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Consideration of Bill: 23 April 2012                  

4289

 

Financial Services Bill, continued

 
 

Chris Leslie

 

Cathy Jamieson

 

Mark Durkan

 

36

 

Page  29,  line  15  [Clause  5],  at end insert—

 

‘(g)    

the principle that, where appropriate, authorised persons should have a

 

fiduciary duty towards the consumers who are their clients.’.

 

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’.

 



 
 

Consideration of Bill: 23 April 2012                  

4290

 

Financial Services Bill, continued

 
 

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—

 

(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.’.

 



 
 

Consideration of Bill: 23 April 2012                  

4291

 

Financial Services Bill, continued

 
 

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

 

4

 

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

 

‘(a)    

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

 


 

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.”.’.

 



 
 

Consideration of Bill: 23 April 2012                  

4292

 

Financial Services Bill, continued

 
 

Stella Creasy

 

Mr Philip Hollobone

 

Mark Durkan

 

Sir Peter Bottomley

 

Yvonne Fovargue

 

Caroline Lucas

 

Total signatories: 10

 

Joan Ruddock

 

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.’.

 


 

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’.

 



 
 

Consideration of Bill: 23 April 2012                  

4293

 

Financial Services Bill, continued

 
 

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

 

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”;’.

 



 
 

Consideration of Bill: 23 April 2012                  

4294

 

Financial Services Bill, continued

 
 

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);’.

 


 

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,’.

 



 
 

Consideration of Bill: 23 April 2012                  

4295

 

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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