|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | Financial Services Bill, As Amended |
|
| | | Retrospective reviews of Bank performance by court of directors and publication of court |
|
| | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | | |
| | |
| | | |
| | | |
| | To move the following Clause:— |
|
| | | ‘(1) | Section 2 of the Bank of England Act 1998 (Functions of court of directors) is |
|
| | | |
| | | (2) | After subsection (5) add— |
|
| | | “(6) | The court shall conduct retrospective reviews of the performance of the |
|
| | | Bank with respect to its functions and objectives. |
|
| | | (7) | The court shall determine the particular matters to be reviewed under |
|
| | | |
| | | (8) | The court must publish a report on each review carried out under |
|
| | | subsections (6) and (7) unless the court decides that all or part of such a |
|
| | | report should not be published for reasons of confidentiality or because it |
|
| | | would endanger financial stability. |
|
| | | (9) | When all or part of a report of a review is not published under the |
|
| | | provisions of subsection (8), the court must— |
|
| | | (a) | publish as much as possible of the report, |
|
| | | (b) | send a copy of the full report to the Chairman of the Treasury |
|
| | | Committee of the House of Commons or, in exceptional |
|
|
| |
| | |
| | |
| |
| | | circumstances, inform the Chairman of the Treasury Committee |
|
| | | of the reasons for not sending it, and |
|
| | | (c) | publish the report or part of the report as soon as possible after |
|
| | | the court decides that the considerations in subsection (8) no |
|
| | | |
| | | (10) | After each meeting of the court, the Bank shall publish minutes of the |
|
| | | meeting before the end of the period of two weeks beginning with the day |
|
| | | |
| | | (11) | Subsection (10) shall not apply to minutes of any proceedings where the |
|
| | | court has decided that publication should be delayed for reasons of |
|
| | | confidentiality or because publication would endanger financial stability. |
|
| | | (12) | Where any part of the court’s minutes is not published under the |
|
| | | provisions of subsection (11), the Chairman of the court shall inform the |
|
| | | Chairman of the Treasury Committee of the House of Commons of the |
|
| | | |
| | | (13) | Any part of the minutes of a meeting of the court must be published as |
|
| | | soon as the court has decided that the considerations in subsection (11) |
|
| | | |
| | | Reports by skilled persons |
|
| | |
| | | |
| | To move the following Clause:— |
|
| | | ‘The Financial Services and Markets Act 2000 is amended as follows— |
|
| | | (1) | In section 166, subsection (1), leave out “require him” and insert “inform |
|
| | | that person that it has appointed a person”. |
|
| | | (2) | In section 166, subsection (1), at end insert “The Authority may require |
|
| | | the person to whom subsection (2) applies to pay for the costs of the |
|
| | | report in the event that it has resulted in enforcement action being taking |
|
| | | |
| | | (3) | In section 228, subsection (5), at end insert “except that this is without |
|
| | | prejudice to the right of the complainant to sue for any amounts in excess |
|
| | | of the maximum award limit in the event that the Ombudsman has made |
|
| | | a recommendation pursuant to section 229(5) of this Act. The |
|
| | | Complainant’s acceptance is also not binding on the Authority which |
|
| | | remains entitled to take such action as it would have been had the award |
|
| | | |
