Session 2010 - 12
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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


 
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Revised 1 March 2012