Financial Services Bill (HC Bill 278)

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(i) where the regulated company is a PRA-regulated
company, each of the Financial Conduct Authority
and the Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct Authority;

(b) 5for the purposes of sub-paragraph (9)—

(i) where the regulated company is a PRA-regulated
company, the Financial Conduct Authority or the
Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct
10Authority.

(15) In sub-paragraph (18)—

(a) for the definition of “the Authority” and the “and” following it
substitute—

  • “PRA-authorised person” has the meaning given by
    15section 2B(5) of the Financial Services and Markets
    Act 2000;

  • “PRA-regulated activity” has the meaning given by
    section 22A of the Financial Services and Markets Act
    2000;

  • 20“PRA-regulated company” means a regulated company
    which—

    (a)

    is, or has been, a PRA-authorised person,

    (b)

    is, or has been, an appointed representative
    within the meaning given by section 39 of the
    25the Financial Services and Markets Act 2000,
    whose principal (or one of whose principals)
    is, or was, a PRA-authorised person, or

    (c)

    is carrying on, or has carried on, a PRA-
    regulated activity in contravention of the
    30general prohibition;.

(b) after the definition of “regulated company” insert—

  • ““regulator” means the Financial Conduct Authority or the
    Prudential Regulation Authority.”

(16) In the italic heading, for “Financial Services Authority” substitute “Financial
35Conduct Authority and Prudential Regulation Authority”.

51 (1) Schedule B1 (administration) is amended as follows.

(2) In paragraph 40 (dismissal of pending winding-up petition), in sub-
paragraph (2)(b), for “Financial Services Authority” substitute “Financial
Conduct Authority or Prudential Regulation Authority”.

(3) 40In paragraph 42 (moratorium on insolvency proceedings), in sub-paragraph
(4)(b), for “Financial Services Authority” substitute “Financial Conduct
Authority or Prudential Regulation Authority”.

(4) In paragraph 82 (public interest winding-up), in sub-paragraph (1)(b), for
“Financial Services Authority” substitute “Financial Conduct Authority or
45Prudential Regulation Authority”.

Financial Services BillPage 291

Debtors (Scotland) Act 1987 (c. 18)Debtors (Scotland) Act 1987 (c. 18)

52 In section 73F of the Debtors (Scotland) Act 1987 (protection of minimum
balance in bank accounts), in subsection (5)(b), for “Part 4” substitute “Part
4A”.

5Housing (Scotland) Act 1987 (c. 26)Housing (Scotland) Act 1987 (c. 26)

53 In section 338 of the Housing (Scotland) Act 1987 (interpretation), in
subsection (1)—

(a) in the definition of “bank”, for “Part 4” substitute “Part 4A”, and

(b) in the definition of “insurance company” for “Part 4” substitute “Part
104A”.

Income and Corporation Taxes Act 1988 (c. 1)Income and Corporation Taxes Act 1988 (c. 1)

54 (1) The Income and Corporation Taxes Act 1988 is amended as follows.

(2) In section 266 (life assurance premiums), in subsection (2)(a)(i), for “Part 4”
substitute “Part 4A”.

(3) 15In section 376 (qualifying borrowers and qualifying lenders), in subsection
(4)(e), for “Part 4” substitute “Part 4A”.

(4) In section 376A (the register of qualifying lenders), in subsection (1A)(a), for
“Part 4” substitute “Part 4A”.

(5) In section 431 (interpretation: insurance companies), in subsection (2), in the
20definition of “insurance company”, for “Part 4” substitute “Part 4A”.

(6) In section 444AB (transfer schemes)—

(a) in subsection (2)(b), for “Part 4” substitute “Part 4A”, and

(b) in subsection (2A)(b), for “Part 4” substitute “Part 4A”.

Access to Medical Reports Act 1988 (c. 28)Access to Medical Reports Act 1988 (c. 28)

55 25In section 2 of the Access to Medical Reports Act 1988 (interpretation), in
subsection (1), in the definition of “insurer”, for “Part 4” substitute “Part 4A”.

Road Traffic Act 1988 (c. 52)Road Traffic Act 1988 (c. 52)

56 In section 95 of the Road Traffic Act 1988 (notification of refusal of insurance
on grounds of health), in subsection (3)(a), for “Part 4” substitute “Part 4A”.

