Session 2010 - 12
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Other Bills before Parliament


 
 

Public Bill Committee: 8 March 2012                     

154

 

Financial Services Bill, continued

 
 

Yvonne Fovargue

 

Chris Leslie

 

Cathy Jamieson

 

127

 

Clause  40,  page  124,  line  32,  leave out ‘a’ and insert ‘an independent and

 

impartial’.

 

Yvonne Fovargue

 

Chris Leslie

 

Cathy Jamieson

 

128

 

Clause  40,  page  125,  line  6,  leave out ‘given in section 1G’ and insert ‘any natural

 

person who is acting for purposes which are outside his trade, business, craft or

 

profession’.

 


 

Mark Hoban

 

111

 

Schedule  15,  page  270,  line  37,  leave out ‘to the Treasury’.

 


 

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.’.

 

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’.

 



 
 

Public Bill Committee: 8 March 2012                     

155

 

Financial Services Bill, continued

 
 

Mark Hoban

 

98

 

Clause  54,  page  134,  line  7,  after ‘PRA’ insert ‘, the FCA’.

 

Mark Hoban

 

99

 

Clause  54,  page  134,  line  13,  after ‘PRA’ insert ‘, the FCA’.

 


 

Mark Hoban

 

100

 

Clause  56,  page  135,  line  14,  after ‘PRA’ insert ‘, the FCA’.

 


 

Tom Greatrex

 

Chris Leslie

 

139

 

Clause  77,  page  146,  leave out line 39 to line 25 on page 147 and insert—

 

‘(2)    

The Treasury may publish the whole, or any part, of the report and may do so in

 

such manner as it considers appropriate.

 

(3)    

The Treasury must prevent publication of any part of the report which it considers

 

may contain material—

 

(a)    

which relates to the affairs of a particular person whose interests would,

 

in the opinion of the Treasury, be seriously prejudiced by publication of

 

the material; or

 

(b)    

the disclosure of which would be incompatible with an international

 

obligation of the United Kingdom.

 

(4)    

The Treasury must lay before each House of Parliament a copy of any report or

 

part of a report published under subsection (2) subject to the provisions of

 

subsection (3).’.

 


 

Mark Hoban

 

101

 

Clause  80,  page  148,  line  37,  leave out ‘312J or 345D of FSMA 2000, or’ and

 

insert ‘or 312J of FSMA 2000,

 

( )    

section 345D of FSMA 2000 (whether as a result of section

 

345(2) or 345A(3) or section 249(1) of that Act), or’.

 



 
 

Public Bill Committee: 8 March 2012                     

156

 

Financial Services Bill, continued

 
 

Mark Hoban

 

112

 

Schedule  18,  page  284,  line  7,  at end insert—

 

‘8A(1)  

Section 249 (disqualification of auditor for breach of trust scheme rules) is

 

amended as follows.

 

      (2)  

In subsection (1) for the words from “it may” to the end substitute “it may do

 

one or more of the following—

 

(a)    

disqualify the auditor from being the auditor of any authorised

 

unit trust scheme or authorised open-ended investment

 

company;

 

(b)    

publish a statement to the effect that it appears to the FCA that

 

the auditor has failed to comply with the duty;

 

(c)    

impose on the auditor a penalty, payable to the FCA, of such

 

amount as the FCA considers appropriate.”

 

      (3)  

For subsection (2) substitute—

 

“(2)    

Sections 345B to 345E have effect in relation to the taking of action

 

under subsection (1) as they have effect in relation to the taking of

 

action under section 345(2).”

 

      (4)  

For the heading substitute “Disciplinary measures”’.

 

Mark Hoban

 

120

 

Schedule  18,  page  284,  line  43,  at end insert—

 

‘( )    

in the heading, for “Authority’s” substitute “FCA’s”.’.

 

Mark Hoban

 

121

 

Schedule  18,  page  285,  line  18,  leave out ‘“section 44 or 45 of a Part IV

 

permission”’ and insert ‘paragraph (a)’.

 

Mark Hoban

 

122

 

Schedule  18,  page  285,  line  26,  leave out from ‘Part IV’ to end of line 27 and insert

 

‘substitute “Part 4A”’.

 

Mark Hoban

 

113

 

Schedule  18,  page  285,  line  41,  leave out from beginning to ‘subsection’ in line 2

 

on page 286 and insert ‘In section 409 (Gibraltar), in’.

 


 

Mark Hoban

 

114

 

Schedule  20,  page  311,  line  22,  leave out paragraphs 6 and 7 and insert—

 

‘5A      

In relation to the first order under section 9K of the Bank of England Act 1998,

 

subsection (2) of that section (which relates to consultation) does not apply.

