Financial Services Bill (HC Bill 278)

(b) in subsection (6), for “The Authority” substitute “The FCA”.

14 In section 270 (schemes authorised in designated countries or territories)—

(a) 5in subsection (1), in each place, for “Authority” substitute “FCA”,

(b) in subsections (2)(b) and (5) (in both places), for “the Authority”
substitute “the FCA”, and

(c) in subsection (6), for “Authority” substitute “FCA”.

15 In section 284 (power to investigate), in subsection (11), for “the Authority”
10substitute “the FCA”.

16 In section 404 (consumer redress scheme), for “Authority”, in each place,
substitute “FCA”.

17 In section 404A (supplementary provision relating to rules under section
404), for “Authority” or “Authority’s”, in each place, substitute “FCA” or
15“FCA’s”.

18 (1) Section 404F (definitions etc.) is amended as follows.

(2) For “Authority”, in each place, substitute “FCA”.

(3) In subsection (8), for “section 44 or 45 of a Part IV permission” substitute “—

(a) the variation under section 55H or 55J of a Part 4A
20permission,

(aa) the imposition or variation of a requirement under section
55L, or”.

19 (1) Section 405 (directions) is amended as follows.

(2) In subsection (1)—

(a) 25for “Authority” substitute “appropriate regulator”, and

(b) in paragraph (a), for “Part IV permission” substitute “Part 4A
permission”.

(3) After subsection (4) insert—

“(4A) In this section “the appropriate regulator” is the regulator to which
30the application for permission under Part 4A is made.”

20 (1) Section 407 (consequences of a direction under section 405) is amended as
follows.

(2) For “Authority”, in each place, substitute “appropriate regulator”.

(3) In subsection (1), in paragraph (a), for “subsections (7) to (9) of section 52 do”
35substitute “section 55X does”.

(4) In subsection (2), in paragraph (a), for “section 52(1) and (2)” substitute
“subsections (1) to (3) of section 55V”.

(5) After subsection (3) insert—

“(4) In this section “the appropriate regulator” has the same meaning as
40in section 405.”

21 (1) Section 409 (Gibraltar) is amended as follows.

(2) In subsection (1)(c), for “the Authority” substitute “the FCA”.

(3) In subsection (2), for “Part IV permission” substitute “Part 4A permission”.

22 In section 415 (jurisdiction in civil proceedings), in subsection (1), for
paragraph (a) substitute—

“(a) 5the FCA,

(aa) the PRA,

(ab) the Bank of England,”.

23 (1) Section 415A (interpretation of powers under the Act) is amended as
follows.

(2) 10For “Authority” substitute “FCA, PRA or the Bank of England”.

(3) In the heading to the section and the italic heading before it, for “of the
Authority” substitute “under the Act”.

Part 2 Amendments of other Acts of Parliament

15Bankers’ Books Evidence Act 1879 (c. 11)Bankers’ Books Evidence Act 1879 (c. 11)

24 In section 9 of the Bankers’ Books Evidence Act 1879 (interpretation), in
subsection (1A)(a), for “Part 4” substitute “Part 4A”.

Agricultural Credits Act 1928 (c. 43)Agricultural Credits Act 1928 (c. 43)

25 In section 5 of the Agricultural Credits Act 1928 (agricultural charges on
20farming stock and assets), in subsection (7), in the definition of “Bank”, for
“Part 4” substitute “Part 4A”.

Agricultural Credits (Scotland) Act 1929 (19 @AMP@amp; 20 Geo. 5 c. 13)Agricultural Credits (Scotland) Act 1929 (19 @AMP@amp; 20 Geo. 5 c. 13)

26 In section 9 of the Agricultural Credits (Scotland) Act 1929 (interpretation),
in subsection (2), in the definition of “Bank”, for “Part 4” substitute “Part
254A”.

Fire Services Act 1947 (c. 41)Fire Services Act 1947 (c. 41)

27 In section 27A of the Fire Services Act 1947 (information in connection with
firemen’s pensions etc.) (as that section continues to have effect by virtue of
the Firefighters’ Pension Scheme (England and Scotland) Order 2004 and the
30Fire and Rescue Services Act 2004 (Firefighters’ Pension Scheme) (Wales)
Order 2004), in subsection (2)(a), for “section 150” substitute “section 138D”.

Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65)Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65)

28 In section 57 of the Reserve and Auxiliary Forces (Protection of Civil
Interests) Act 1951 (life policies: supplementary provisions), in subsection
35(5A), for “section 150” substitute “section 138D”.

Theft Act 1968 (c. 60)Theft Act 1968 (c. 60)

29 In section 24A of the Theft Act 1968 (dishonestly retaining a wrongful

credit), in subsection (9), for paragraph (c) substitute—

“(c) a person falling within any of paragraphs (a) to (j) of the
definition of “electronic money issuer” in regulation 2(1) of
the Electronic Money Regulations 2011.”

5Decimal Currency Act 1969 (c. 19)Decimal Currency Act 1969 (c. 19)

30 In section 7 of the Decimal Currency Act 1969 (payments under friendly
society and industrial assurance contracts: supplemental), in subsection (5),
for “section 138” substitute “sections 137A and 137E”.

Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)

31 10In section 1 of the Employers’ Liability (Compulsory Insurance) Act 1969
(insurance against liability for employees), in subsection (3)(b)(i), for “Part 4”
substitute “Part 4A”.

Superannuation Act 1972 (c. 11)Superannuation Act 1972 (c. 11)

32 In section 1 of the Superannuation Act 1972 (superannuation schemes: civil
15servants), in subsection (9), in the definition of “authorised provider”, for
“Part 4” substitute “Part 4A”.

Employment Agencies Act 1973 (c. 35)Employment Agencies Act 1973 (c. 35)

33 In section 9 of the Employment Agencies Act 1973 (inspection), in subsection
(1AC), for “Part 4” substitute “Part 4A”.

20Consumer Credit Act 1974 (c. 39)Consumer Credit Act 1974 (c. 39)

34 (1) The Consumer Credit Act 1974 is amended as follows.

(2) In section 16 (exempt agreements)—

(a) in subsection (3A), in the Table—

(i) for “Financial Services Authority”, in the first place,
25substitute “Financial Conduct Authority”, and

(ii) for “and the Financial Services Authority”, substitute “, the
Financial Conduct Authority and the Prudential Regulation
Authority”, and

(b) in subsection (10), in paragraphs (a)(i) and (b)(i), for “Part 4”
30substitute “Part 4A.

(3) In section 25 (licensee to be a fit person), in subsection (1B)—

(a) for “Part 4” substitute “Part 4A”, and

(b) for “the Financial Services Authority” substitute “the regulator
which granted the permission under Part 4A”.

(4) 35In section 35 (the register), in subsection (1A), for “Financial Services
Authority” substitute “Financial Conduct Authority or the Prudential
Regulation Authority”.

Solicitors Act 1974 (c. 47)Solicitors Act 1974 (c. 47)

35 In section 87 of the Solicitors Act 1974 (interpretation), in the definition of
“bank” in subsection (1) and in subsection (1A)(a), for “Part 4” substitute
“Part 4A”.

5House of Commons Disqualification Act 1975 (c. 24)1975 (c. 24)

36 In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975
(other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

(b) 10at the appropriate place in each case insert—

• “Member of the governing body of the Financial
  Conduct Authority;”;

• “Member of the governing body of the Prudential
  Regulation Authority;”.

15Northern Ireland Assembly Disqualification Act 1975 (c. 25)1975 (c. 25)

37 In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification
Act 1975 (other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

(b) 20at the appropriate place in each case insert—

• “Member of the governing body of the Financial
  Conduct Authority;”;

• “Member of the governing body of the Prudential
  Regulation Authority;”.

25Police Pensions Act 1976 (c. 35)Police Pensions Act 1976 (c. 35)

38 In section 8A of the Police Pensions Act 1976 (information in connection with
police pensions etc.), in subsection (2)(a), for “section 150” substitute “section
138D”.

Judicial Pensions Act 1981 (c. 20)Judicial Pensions Act 1981 (c. 20)

39 30In section 33A of the Judicial Pensions Act 1981 (voluntary contributions), in
subsection (9), in paragraph (a) of the definition of “authorised provider”,
for “Part 4” substitute “Part 4A”.

