House of Commons Amendments

Session 2010 - 12
Internet Publications
Other Bills before Parliament

Notices of Amendments: 19 April 2012
4259

Financial Services Bill, continued

Mark Durkan

71


Page  29,  line  42  [Clause  5],  at end insert—

‘(d)
that each regulator engages with the other where they identify any gaps

in or between their regulatory remits, or the exercise of these, that may

become apparent in relation to any product, provider, institution, market

practice, responsible shareholder interest or consumer concern;

(e)
that as appropriate both regulators can identify areas where they can

share services and information, acting to minimise burdens on firms

supervised by both regulators and/or to maximise the understanding of

consumers and facilitate the exercise of their responsible interests.’.

Chris Leslie

Cathy Jamieson

Mark Durkan

32

Page  30,  line  21  [Clause  5],  at end insert—

‘(1A)
The memorandum must in particular contain provisions about how the regulators

intend to comply with section 3D in relation to the promotion of high standards

of stewardship by institutional investors.’.

Chris Leslie

Cathy Jamieson

33

Page  31,  line  24  [Clause  5],  at end insert—

‘(8A)
The memorandum shall contain an estimate of the additional annual costs

involved in the administration of the FCA and PRA when compared with the

estimated costs of the administration of the Financial Services Authority.’.

Mr Chancellor of the Exchequer

1

Page  34,  line  21  [Clause  5],  leave out ‘considers’ and insert ‘after consulting the

Treasury, decides’.

Mr Chancellor of the Exchequer

2

Page  37,  line  15  [Clause  5],  at end insert—

‘(4A)
The FCA may enter into arrangements with a local weights and measures

authority in England, Wales or Scotland for the provision by the authority to the

FCA of services which relate to activities that are regulated activities by virtue

of—

Notices of Amendments: 19 April 2012
4260

Financial Services Bill, continued

(a)
an order made under section 22(1) in relation to an investment of a kind

falling within paragraph 23 or 23B of Schedule 2, or

(b)
an order made under section 22(1A).’.

Mr Chancellor of the Exchequer

3

Page  37,  line  34  [Clause  5],  leave out ‘the supply of particular’ and insert

‘particular decisions relating to different’.

Chris Leslie

Cathy Jamieson

Mark Durkan

37

Page  37,  line  42  [Clause  5],  at end insert ‘and targeted, proactive and easily

accessible advice to those encountering economic disadvantage, financial exclusion or

financial exploitation.’.

Stephen Lloyd

55


Page  38,  line  6  [Clause  5],  at end add—

‘(h)
supporting the provision of legal advice on all areas of law related to

personal debt, including but not limited to—

(i)
issues covered under Schedule 1 of the Legal Aid, Sentencing

and Punishment of Offenders Act 2012,

(ii)
remedies under the Insolvency Act 1986 and Tribunals, Courts

and Enforcement Act 2007,

(iii)
protections under the Consumer Credit Act 1974 and Consumer

Credit Act 2006,

(iv)
consumer redress schemes under the Financial Services and

Markets Act 2000,

(v)
debt limitation under the Limitation Act 1980, and

(vi)
enforcement action for specified debts pursuant to a county court

judgement, a High Court writ or warrant issued by a Magistrates’

Court.

(4A)
For the purposes of subparagraphs (h)(i) to (vi) above the consumer financial

education body may enter into arrangements with the Ministry of Justice to direct

appropriate levels of funding for these purposes.’.

Mr Chancellor of the Exchequer

4

Page  39,  line  30  [Clause  7],  after ‘25(1)’ insert—

‘(a)
after “22(1)” insert “ or (1A)”, and’.

Notices of Amendments: 19 April 2012
4261

Financial Services Bill, continued

Lisa Nandy

Teresa Pearce

John McDonnell

Debbie Abrahams

Yasmin Qureshi

45


Page  64,  line  8  [Clause  14],  at end insert—

‘(3A)
In section 73, subsection (1), insert at end:

“(g)
to foster ethical corporate behaviour, including respect for

internationally-recognised human rights.”.’.

Stella Creasy

Mr Philip Hollobone

Mark Durkan

Sir Peter Bottomley

Yvonne Fovargue

Caroline Lucas

Total signatories: 9

Neil Parish

Jonathan Edwards

Tony Lloyd

40

Page  80,  line  2  [Clause  22],  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

Mark Durkan

38

Page  82,  line  10  [Clause  22],  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.’.

Notices of Amendments: 19 April 2012
4262

Financial Services Bill, continued

Mr Chancellor of the Exchequer

5

Page  93,  line  43  [Clause  22],  leave out ‘section 1B(1)’ and insert ‘its duties under

section 1B(1) and (5)(a)’.

Mr Chancellor of the Exchequer

6

Page  95,  line  9  [Clause  22],  leave out from ‘with’ to end of line 10 and insert ‘its

duties under—

(i)
section 2B(1) or, as the case requires, section 2C(1) or 2D(3),

and

(ii)
section 2G, and’.

Mark Durkan

Jonathan Edwards

42


Page  108  [Clause  25],  leave out lines 29 and 30.

Mark Durkan

Jonathan Edwards

43


Page  108  [Clause  25],  leave out lines 34 to 39.