 

5B  (1)  

This paragraph applies where a provision of Part 5 or 6 of this Act, or an

 

amendment of FSMA 2000 made by any provision of this Act, imposes on the

 

FCA, the PRA or the Bank of England, in connection with the making or

 

issuing of any rules or other instrument or document—


 
 

Public Bill Committee: 8 March 2012                     

157

 

Financial Services Bill, continued

 
 

(a)    

a public consultation requirement, or

 

(b)    

a requirement (however expressed) to consult particular persons.

 

      (2)  

The requirement may be satisfied—

 

(a)    

by things done (wholly or in part) before the commencement of the

 

provision in question or the passing of this Act, and

 

(b)    

by things done by the Financial Services Authority or the Bank of

 

England or by both of them.

 

      (3)  

“Public consultation requirement” means a requirement (however expressed)

 

to publish a draft of the instrument or other document with or without other

 

material and to invite representations about it.

 

5C  (1)  

The first order under section 22A of FSMA 2000 may, if it imposes on the PRA

 

a public consultation requirement in relation to any statement of policy

 

required by the order to be prepared by the PRA, provide that in relation to the

 

first statement of policy the requirement may be satisfied—

 

(a)    

by things done (wholly or in part) before the commencement of the

 

order or the passing of this Act, and

 

(b)    

by things done by the Financial Services Authority or the Bank of

 

England or by both of them.

 

      (2)  

“Public consultation requirement” has the same meaning as in paragraph 5B.’.

 


 

NEW CLAUSES

 

Debt management fees

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

Yvonne Fovargue

 

NC1

 

To move the following Clause:—

 

‘The FCA shall bring forward recommendations within a year of the

 

commencement of this Act to phase out the practice of directly charging

 

consumers fees or charges for the provision of debt management plans.’.

 



 
 

Public Bill Committee: 8 March 2012                     

158

 

Financial Services Bill, continued

 
 

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.’.

 


 

Building Society Investors Special Provisions: Members or depositors dying

 

Chris Leslie

 

Cathy Jamieson

 

NC3

 

To move the following Clause:—

 

‘(1)    

Schedule 7 of the Building Societies Act 1986 is amended as follows:

 

“(2)    

In paragraph 1(1) for “£5,000” substitute “£15,000” and in paragraph

 

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

 

 

Order of the House [6 FEBRUARY]

 

That the following provisions shall apply to the Financial Services Bill—

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Tuesday 20 March 2012.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Consideration and Third Reading

 

4.    

Proceedings on Consideration shall (so far as not previously concluded) be

 

brought to a conclusion one hour before the moment of interruption on the

 

day on which those proceedings are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.

 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and Third Reading.


 
 

Public Bill Committee: 8 March 2012                     

159

 

Financial Services Bill, continued

 
 

Other proceedings

 

7.    

Any other proceedings on the Bill (including any proceedings on

 

consideration of any further message from the Lords) may be programmed.

 

 

Order of the Committee [21 February 2012]

 

That—

 

(1)  

the Committee shall (in addition to its first meeting at 10.30 am on Tuesday

 

21 February) meet—

 

(a)  

at 4.00 pm on Tuesday 21 February;

 

(b)  

at 9.30 am and 1.00 pm on Thursday 23 February;

 

(c)  

at 10.30 am and 4.00 pm on Tuesday 28 February;

 

(d)  

at 9.30 am and 1.00 pm on Thursday 1 March;

 

(e)  

at 10.30 am and 4.00 pm on Tuesday 6 March;

 

(f)  

at 9.30 am and 1.00 pm on Thursday 8 March;

 

(g)  

at 9.30 am and 1.00 pm on Thursday 15 March;

 

(h)  

at 4.00 pm on Tuesday 20 March;

 

(i)  

at 9.30 am on Thursday 22 March.

 

(2)  

the proceedings shall be taken in the following order: Clauses 1 to 3;

 

Schedule 1; Clause 4; Schedule 2; Clause 5; Schedule 3; Clauses 6 to 10;

 

Schedule 4; Clauses 11 to 13; Schedule 5; Clauses 14 to 20; Schedule 6;

 

Clauses 21 to 27; Schedule 7; Clauses 28 to 32; Schedule 8; Clauses 33 and

 

34; Schedule 9; Clause 35; Schedule 10; Clause 36; Schedule 11; Clauses 37

 

and 38; Schedule 12; Clause 39; Schedule 13; Clauses 40 and 41; Schedule

 

14; Clause 42; Schedule 15; Clause 43; Schedule 16; Clauses 44 to 90;

 

Schedule 17; Clauses 91 to 94; Schedules 18 and 19; Clauses 95 to 99;

 

Schedules 20 and 21; Clauses 100 to 103; new Clauses; new Schedules;

 

remaining proceedings on the Bill.

 

(3)  

the proceedings shall (so far as not previously concluded) be brought to a

 

conclusion at 10.25 am on Thursday 22 March.

 


 
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