

consumers, or where appropriate, persons appearing to represent the interests of

consumers’.

Chris Leslie

Cathy Jamieson

79

Clause  5,  page  34,  line  20,  after ‘PRA’, insert ‘and the Treasury’.

Chris Leslie

Cathy Jamieson

80

Clause  5,  page  37,  line  34,  after ‘supply’, insert ‘and consumption’.

Chris Leslie

Cathy Jamieson

81

Clause  5,  page  37,  line  42,  at end insert ‘particularly to those member of the public

on lower incomes.’.

Mark Hoban

124

Clause  5,  page  38,  line  12,  leave out ‘Part 1 of’.

Mark Hoban

125

Clause  5,  page  38,  line  13,  leave out subsection (3).

Chris Leslie

43

Schedule  3,  page  174,  line  44,  leave out from ‘expenses’ to end of line 46 and insert

‘to the Bank of England in respect of the services of the Bank’s Deputy Governor for

prudential regulation as a member.’.

Mark Hoban

102

Schedule  3,  page  175,  line  39,  leave out ‘312J or 345D, or’ and insert ‘or 312J

( )
section 345D (whether as a result of section 345(2) or section

249(1)), or’.

Chris Leslie

Cathy Jamieson

42

Schedule  3,  page  175,  leave out lines 16 to 21.

Chris Leslie

Cathy Jamieson

Mark Durkan

69

Schedule  3,  page  176,  line  6,  at end insert—

Public Bill Committee: 1 March 2012
106

Financial Services Bill, continued

Publication of minutes and agendas

10  (1)
The FCA shall make arrangements to publish, unless publication would be

inappropriate, the agendas and minutes of the meetings of its committees and

sub-committees.

      (2)
When a meeting of any committee or sub-committee of the FCA makes a

decision upon any matter of public policy, the minutes of the meeting or

meetings that result in that decision shall summarise the considerations which

were taken into account, both for and against the decision.’.

Chris Leslie

Cathy Jamieson

30

Schedule  3,  page  177,  line  26,  at end insert ‘on the FCA website’.

Chris Leslie

Cathy Jamieson

89

Schedule  3,  page  182,  leave out lines 33 to 37.

Chris Leslie

Cathy Jamieson

70

Schedule  3,  page  183,  line  10,  at end insert ‘merit, fairness, openness and’.

Chris Leslie

Cathy Jamieson

71

Schedule  3,  page  183,  line  45,  at end insert ‘with the approval of the Treasury’.

Mark Hoban

119

Schedule  3,  page  184,  line  18,  leave out ‘,318 or 328’ and insert ‘or 318’.

Yvonne Fovargue

Chris Leslie

Cathy Jamieson

Mark Durkan

91

Clause  6,  page  39,  line  5,  at end insert—

‘(4A)
After paragraph 23B insert—

“Contracts for debt management services

23C(1)
Rights under a contract for debt adjustment or debt management

services.

      (2)
Debt-adjusting is, in relation to debts due under regulated credit

agreements or contracts for the hire of goods, negotiating with the

creditor or owner, on behalf of the debtor or hirer, terms for the

discharge of a debt, or taking over, in return for payments by the

Public Bill Committee: 1 March 2012
107

Financial Services Bill, continued

debtor or hirer, his obligation to discharge a debt, or any similar

activity concerned with the liquidation of a debt.

      (3)
Debt management is the giving of advice to debtors or hirers about the

liquidation of debts including those due under regulated credit

agreements or contracts for the hire of goods.”.’.

Chris Leslie

115

Clause  6,  page  39,  line  5,  at end insert—

‘Claims management companies

23C
Provision of services consisting of advice or services in respect of claims for

compensation, restitution, repayment or any other remedy for loss or damage,

or in respect of some other obligation.’.

Yvonne Fovargue

Chris Leslie

Cathy Jamieson

Mark Durkan

90

Clause  6,  page  39,  line  29,  at end insert—

‘(6)
The Consumer Credit Act 1974 shall be amended as follows—



“In section 32(7) after “revocation” delete to the end of that section and replace

with “under this section shall not take effect before the end of the appeal period.

A suspension under this section may take effect before the end of the appeal

period until such time as the commencement of section 6(3) of the Financial

Services Act 2012 and responsibility for consumer credit regulation rests with the

Financial Conduct Authority, after which time a suspension shall not take effect

before the end of an appeal period.”.’.

Mark Hoban

92

Clause  14,  page  63,  line  38,  after ‘authority”’ insert ‘or “the Authority”’.

Mark Hoban

93

Clause  14,  page  64,  line  6,  at end insert—

‘( )
section 103(1).’

Mark Hoban

94

Clause  21,  page  77,  line  29,  at end insert—

Public Bill Committee: 1 March 2012
108

Financial Services Bill, continued

‘( )
a decision to take action under section 249;’.

