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67

 

House of Commons

 
 

Notices of Amendments

 

given on

 

Thursday 23 February 2012

 

For other Amendment(s) see the following page(s):

 

Financial Services Bill Committee 46-66

 

Public Bill Committee


 

Financial Services Bill

 

Chris Leslie

 

Cathy Jamieson

 

Yvonne Fovargue

 

123

 

Clause  5,  page  17,  line  35,  at end insert—

 

‘(3)    

In furtherance of the competition objective, the FCA shall publish, maintain and

 

review a code [The access and choice code] setting out (amongst other things)—

 

(a)    

the approach that the FCA will take to ensure that the market provides

 

different consumers with access to and choice about products and

 

services that are suitable for their needs.

 

(b)    

the approach that the FCA will take to ensure that the business conduct

 

of those providing regulated financial services continues to promote

 

competition in the interests of different consumers over the life of any

 

agreement.

 

(c)    

The additional steps that the FCA may take where competition does not

 

deliver access and choice to suitable products and service for different

 

consumers.

 

(4)    

The Treasury may by order specify—

 

(a)    

financial needs of different consumers that are to be considered essential;

 

(b)    

the outcomes that are necessary to demonstrate that essential financial

 

needs of different consumers are met.

 

(5)    

Sections 138L (1)(b) and (2) to (5) and 138K do not apply in relation to rules

 

made by the FSA if it considers that it is necessary or expedient not to comply

 

with them for the purpose of achieving an outcome specified in an order under

 

subsection (4) of this section.

 

(6)    

Transactional banking is an essential financial need for all groups of consumers.


 
 

Notices of Amendments: 23 February 2012                  

68

 

Financial Services Bill, continued

 
 

(7)    

Where the FCA considers that it is unable to achieve an outcome specified in an

 

order made under subsection (4), the Treasury may by order confer additional

 

powers on the FCA or direct obligations on those providing regulated financial

 

services to ensure that the essential needs of different consumers are met.’.

 


 
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Revised 24 February 2012