30Water Act 1989 (c. 15)Water Act 1989 (c. 15)

57 In section 174 of the Water Act 1989 (restriction on disclosure of
information), in subsection (2)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

35Companies Act 1989 (c. 40)Companies Act 1989 (c. 40)

58 The Companies Act 1989 is amended as follows.

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59 (1) Section 82 (request for assistance by overseas regulatory authority) is
amended as follows.

(2) In subsection (2)(a)—

(a) in sub-paragraph (ii), for “Financial Services Authority” substitute
5“FCA, the PRA or the Bank of England”, and

(b) omit sub-paragraph (iii).

(3) In subsection (3), for “Financial Services Authority” substitute
“corresponding UK regulator (if any)”.

(4) After that subsection insert—

(3A) 10In subsection (3), “the corresponding UK regulator” means such one
or more of the FCA, PRA and the Bank of England as appears to the
Secretary of State to exercise functions corresponding to the
regulatory functions for the purposes of which the request is made.

(5) In subsection (5)—

(a) 15for “Financial Services Authority”, in the first place, substitute “FCA
and the PRA”,

(b) for “Financial Services Authority”, in the second place, substitute
“FCA or the PRA”, and

(c) for “the Authority” substitute “the body giving the notification”.

60 (1) 20Section 87 (exceptions from restrictions on disclosure) is amended as
follows.

(2) In subsection (2)(b), for sub-paragraph (i) substitute—

(i) a decision of the FCA;

(iia) a decision of the PRA;

(3) 25In subsection (4), in the Table, in the entry relating to the Financial Services
Authority, for “The Financial Services Authority” substitute “The FCA or the
PRA”.

61 (1) Section 157 (change in default rules) is amended as follows.

(2) In subsection (1)—

(a) 30for “Authority”, in the first place, substitute “appropriate regulator”,
and

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

(3) At the end insert—

(4) The appropriate regulator”—

(a) 35in relation to a recognised UK investment exchange, means
the FCA, and

(b) in relation to a recognised UK clearing house, means the
Bank of England.

62 (1) Section 162 (duty to report on completion of default proceedings) is
40amended as follows.

(2) In subsections (1) and (1A), for “Authority” substitute “appropriate
regulator”.

(3) In subsection (4), for “Authority” substitute “appropriate regulator”.

Financial Services BillPage 293

(4) At the end insert—

(7) The appropriate regulator”—

(a) in relation to a recognised investment exchange or a
recognised overseas investment exchange, means the FCA,
5and

(b) in relation to a recognised clearing house or a recognised
overseas clearing house, means the Bank of England.

63 (1) Section 167 (application to determine whether default proceedings to be
taken) is amended as follows.

(2) 10In subsections (1B), (3) (in both places), (4) and (5) (in both places), for
“Authority” substitute “appropriate regulator”.

(3) At the end insert—

(6) The appropriate regulator”—

(a) in relation to a responsible investment exchange, means the
15FCA, and

(b) in relation to a responsible clearing house, means the Bank of
England.

64 (1) Section 169 (supplementary provisions) is amended as follows.

(2) In subsection (3A), for paragraph (b) and the “and” before it, substitute—

(b) 20in the case of a UK investment exchange, the FCA, and

(c) in the case of a UK clearing house, the Bank of England.

(3) In subsection (5), for “or the Authority” substitute “, the FCA or the Bank of
England”.

65 (1) Section 176 (power to make provision about certain charges) is amended as
25follows.

(2) In subsection (2)—

(a) in paragraph (b), for “Authority” substitute “Bank of England”, and

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

(3) In subsection (6)—

(a) 30for “Authority”, in the first place, substitute “Bank of England”, and

(b) for “Authority”, in the second place, substitute “FCA”.

66 (1) Section 190 (minor definitions) is amended as follows.

(2) Omit the definition of “the Authority”.

(3) After the definition of “charge” insert—

  • 35“the FCA” means the Financial Conduct Authority;.

(4) After the definition of “overseas” insert—

  • “the PRA” means the Prudential Regulation Authority;.

67 (1) Section 191 (index of defined expressions) is amended as follows.

(2) Omit the entry relating to “the Authority”.

