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| Thursday 23 February 2012 |
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| For other Amendment(s) see the following page(s):
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| Financial Services Bill Committee 46-66 |
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| Clause 5, page 17, line 35, at end insert— |
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| | ‘(3) | In furtherance of the competition objective, the FCA shall publish, maintain and |
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| | review a code [The access and choice code] setting out (amongst other things)— |
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| | (a) | the approach that the FCA will take to ensure that the market provides |
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| | different consumers with access to and choice about products and |
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| | services that are suitable for their needs. |
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| | (b) | the approach that the FCA will take to ensure that the business conduct |
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| | of those providing regulated financial services continues to promote |
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| | competition in the interests of different consumers over the life of any |
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| | (c) | The additional steps that the FCA may take where competition does not |
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| | deliver access and choice to suitable products and service for different |
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| | (4) | The Treasury may by order specify— |
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| | (a) | financial needs of different consumers that are to be considered essential; |
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| | (b) | the outcomes that are necessary to demonstrate that essential financial |
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| | needs of different consumers are met. |
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| | (5) | Sections 138L (1)(b) and (2) to (5) and 138K do not apply in relation to rules |
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| | made by the FSA if it considers that it is necessary or expedient not to comply |
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| | with them for the purpose of achieving an outcome specified in an order under |
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| | subsection (4) of this section. |
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| | (6) | Transactional banking is an essential financial need for all groups of consumers. |
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