House of Commons Public Bill Committee Proceedings

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Public Bill Committee Proceedings: 6 March 2012
24

Financial Services Bill, continued

Chris Leslie

Not called  115

Clause  6,  page  39,  line  5,  at end insert—

‘Claims management companies

23C
Provision of services consisting of advice or services in respect of claims for

compensation, restitution, repayment or any other remedy for loss or damage,

or in respect of some other obligation.’.

Yvonne Fovargue

Chris Leslie

Cathy Jamieson

Mark Durkan

Not called  90

Clause  6,  page  39,  line  29,  at end insert—

‘(6)
The Consumer Credit Act 1974 shall be amended as follows—



“In section 32(7) after “revocation” delete to the end of that section and replace

with “under this section shall not take effect before the end of the appeal period.

A suspension under this section may take effect before the end of the appeal

period until such time as the commencement of section 6(3) of the Financial

Services Act 2012 and responsibility for consumer credit regulation rests with the

Financial Conduct Authority, after which time a suspension shall not take effect

before the end of an appeal period.”.’.

Clause Agreed to.

Clause 7 Agreed to.

Mark Durkan

Not selected  167


Clause  8,  page  40,  line  28,  at end insert—

‘(aa)
respond to changing business models, practices or patterns including

possible implications of conglomeration for competitive, systemic,

market or consumer interests;’.

Clause Agreed to.

Chris Leslie

Cathy Jamieson

Not called  140

Clause  9,  page  42,  line  28,  at end insert—

‘(6)
The regulators must co-ordinate their procedures for, and provide clear and

detailed guidance on, the processes for applying for, varying and cancelling

permission that are applicable to authorised persons regulated by both the PRA

and the FCA.’.

Public Bill Committee Proceedings: 6 March 2012
25

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

Withdrawn  141

Clause  9,  page  43,  line  10,  at end insert—

‘(1A)
An order under subsection (1) is not to be made unless a draft of the order has

been laid before and approved by resolution of both Houses of Parliament.’.

Chris Leslie

Cathy Jamieson

Negatived on division  142

Clause  9,  page  43,  leave out lines 32 to 35 and insert—

‘(3)
In considering how much weight (if any) to attach to the opinion the UK regulator

must have regard to—

(a)
the nature and scope of the supervision exercised in relation to the non-

EEA firm by the overseas regulator; and

(b)
decisions previously made by EU regulatory authorities regarding the

overseas regulator.’.

Clause Agreed to.

Chris Leslie

Cathy Jamieson

Withdrawn  143

Clause  10,  page  59,  line  18,  at end insert—

‘(1B)
In seeking to ensure an appropriate degree of protection for consumers, the PRA

and FCA shall—

(a)
require banks to provide clear and prominent warnings to consumers

where deposits are not covered by the Financial Services Compensation

Scheme; and

(b)
make and maintain effective arrangements to consult consumers on the

prominence and method of such warnings.’.

Chris Leslie

Cathy Jamieson

Withdrawn  144

Clause  10,  page  59,  line  18,  at end insert—

‘(1C)
The PRA shall provide regular reports to Parliament on its duty to co-ordinate

with international regulators.’.

Clause Agreed to.

Schedule 4 Agreed to.

Chris Leslie

Cathy Jamieson

Withdrawn  145

Clause  11,  page  61,  line  7,  at end insert—

Public Bill Committee Proceedings: 6 March 2012
26

Financial Services Bill, continued

‘(8A)
In the event of a prohibition order being made, the FCA or PRA shall—

(a)
publish an explanatory statement regarding the decision; and

(b)
include the individual on an updated list of those subject to prohibition

orders to be presented on HM Treasury website.’.

Clause Agreed to.

Chris Leslie

Cathy Jamieson

Not called  146

Clause  12,  page  62,  line  19,  at end insert—


‘If the FCA considers it appropriate to change the way it exercises its powers

under section 59(3)(a), it must lay before Parliament a report on its reasons for

any changes.’.

Clause Agreed to.

Clause 13 Agreed to.

Schedule 5 Agreed to.

Mark Hoban

Agreed to on division  92

Clause  14,  page  63,  line  38,  after ‘authority”’ insert ‘or “the Authority”’.

Mark Hoban

Agreed to on division  93

Clause  14,  page  64,  line  6,  at end insert—

‘( )
section 103(1).’

Clause, as amended, Agreed to.

[Adjourned until Thursday at 9.30 am



© Parliamentary copyright	Revised 7 March 2012