Chris Leslie

Cathy Jamieson

Mark Durkan

Stella Creasy

87

Clause  22,  page  80,  line  2,  at end insert—

‘(2A)
The FCA may make rules or apply a sanction to authorised persons who offer

credit on terms that the FCA judge to cause consumer detriment. This may

include rules that determine a maximum total cost for consumers of a product and

determine the maximum duration of a supply of a product or service to an

individual consumer.’.

Mark Hoban

95

Clause  22,  page  85,  leave out lines 40 to 47 and insert ‘in accordance with section

166A.’.

Mark Hoban

96

Clause  22,  page  86,  leave out lines 4 to 6.

Mark Durkan

131

Clause  30,  page  117,  line  37,  at end insert—

‘(2)
If a statement is published and further investigation does not result in a penalty

the regulator must publish this outcome in a manner the regulator believes is most

suitable to bring this to the attention of the public.’.

Mark Hoban

103

Schedule  8,  page  218,  line  31,  leave out paragraph 3 and insert—

‘3  (1)
Section 287 (application by an investment exchange) is amended as follows.

      (2)
In subsections (1) and (2) for “the Authority”, in each place, substitute “the

FCA”.

      (3)
In subsection (3)—

(a)
in paragraph (a), after “provision” insert “by another person”,

(b)
in paragraph (b), for “clearing services” substitute “services falling

within section 285(2)(b)”, and

(c)
in paragraphs (d) and (e), for “the Authority” substitute “the FCA”.’.

Public Bill Committee: 1 March 2012
109

Financial Services Bill, continued

Mark Hoban

104

Schedule  8,  page  218,  line  38,  at end insert—

    ‘(4)
In subsection (3)(b), after “clearing services” insert “or services falling within

section 285(3)(b)”.’.

Mark Hoban

105

Schedule  8,  page  219,  line  17,  leave out ‘and’.

Mark Hoban

106

Schedule  8,  page  219,  line  18,  at end insert—

‘(c)
omit the “or” following paragraph (a), and

(d)
at the end of paragraph (b) insert “or

(c)
the provision by the applicant of services falling within

section 285(2)(b) or (3)(b),”’.

Mark Hoban

107

Schedule  8,  page  219,  line  29,  leave out sub-paragraphs (3) and (4) and insert—

    ‘(3)
In subsection (6)—

(a)
in paragraph (a), after “provision” insert “by another person”,

(b)
in paragraph (b), for “clearing services” substitute “services falling

within section 285(2)(b)”, and

(c)
for “the Authority” substitute “the FCA and the Bank of England”.

      (4)
In subsection (7)—

(a)
in paragraph (a), after “clearing services” insert “or services falling

within section 285(3)(b)”,

(b)
in paragraph (b), after “clearing services” insert “or services falling

within section 285(3)(b)”, and

(c)
for “the Authority” substitute “the Bank of England and the FCA”.’.

Mark Hoban

108

Schedule  8,  page  221,  line  11,  after ‘provision)’ insert—

‘(a)
in subsection (1), for the words from “with” to the end substitute “with—

(a)
its business as an investment exchange,

(b)
the provision by it of clearing services, or

(c)
the provision by it of services falling within section

285(2)(b) or (3)(b).”, and

(b)
’.

Mark Hoban

109

Schedule  8,  page  222,  line  30,  at end insert—

Public Bill Committee: 1 March 2012
110

Financial Services Bill, continued

‘35A
In section 313 (interpretation), in subsection (4), after “clearing services”

insert “or services falling within section 285(3)(b)”.’.

Mark Hoban

110

Schedule  9,  page  231,  line  17,  after ‘345B’ insert ‘(whether as a result of section

345(2) or 345A(3) or section 249(1))’.

Mark Durkan

130

Schedule  9,  page  233,  line  15,  at end insert ‘and the Regulatory Decisions

Committee’.

Mark Hoban

97

Clause  37,  page  122,  line  49,  leave out ‘PRA-authorised persons’ and insert ‘the

Society, and the members of the Society, taken together’.

Chris Leslie

Cathy Jamieson

Mark Durkan

88

Schedule  12,  page  244,  line  40,  at end insert—

‘In section 165A after subsection (10) at end insert—

“(11)
Data Collection

(a)
The PRA should require the submission of reports from any PRA-

authorised person for the purpose of assessing the extent to which a

financial activity or financial market in which the PRA-authorised person

participates may pose a threat to financial stability in accordance with the

PRA’s general objective. The PRA shall collect, in a manner determined

by the PRA and in consultation with the FPC, financial transaction data

and position data from PRA-authorised person companies.

(b)
For the purposes of (a)—

(i)
financial transaction data shall mean data pertaining to the

structure and legal description of a financial contract, with

sufficient detail to describe the rights and obligations between

counterparties and make possible an independent valuation; and

(ii)
position data shall mean data pertaining to data on financial

assets or liabilities held on the balance sheet of a financial

company, where positions are created or changed by the

execution of a financial transaction and which includes

information that identifies counterparties, the valuation by the



© Parliamentary copyright	Revised 1 March 2012