(3) 40After the entry relating to “designated non-member” insert—

Financial Services BillPage 294

the FCA Section 190(1)

(4) After the entry relating to “permanent trustee” insert—

the PRA Section 190(1)

Water Industry Act 1991 (c. 56)Water Industry Act 1991 (c. 56)

68 5In section 206 of the Water Industry Act 1991 (restriction on disclosure of
information), in subsection (3)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

Water Resources Act 1991 (c. 57)Water Resources Act 1991 (c. 57)

69 10In section 204 of the Water Resources Act 1991 (restriction on disclosure of
information), in subsection (2)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

Social Security Administration Act 1992 (c. 5)Social Security Administration Act 1992 (c. 5)

70 (1) 15The Social Security Administration Act 1992 is amended as follows.

(2) In section 15A (payment out of benefit of sums in respect of mortgage
interest), in subsection (4), in the definitions of “deposit taker” and “insurer”,
for “Part 4” substitute “Part 4A”.

(3) In section 109B (power to require information), in subsection (7), in the
20definitions of “bank” and “insurer”, for “Part IV” substitute “Part 4A”.

Judicial Pensions and Retirement Act 1993 (c. 8)Judicial Pensions and Retirement Act 1993 (c. 8)

71 (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.

(2) In section 10 (additional benefits from voluntary contributions), in
subsection (8), in the definitions of “authorised provider” and “insurer”, for
25“Part 4” substitute “Part 4A”.

(3) In Part 1 of Schedule 2 (transfer of accrued benefits: interpretation), in
paragraph 1, in the definition of “authorised insurer”, for “Part 4” substitute
“Part 4A”.

Criminal Justice Act 1993 (c. 36)Criminal Justice Act 1993 (c. 36)

72 30In Schedule 1 to the Criminal Justice Act 1993 (special defences), in
paragraph 5(2), for “section 144(1)” substitute “section 137O”.

Railways Act 1993 (c. 43)Railways Act 1993 (c. 43)

73 (1) The Railways Act 1993 is amended as follows.

Financial Services BillPage 295

(2) In section 145 (restrictions on disclosure of information), in subsection (2)(c),
for “or the Financial Services Authority” substitute “, the Financial Conduct
Authority or the Prudential Regulation Authority”.

(3) In section 151 (general interpretation), in subsection (1), in the definition of
5“securities”, for “section 74(5)” substitute “section 102A(2)”.

Pension Schemes Act 1993 (c. 48)Pension Schemes Act 1993 (c. 48)

74 (1) The Pension Schemes Act 1993 is amended as follows.

(2) In section 149 (procedure on an investigation by the Pensions Ombudsman),
in subsection (6)—

(a) 10for paragraph (e) substitute—

(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority,

(eb) the Bank of England,, and

(b) in paragraph (o), for “a body corporate established in accordance
15with paragraph 2(1)” substitute “the body corporate mentioned in
paragraph 2”.

(3) In section 158A (disclosures by the Secretary of State), in subsection (1), in
the Table, for the entry relating to the Financial Services Authority
substitute—

The Financial Conduct Authority 20Any of its functions.
The Prudential Regulation Authority Any of its functions..

(4) In section 180A (insurer and long-term insurance business), in subsection
(1)(a), for “Part 4” substitute “Part 4A”.

(5) In section 185 (duty to consult before making regulations)—

(a) 25in subsection (7), for “the Financial Services Authority” substitute
“the appropriate regulator”, and

(b) after that subsection insert—

(7A) The appropriate regulator” means—

(a) where the group insurance business to which the
30regulations relate consists only of activities which are
PRA-regulated activities, the Prudential Regulation
Authority,

(b) where the group insurance business to which the
regulations relate consists partly of activities which
35are PRA-regulated activities and partly of other
regulated activities, the Prudential Regulation
Authority and the Financial Conduct Authority, or

(c) in any other case, the Financial Conduct Authority.

(7B) In subsection (7A) “regulated activities” and “PRA-regulated
40activities” have the same meaning as in the Financial Services
and Markets Act 2000.

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Finance Act 1994 (c. 9)Finance Act 1994 (c. 9)

75 (1) The Finance Act 1994 is amended as follows.

