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| Clause 5, page 17, line 35, at end insert— |
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| | ‘(f) | the ease with which consumers can identify and obtain services which are |
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| | appropriate to their needs and represent good value for money.’. |
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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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| | (7) | Where the FCA considers that it is unable to achieve an outcome specified in an |
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| | order made under subsection (4), the Treasury may by order confer additional |
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| | powers on the FCA or direct obligations on those providing regulated financial |
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| | services to ensure that the essential needs of different consumers are met.’. |
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| Clause 5, page 19, line 3, at end insert— |
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| | ‘(j) | by claims management companies who provide services to persons |
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| | covering litigation, or claims under regulation schemes or voluntary |
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| Clause 5, page 19, line 3, at end insert— |
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| | ‘(j) | by debt management companies or debt adjustment services companies.’. |
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| Clause 5, page 20, line 21, after ‘PRA.’, insert— |
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| | ‘Coordination with the Financial Reporting Council |
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| | 1KA | The FCA’s duty to co-ordinate with Financial Reporting Council (FRC) |
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| | (1) | The FCA must co-ordinate with the FRC with a view to promoting— |
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| | (a) | understanding and application of the principles of the UK Stewardship |
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| | Code by relevant authorised persons, |
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| | (b) | transparency regarding the approach to the Stewardship Code taken by |
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| | relevant authorised persons, and |
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| | (c) | high standards of responsible ownership, including in relation to the |
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| | management of environmental, social and governance (ESG) risks and |
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| Clause 5, page 21, line 20, at end insert— |
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| | ‘(6) | In making the appointments, the FCA must have regard to the desirability of |
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| | ensuring the representation of practitioners carrying on a range of regulated |
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| Clause 5, page 22, line 17, after ‘persons’, insert ‘across the United Kingdom’. |
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| Clause 5, page 22, line 18, after ‘appropriate’, insert ‘, with consideration for |
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| diversity in the composition of the panel’. |
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| Clause 5, page 22, line 36, after ‘consumers’, insert ‘in all parts of the United |
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| Clause 5, page 22, line 37, after ‘appropriate’, insert ‘, with due consideration for |
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| diversity in the composition of the panel’. |
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| Clause 5, page 22, line 37, at end insert ‘in making the appointments, the FCA |
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| must have regard to the desirability of ensuring the representation of consumers of a range |
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| of financial products from across all parts of the United Kingdom and from a range of |
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| Clause 5, page 22, line 44, at end insert— |
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| | ‘1R | The Social Investment Panel |
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| | (1) | Arrangements under section 1M must include the establishment and maintenance |
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| | of a panel of persons (to be known as “the Social Invesment Panel”) to represent |
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| | the interests of organisations which specialise wholly or mainly in social finance |
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| | (2) | The FCA must appoint one of the members of the Social Investment Panel to be |
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| | (3) | The Treasury’s approval is required for the appointment or dismissal of the chair. |
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| | (4) | The FCA must appoint to the Social Investment Panel such— |
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| | (a) | individuals who represent organisations carrying out social finance |
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| | (b) | individuals who represent social sector organisations receiving social |
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| | investment, as it considers appropriate. |
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| | (5) | The FCA may appoint to the Social Investment Panel such other persons as it |
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| | (6) | In making the appointments, the FCA must have regard to the desirability of |
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| | ensuring the representation of a range of different forms of social sector |
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| Clause 5, page 23, line 4, leave out from ‘must’ to ‘responses’ in line 5 and insert |
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| Clause 5, page 24, line 27, at end insert— |
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| | ‘(a) | The PRA must, so far as is compatible with its general and insurance |
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| | objectives, discharge its general functions in a way which promotes |
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| Clause 5, page 24, line 34, at end insert— |
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| | ‘(c) | seeking to minimise, as far as possible, the costs to the FSCS or the use |
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| | of public funds to support or rescue parts of the UK financial services |
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| Clause 5, page 27, line 6, at end insert ‘and consumers’. |
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| Clause 5, page 27, line 9, after ‘consulting’, insert ‘consumers and’. |
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| Clause 5, page 27, line 10, after ‘persons’, insert ‘or the public’. |
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| Clause 5, page 27, line 12, after ‘2G’, insert— |
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| | ‘(1A) | When undertaking a consultation, the PRA must have regard to the desirability of |
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| | ensuring a broad representation of practitioners and consumers in the UK |
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| | financial services sector.’. |
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| Clause 5, page 27, line 13, leave out from ‘arrangements’ to end of line 14 and |
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| insert ‘must include the maintenance and consultation of those panels established under |
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| sections 1N, 1O, 1P and 1Q’. |
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| Clause 5, page 27, line 16, after ‘section’, insert ‘and must report annually on its |
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| consultation activities.’. |
