House of Commons Public Bill Committee Proceedings

Session 2010 - 12
Internet Publications
Other Bills before Parliament

27

House of Commons

Thursday 8 March 2012

Public Bill Committee Proceedings

Financial Services Bill

[ELEVENTH AND TWELFTH Sittings]

Clause 15 Agreed to.

Chris Leslie

Cathy Jamieson

Withdrawn  147

Clause  16,  page  68,  line  37,  at end insert—

‘(9)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Clause Agreed to.

Chris Leslie

Cathy Jamieson

Not called  148

Clause  17,  page  74,  line  15,  at end insert—

‘(9)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Clause Agreed to.

Clauses 18 to 20 Agreed to.

Schedule 6 Agreed to.

Mark Hoban

Agreed to  94

Clause  21,  page  77,  line  29,  at end insert—

Public Bill Committee Proceedings: 8 March 2012
28

Financial Services Bill, continued

‘( )
a decision to take action under section 249;’.

Clause, as amended, Agreed to.

Chris Leslie

Cathy Jamieson

Mark Durkan

Stella Creasy

Negatived on division  87

Clause  22,  page  80,  line  2,  at end insert—

‘(2A)
The FCA may make rules or apply a sanction to authorised persons who offer

credit on terms that the FCA judge to cause consumer detriment. This may

include rules that determine a maximum total cost for consumers of a product and

determine the maximum duration of a supply of a product or service to an

individual consumer.’.

Chris Leslie

Cathy Jamieson

Negatived on division  149

Clause  22,  page  82,  line  10,  at end insert—

‘(c)
provide for a legal sanction based approach introducing a strict liability

for executives and Board members.’.

Chris Leslie

Cathy Jamieson

Negatived on division  150

Clause  22,  page  82,  line  10,  at end insert—

‘(c)
provide for a requirement that an employee representative should be a

member of the remuneration committee of a relevant body corporate; and

(d)
provide for a requirement that the remuneration consultants advising on

remuneration policy shall be appointed by the shareholders of a relevant

body corporate.’.

Mark Hoban

Agreed to  95

Clause  22,  page  85,  leave out lines 40 to 47 and insert ‘in accordance with section

166A.’.

Mark Hoban

Agreed to  96

Clause  22,  page  86,  leave out lines 4 to 6.

Chris Leslie

Cathy Jamieson

Withdrawn  151

Clause  22,  page  89,  line  34,  at end insert—

‘137QA
  Advisory fees in respect of mergers and acquisitions

(1)
Either regulator may make rules (“fee structures in respect of mergers and

acquisitions”) about the advisory or consultancy fee arrangements where an

Public Bill Committee Proceedings: 8 March 2012
29

Financial Services Bill, continued

authorised person contracts a third party to give advice on the possibility of a

merger or acquisition of control of any other body corporate.’.

Chris Leslie

Cathy Jamieson

Withdrawn  152

Clause  22,  page  93,  line  43,  after ‘1B(1)’, insert ‘and 1B(5)(a),’.

Chris Leslie

Cathy Jamieson

Not called  153

Clause  22,  page  95,  line  10,  after ‘2D(3)’, insert ‘and 2G’.

Chris Leslie

Cathy Jamieson

Withdrawn  154

Clause  22,  page  100,  line  13,  at end insert—

‘(1)
The FCA and the Office of Fair Trading (OFT) must co-ordinate in the exercise

of their functions to promote competition in financial services. The FCA and the

OFT must prepare and maintain a memorandum of understanding which

describes the role of each regulator in relation to promoting competition in

financial services markets. The memorandum of understanding should make

clear the OFT will only conduct a market study into a financial services market

within the regulatory remit of the FCA in exceptional circumstances.’.

Chris Leslie

Cathy Jamieson

Negatived on division  155

Clause  22,  page  102,  line  10,  at end insert—

‘(1A)
Before the end of 2013, a regulator may, in consultation with the Treasury, ask

the Competition Commission to provide a report giving section 140B advice with

reference to the Independent Commission on Banking recommendations on

competition.’.

Clause, as amended, Agreed to.

Clauses 23 and 24 Agreed to.

Chris Leslie

Cathy Jamieson

Withdrawn  156

Clause  25,  page  108,  leave out lines 29 and 30.

Chris Leslie

Cathy Jamieson

Not called  157

Clause  25,  page  108,  leave out lines 34 to 39.

Public Bill Committee Proceedings: 8 March 2012
30

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

Not called  158

Clause  25,  page  111,  line  38,  at end insert—

‘(8)
The Treasury must lay before Parliament a copy of any statement published under

this section.’.

Clause Agreed to.

Clauses 26 and 27 Agreed to.

Schedule 7 Agreed to.

Clauses 28 and 29 Agreed to.

Mark Durkan

Withdrawn  131

Clause  30,  page  117,  line  37,  at end insert—

‘(2)
If a statement is published and further investigation does not result in a penalty

the regulator must publish this outcome in a manner the regulator believes is most

suitable to bring this to the attention of the public.’.

Clause Agreed to.

[Adjourned until Thursday 15 March at 9.30 am



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