(2) In Schedule 7 (insurance premium tax), in paragraph 28B—

(a) in sub-paragraph (1)—

(i) 5for “the Financial Services Authority (“the Authority”)”
substitute “a regulator”, and

(ii) for “assisting the Authority” substitute “assisting the
regulator”, and

(b) in sub-paragraph (2)—

(i) 10for “the Authority”, in the first place, substitute “a regulator”,
and

(ii) for “the Authority”, in the second place, substitute “the
regulator”.

(c) after that sub-paragraph insert—

(3) 15In this paragraph “regulator” means—

(a) the Financial Conduct Authority;

(b) the Prudential Regulation Authority.

(3) In Schedule 24 (provisions relating to the Railways Act 1993), in paragraph
19(7), in the definition of “securities”, for “section 74(5)” substitute “section
20102A(2)”.

Coal Industry Act 1994 (c. 21)Coal Industry Act 1994 (c. 21)

76 In section 59 of the Coal Industry Act 1994 (information to be kept
confidential), in subsection (3)(b), for “and the Financial Services Authority”
substitute “, the Financial Conduct Authority and the Prudential Regulation
25Authority”.

Value Added Tax Act 1994 (c. 23)Value Added Tax Act 1994 (c. 23)

77 In Part 2 of Schedule 9 to the Value Added Tax Act 1994 (exemptions:
groups), in Group 5 (finance), in Note (6), in the definitions of “closed-ended
collective investment undertaking” and “individually recognised overseas
30scheme”, for “Financial Services Authority” substitute “Financial Conduct
Authority”.

Pensions Act 1995 (c. 26)Pensions Act 1995 (c. 26)

78 (1) The Pensions Act 1995 is amended as follows.

(2) In section 49 (responsibilities of trustees etc.), in subsection (8A)(a), for “Part
354” substitute “Part 4A”.

(3) In section 172 (information about public service schemes), in subsection
(1)(a), for “section 150” substitute “section 138D”.

Finance Act 1997 (c. 16)Finance Act 1997 (c. 16)

79 In section 96 of the Finance Act 1997 (demutualisation of insurance
40companies), in subsection (8), in the definition of “general insurance
company”, for “Part 4” substitute “Part 4A”.

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Social Security (Recovery of Benefits) Act 1997 (c. 27)Social Security (Recovery of Benefits) Act 1997 (c. 27)

80 In Part 1 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997
(compensation payments: exempted payments), in paragraph 5(2)(a), for
“Part 4” substitute “Part 4A”.

5Bank of England Act 1998 (c. 11)Bank of England Act 1998 (c. 11)

81 (1) The Bank of England Act 1998 is amended as follows.

(2) In section 17 (power to obtain information), in subsections (3D) and (7)(a),
for “Part 4” substitute “Part 4A”.

(3) Omit—

(a) 10section 21 and the italic heading before it;

(b) section 23(2);

(c) section 24 and the italic heading before it.

(4) In Schedule 2 (cash ratio deposits), in paragraph 1(1A)(c), for “Part 4”
substitute “Part 4A”.

(5) 15In Schedule 7 (restriction on disclosure of information), in paragraph 3, in
the Table—

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

(b) omit the entry relating to the competent authority for the purposes
20of Part 6 of the Financial Services Act 2000.

Data Protection Act 1998 (c. 29)Data Protection Act 1998 (c. 29)

82 In Schedule 7 to the Data Protection Act 1998 (miscellaneous exemptions), in
paragraph 6(3), in the definition of “relevant person”, in paragraph (a), for
“Part IV” substitute “Part 4A”.

25Terrorism Act 2000 (c. 11)Terrorism Act 2000 (c. 11)

83 (1) The Terrorism Act 2000 is amended as follows.

(2) In Part 2 of Schedule 3A (supervisory authorities), in paragraph 4(1)—

(a) for paragraph (c) substitute—

(c) the Financial Conduct Authority;, and

(b) 30after paragraph (e) insert—

(ea) the Prudential Regulation Authority;.

(3) In Schedule 6 (financial information), in paragraph 6(1)(a), for “Part 4”
substitute “Part 4A”.

Regulation of Investigatory Powers Act 2000 (c. 23)Regulation of Investigatory Powers Act 2000 (c. 23)

84 35In Part 1 of Schedule 1 to the Regulation of Investigatory Powers Act 2000
(relevant authorities), for paragraph 19 substitute—

19 The Financial Conduct Authority.

19A The Prudential Regulation Authority.