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| Clause 5, page 27, line 19, at end insert ‘and by the Consumer Panel’. |
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| Clause 5, page 27, line 19, at end insert— |
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| | ‘(1A) | Unless the PRA has established a panel as provided for in section 2K(2) to reflect |
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| | consumer interests, it must consider representations from the Consumer Panel |
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| | established under section 1Q where such representations relate to the PRA’s |
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| | general policies and practices, the co-ordination of the exercise of PRA and FCA |
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| | functions as provided for in section 3D(1), or the exercise of the PRA power in |
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| Clause 5, page 27, line 26, at end insert ‘and shall inform the Treasury Select |
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| Committee of the House of Commons of the nature of and arrangements for the review.’. |
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| Clause 5, page 29, line 7, after ‘consumers’, insert ‘to act honestly, fairly and |
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| Clause 5, page 29, line 7, leave out ‘in relation to compliance with these |
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| requirements’ and insert ‘include responsibility for their decisions and compliance with |
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| Clause 5, page 29, line 15, at end insert— |
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| | ‘(g) | the principle that, where appropriate, authorised persons should have a |
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| | fiduciary duty towards the consumers who are their clients’. |
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| Clause 5, page 29, line 23, at end insert ‘, including but not limited to, the UK |
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| Corporate Governance Code’. |
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| Clause 5, page 29, line 42, at end insert— |
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| | ‘(d) | that the regulators coordinate in such a manner as to minimise |
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| | unnecessary additional expenses that might be incurred by virtue of the |
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| | separate administration of the FCA and the PRA, and to maximise any |
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| | common administrative savings achievable through close coordination.’. |
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| Clause 5, page 29, line 42, at end insert— |
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| | ‘(d) | that each regulator engages with the other where they identify any gaps |
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| | in or between their regulatory remits, or the exercise of these, that may |
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| | become apparent in relation to any product, provider, institution, market |
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| | practice, responsible shareholder interest or consumer concern; |
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| | (e) | that as appropriate both regulators can identify areas where they can |
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| | share services and information, acting to minimise burdens on firms |
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| | supervised by both regulators and/or to maximise the understanding of |
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| | consumers and facilitate the exercise of their responsible interests.’. |
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| Clause 5, page 30, line 4, at end insert— |
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| | ‘(c) | the FCA and PRA shall publish guidance explaining those circumstances |
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| | covered by paragraphs (a) and (b) where the duty to co-ordinate shall not |
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| Clause 5, page 31, line 24, at end insert— |
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| | ‘(8A) | The memorandum shall contain an estimate of the additional annual costs |
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| | involved in the administration of the FCA and PRA when compared with the |
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| | estimated costs of the administration of the Financial Services Authority.’. |
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| Clause 5, page 32, line 5, at end insert ‘(by reason of its consumer protection or |
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| competition objectives)’. |
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| Clause 5, page 32, line 11, at end insert— |
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| | ‘(9) | In exercising its functions under this section, the PRA must make and maintain |
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| | effective arrangements for consulting the panel established under section 1Q, |
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| | consumers, or where appropriate, persons appearing to represent the interests of |
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| Clause 5, page 34, line 20, after ‘PRA’, insert ‘and the Treasury’. |
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| Clause 5, page 37, line 34, after ‘supply’, insert ‘and consumption’. |
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| Clause 5, page 37, line 42, at end insert ‘particularly to those member of the public |
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| Clause 5, page 38, line 12, leave out ‘Part 1 of’. |
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| Clause 5, page 38, line 13, leave out subsection (3). |
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| Schedule 3, page 174, line 44, leave out from ‘expenses’ to end of line 46 and insert |
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| ‘to the Bank of England in respect of the services of the Bank’s Deputy Governor for |
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| prudential regulation as a member.’. |
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| Schedule 3, page 175, line 39, leave out ‘312J or 345D, or’ and insert ‘or 312J2 |
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| | ( ) | section 345D (whether as a result of section 345(2) or section |
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| Schedule 3, page 175, leave out lines 16 to 21. |
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| Schedule 3, page 176, line 6, at end insert— |
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| | Publication of minutes and agendas |
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| | 10 (1) | The FCA shall make arrangements to publish, unless publication would be |
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| | inappropriate, the agendas and minutes of the meetings of its committees and |
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| | (2) | When a meeting of any committee or sub-committee of the FCA makes a |
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| | decision upon any matter of public policy, the minutes of the meeting or |
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| | meetings that result in that decision shall summarise the considerations which |
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| | were taken into account, both for and against the decision.’. |
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| Schedule 3, page 177, line 26, at end insert ‘on the FCA website’. |
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| Schedule 3, page 182, leave out lines 33 to 37. |
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| Schedule 3, page 183, line 10, at end insert ‘merit, fairness, openness and’. |
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| Schedule 3, page 183, line 45, at end insert ‘with the approval of the Treasury’. |
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