Session 2010 - 12
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Other Bills before Parliament


 
 

Public Bill Committee: 15 March 2012                  

178

 

Financial Services Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

179

 

Clause  54,  page  134,  line  5,  at end insert ‘or where there is a risk to relevant

 

markets functioning well, fairly, efficiently and transparently.’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

177

 

Clause  54,  page  134,  line  6,  leave out ‘second’ and insert ‘third’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

174

 

Clause  54,  page  134,  line  7,  after ‘England,’, insert ‘FPC, FCA,’.

 

Mark Hoban

 

98

 

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

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

175

 

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

 

Mark Hoban

 

99

 

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

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

178

 

Clause  54,  page  134,  line  15,  leave out ‘third’ and insert ‘fourth’.

 


 

Mark Hoban

 

100

 

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

 



 
 

Public Bill Committee: 15 March 2012                  

179

 

Financial Services Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

192

 

Clause  58,  page  136,  line  22,  leave out from ‘Bank’ to ‘give’ and insert ‘must’.

 


 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

181

 

Clause  61,  page  137,  line  23,  after ‘PRA’, insert ‘and the FCA’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

180

 

Clause  61,  page  137,  line  29,  at end insert ‘which must include risks which

 

significantly impact upon the safety and soundness of PRA-authorised persons, or which

 

put at risk relevant markets functioning well.’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

182

 

Clause  61,  page  137,  line  31,  after ‘PRA’, insert ‘and the FCA’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

183

 

Clause  61,  page  137,  line  35,  after ‘PRA’, insert ‘and the FCA’.

 

Chris Leslie

 

Cathy Jamieson

 

187

 

Clause  61,  page  137,  line  36,  at end insert ‘and set out draft standing orders of an

 

ad hoc Stability Committee’.

 

Chris Leslie

 

Cathy Jamieson

 

188

 

Clause  61,  page  137,  line  40,  at end insert ‘and ensure that the Governor and all

 

Bank of England Deputy Governors and the Chief Executive of the FCA may consult with

 

the Treasury directly.’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

184

 

Clause  61,  page  137,  line  42,  after ‘PRA’, insert ‘and the FCA’.


 
 

Public Bill Committee: 15 March 2012                  

180

 

Financial Services Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

189

 

Clause  61,  page  138,  leave out lines 2 and 3.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

185

 

Clause  61,  page  138,  line  4,  after ‘PRA’, insert ‘and the FCA’.

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

186

 

Clause  61,  page  138,  line  9,  leave out paragraph (a).

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

190

 

Clause  61,  page  138,  leave out lines 13 to 17 and insert—

 

‘(7)    

The memorandum is a measure prescribed by the Treasury by order which shall

 

not be made unless a draft of the order has been laid before and approved by

 

resolution of each House of Parliament.’.

 


 

Chris Leslie

 

Cathy Jamieson

 

193

 

Clause  69,  page  142,  line  34,  at end insert—

 

‘(4A)    

Any direction under subsection (4) must be laid before Parliament and

 

published.’.

 


 

Chris Leslie

 

Cathy Jamieson

 

194

 

Clause  70,  page  143,  line  42,  at end add—

 

‘(5A)    

Any direction under subsection (5) must be laid before Parliament and

 

published.’.

 



 
 

Public Bill Committee: 15 March 2012                  

181

 

Financial Services Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

195

 

Clause  74,  page  145,  line  42,  at end insert—

 

‘(6A)    

Any direction under subsection (5) or (6) must be laid before Parliament and

 

published.’.

 


 

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’.

 


 

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;


 
 

Public Bill Committee: 15 March 2012                  

182

 

Financial Services Bill, continued

 
 

(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—

 

(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.


 
 

Public Bill Committee: 15 March 2012                  

183

 

Financial Services Bill, continued

 
 

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.’.

 


 

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:—


 
 

Public Bill Committee: 15 March 2012                  

184

 

Financial Services Bill, continued

 
 

‘(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”.’.

 


 

Mortgage rate warnings

 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

NC4

 

To move the following Clause:—

 

‘The Treasury shall bring forward recommendations within six months of Royal

 

Assent of this Act regarding requirements for mortgage lenders to forewarn

 

existing customers about potential interest rate changes on the affordability of

 

their mortgage repayments.’.

 


 

Human rights and sustainable development reporting

 

Teresa Pearce

 

Lisa Nandy

 

NC5

 

Parliamentary Star - white    

To move the following Clause:—

 

‘In exercising its functions under Part 6 (Official Listing) of the Financial

 

Services and Markets Act 2000, the FCA must require applicants to report on the

 

human rights and sustainable development impacts of their activities in all

 

countries in which they operate.’.

 

 

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


 
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Revised 15 March 2012