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Utilities Act 2000 (c. 27)Utilities Act 2000 (c. 27)

85 In section 105 of the Utilities Act 2000 (general restriction on disclosure of
information), in subsection (4)(da), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
5Authority or the Bank of England”.

Freedom of Information Act 2000 (c. 36)2000 (c. 36)

86 In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (other public
bodies and offices: general)—

(a) omit the entry relating to the Financial Services Authority, and

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

  • The Financial Conduct Authority;”;

  • “The Prudential Regulation Authority;.

Criminal Justice and Police Act 2001 (c. 16)Criminal Justice and Police Act 2001 (c. 16)

87 In section 57 of the Criminal Justice and Police Act 2001 (retention of seized
15items), in subsection (1)(o), for “section 176(8)” substitute “section 176A”.

Anti-terrorism, Crime and Security Act 2001 (c. 24)Anti-terrorism, Crime and Security Act 2001 (c. 24)

88 In Part 5 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001
(property earmarked as terrorist property), in paragraph 16(6)—

(a) for “Financial Services Authority under” substitute “Financial
20Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and

(b) omit “of authority”.

Proceeds of Crime Act 2002 (c. 29)Proceeds of Crime Act 2002 (c. 29)

89 (1) The Proceeds of Crime Act 2002 is amended as follows.

(2) 25In section 282 (exemptions), in subsection (3)—

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

(b) for “the authority” substitute “it”.

(3) In section 308 (general exceptions), in subsection (7)(a)—

(a) 30for “Financial Services Authority under” substitute “Financial
Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and

(b) omit “of authority”.

(4) In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4(1)—

(a) 35for paragraph (c) substitute—

(c) Financial Conduct Authority; and

(b) after paragraph (e) insert—

(ea) Prudential Regulation Authority;.

Enterprise Act 2002 (c. 40)Enterprise Act 2002 (c. 40)

90 (1) 40The Enterprise Act 2002 is amended as follows.

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(2) In section 213 (enforcers), in subsection (5A)(c), for “Financial Services
Authority” substitute “Financial Conduct Authority”.

(3) In Schedule 14 (specified functions), in the entry relating to the Financial
Services and Markets Act 2000, for “Chapter 3 of Part 10 and Chapter 2 of
5Part 18” substitute “Chapter 4 of Part 9A”.

Nationality, Immigration and Asylum Act 2002 (c. 41)Nationality, Immigration and Asylum Act 2002 (c. 41)

91 In section 135 of the Nationality, Immigration and Asylum Act 2002
(financial institution to provide information), in subsection (2)(a), for “Part
4” substitute “Part 4A”.

10Income Tax (Earnings and Pensions) Act 2003 (c. 1)Income Tax (Earnings and Pensions) Act 2003 (c. 1)

92 (1) The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

(2) In Part 4 of Schedule 2 (approved share incentive plans: types of shares that
may be awarded), in paragraph 30(3)—

(a) for “competent authority for listing” substitute “Financial Conduct
15Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

(3) In Part 4 of Schedule 3 (approved SAYE option schemes: applicable shares),
in paragraph 21(5)—

(a) for “competent authority for listing” substitute “Financial Conduct
20Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

(4) In Part 4 of Schedule 4 (approved CSOP schemes: applicable shares), in
paragraph 19(5)—

(a) for “competent authority for listing” substitute “Financial Conduct
25Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

Finance Act 2003 (c. 14)Finance Act 2003 (c. 14)

93 In section 63 of the Finance Act 2003 (demutualisation of insurance
company), in subsection (7), in the definition of “general insurance
30company”, for “Part 4” substitute “Part 4A”.

Health and Social Care (Community Health and Standards) Act 2003 (c. 43)Health and Social Care (Community Health and Standards) Act 2003 (c. 43)

94 In Schedule 10 to the Health and Social Care (Community Health and
Standards) Act 2003 (recovery of NHS charges (exempted payments)), in
paragraph 4(2)(a), for “Part 4” substitute “Part 4A”.

35Finance Act 2004 (c. 12)Finance Act 2004 (c. 12)

95 In Part 1 of Schedule 28 to the Finance Act 2004 (pension rules), in paragraph
14(3)(a), for Financial Services Authority” substitute “Financial Conduct
Authority or the Prudential Regulation Authority”.