Mr Chancellor of the Exchequer

7

Page  125  [Clause  40],  leave out line 7 and insert—

‘(4)
Sections 425A and 425B (meaning of “consumers”) apply for the purposes of this

section, but the references to consumers in this section do not include consumers

who are authorised persons.’.

Mr Chancellor of the Exchequer

8

Page  126,  line  16  [Clause  40],  leave out from ‘that’ to end of line 18 and insert—

‘(i)
if the complaint would fall within the compulsory jurisdiction or

the consumer credit jurisdiction, the ombudsman would be likely

to make an award under section 229(2)(a) or give a direction

under section 229(2)(b), or

(ii)
if voluntary jurisdiction rules made for the purposes of section

227 provide for the making of an award against a respondent or

the giving of a direction that a respondent take certain steps in

Notices of Amendments: 19 April 2012
4263

Financial Services Bill, continued

relation to a complainant, and the complaint would fall within

the voluntary jurisdiction, the ombudsman would be likely to

make such an award or give such a direction.’.

Mr Chancellor of the Exchequer

9

Page  128,  line  30  [Clause  45],  at end insert—

‘( )
omit the definition of “notice of control”;’.

Mr Chancellor of the Exchequer

10

Page  136,  line  22  [Clause  58],  leave out from ‘Bank’ to ‘on’ in line 23 and insert

‘must give the Treasury one or more reports’.

Chris Leslie

Cathy Jamieson

Mark Durkan

26

Page  137,  line  36  [Clause  61],  at end insert ‘and how a temporary Stability

Committee would be convened and function in a crisis.’.

Chris Leslie

Cathy Jamieson

25

Page  137,  line  40  [Clause  61],  at end insert ‘and ensure that the Governor and all

Bank of England deputy governors and the Chief Executive of the FCA may consult the

Treasury directly.’.

Mr Chancellor of the Exchequer

11

Page  164,  line  6  [Clause  96],  at end insert—

‘( )
an order under section [Power to make further provision about regulation

of consumer credit] (power to make further provision about regulation of

consumer credit);’.

Notices of Amendments: 19 April 2012
4264

Financial Services Bill, continued

Mr Chancellor of the Exchequer

12

Page  169,  line  35  [Schedule  1],  leave out ‘anything done’ and insert ‘any view

expressed’.

John McDonnell

Mr Elfyn Llwyd

Jeremy Corbyn

Katy Clark

49


Page  174,  line  1  [Schedule  3],  at end insert ‘with the consent of the Treasury

Committee of the House of Commons.’.

John McDonnell

Mr Elfyn Llwyd

Jeremy Corbyn

Katy Clark

50


Page  174,  line  2  [Schedule  3],  at end insert ‘with the consent of the Treasury

Committee of the House of Commons.’.

Chris Leslie

Cathy Jamieson

27

Page  176,  line  9  [Schedule  3],  at end insert—

‘Publication of minutes and agendas

10
The FCA shall make arrangements to publish the agendas and minutes of its

meetings, unless publication would be inappropriate.’.

Mr Chancellor of the Exchequer

13

Page  238,  line  8  [Schedule  10],  leave out ‘are, or are not, to’ and insert ‘may, or

may not,’.

Mr Chancellor of the Exchequer

14

Page  238,  line  10  [Schedule  10],  leave out ‘are, or are not, to’ and insert ‘may, or

may not,’.

Notices of Amendments: 19 April 2012
4265

Financial Services Bill, continued

Chris Leslie

Cathy Jamieson

Mark Durkan

31

Page  245,  line  24  [Schedule  12],  at end insert—

‘(c)
after subsection (10) insert—

“(11)
Data Collection

(a)
The PRA should require the submission of reports from

any PRA-authorised person for the purpose of assessing

the extent to which a financial activity or financial

market in which the PRA-authorised person participates

may pose a threat to financial stability in accordance

with the PRA’s general objective. The PRA shall collect,

in a manner determined by the PRA and in consultation

with the FPC, financial transaction data and position

data from the PRA-authorised person companies.

(b)
For the purposes of (a)—

(i)
“financial transaction data” shall mean data

pertaining to the structure and legal description

of a financial contract, with sufficient detail to

describe the rights and obligations between

counterparties and make possible an

independent valuation; and

(ii)
“position data” shall mean data pertaining to

data on financial assets or liabilities held on the

balance sheet of a financial company, where

positions are created or changed by the

execution of a financial transaction and which

includes information that identifies

counterparties, the valuation by the financial

company of the position, and information that

makes possible an independent valuation of the

position.

(c)
The FCA shall assist the PRA in accordance with Clause

3D to ensure that the PRA is able to exercise its function

as described in (a).

(d)

(i)
To facilitate the effective collection of data, the

PRA should prepare and publish, in a manner

that is easily accessible to the public and in the

form of a summary or collection of information

so framed that it is not possible to ascertain from

it information relating to any particular

person—

(a)
a database detailing relevant

counterparties; and

(b)
a financial instrument reference

database; and

(c)
formats and standards for PRA data,

including standards for reporting

financial transaction and position data

to the PRA; and

(ii)
Where possible, the PRA shall co-operate with

foreign regulators to the extent required to



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