Inheritance Tax Act 1984 (c. 51)Inheritance Tax Act 1984 (c. 51)

40 In section 59 of the Inheritance Tax Act 1984 (qualifying interest in
35possession), in subsection (3)(b)(i), for “Part 4” substitute “Part 4A”.

Companies Act 1985 (c. 6)Companies Act 1985 (c. 6)

41 The Companies Act 1985 is amended as follows.

42 In Schedule 15C (specified persons), for paragraph 7 substitute—

“7 The Financial Conduct Authority.

7A The Prudential Regulation Authority.

7B The Bank of England.”

43 (1) Schedule 15D (disclosures) is amended as follows.

(2) In paragraph 28 for “Financial Services Authority” substitute “Financial
5Conduct Authority or the Prudential Regulation Authority”.

(3) In paragraph 29 for “competent authority” substitute “Financial Conduct
Authority”.

(4) In paragraph 43, for paragraph (a) substitute—

“(a) a decision of the Financial Conduct Authority;

(aa) 10a decision of the Prudential Regulation Authority;”.

Trustee Savings Banks Act 1985 (c. 58)Trustee Savings Banks Act 1985 (c. 58)

44 In Part 3 of Schedule 1 to the Trustee Savings Banks Act 1985
(supplementary transfer provisions), in paragraph 11(4A)(a), for “Part 4”
substitute “Part 4A”.

15Administration of Justice Act 1985 (c. 61)Administration of Justice Act 1985 (c. 61)

45 In section 21 of the Administration of Justice Act 1985 (professional
indemnity and compensation), in subsection (5)(a), for “Part 4” substitute
“Part 4A”.

Housing Act 1985 (c. 68)Housing Act 1985 (c. 68)

46 20In section 622 of the Housing Act 1985 (minor definitions: general), in
subsection (1), in the definitions of “authorised deposit taker”, “authorised
insurer” and “authorised mortgage lender”, for “Part 4” substitute “Part 4A”.

Insolvency Act 1986 (c. 45)Insolvency Act 1986 (c. 45)

47 The Insolvency Act 1986 is amended as follows.

48 (1) 25Section 4A (approval of proposed voluntary arrangement) is amended as
follows.

(2) In subsection (5), for “Financial Services Authority” substitute “appropriate
regulator”.

(3) After that subsection insert—

“(5A) 30The appropriate regulator” means—

(a) where the regulated company is a PRA-regulated company
within the meaning of paragraph 44 of Schedule A1, the
Financial Conduct Authority and the Prudential Regulation
Authority, and

(b) 35in any other case, the Financial Conduct Authority.”

49 In section 422 (order relating to formerly authorised banks), in subsection
(1)—

(a) for “Financial Services Authority” substitute “Financial Conduct
Authority and the Prudential Regulation Authority”, and

(b) in paragraph (b), for “Part IV” substitute “Part 4A”.

50 (1) Paragraph 44 of Schedule A1 (moratorium where directors propose
voluntary arrangement; modifications relating to regulated companies) is
amended as follows.

(2) 5In sub-paragraphs (2) to (4), for “Authority” substitute “appropriate
regulator”.

(3) In sub-paragraph (5)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) for “the Authority”, in the second place, substitute “the appropriate
10regulator”.

(4) In sub-paragraph (6), for “Authority” substitute “appropriate regulator”.

(5) In sub-paragraph (7)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) for “the Authority”, in the second place, substitute “the appropriate
15regulator”.

(6) In sub-paragraphs (8) to (11), for “Authority” substitute “appropriate
regulator”.

(7) In sub-paragraph (12)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 20for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(8) In sub-paragraph (13), for “Authority” substitute “appropriate regulator”.

(9) In sub-paragraph (14)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 25for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(10) In sub-paragraph (15), for “Authority” substitute “appropriate regulator”.

(11) In sub-paragraph (16)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 30for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(12) After sub-paragraph (16) insert—

“(16A) If either regulator makes an application to the court under any of
the provisions mentioned in sub-paragraphs (5), (7), (12), (14) or
35(16) in relation to a PRA-regulated company, the other regulator is
entitled to be heard on the application.”

(13) In sub-paragraph (17), for “Authority” substitute “appropriate regulator”.

(14) After sub-paragraph (17) insert—

“(17A) The appropriate regulator” means—

(a) 40for the purposes of sub-paragraphs (2) to (8) and (10) to
(17)—