Financial Services Bill (HC Bill 323)

(c) 10in paragraph (a), for “subsection (4)(a)” substitute “subsection (4)(a)
of section 138A”,

(d) in paragraph (b), for “subsection (7)(b) and (11)” substitute “section
138B(3)(c) and the definition of “immediate group” in section 421ZA
as it applies to that section”,

(e) 15in paragraph (c), for “subsection (7)(b)” substitute “section
138B(3)(c)”,

(f) in paragraph (d), for “subsection (8)” substitute “section 138B(5)”,
and

(g) in paragraph (e), for “subsection (9)” substitute “section 138A(7)”.

11 20In section 257 (directions), in subsection (5), for “section 150” substitute
“section 138D”.

12 In section 267 (power to suspend promotion of scheme)—

(a) in subsections (1), (2), (4) (in both places) and (5) (in both places), for
“Authority” substitute “FCA”, and

(b) 25in the heading for “Authority” substitute “FCA”.

13 In section 268 (section 267: procedure)—

(a) in subsection (2), for “Authority” substitute “FCA”,

(b) in subsection (3), for “the Authority” substitute “the FCA”,

(c) in subsection (4)(c), for “Authority’s” substitute “FCA’s”,

(d) 30in subsections (4)(d), (5) and (6) for “Authority” substitute “FCA”,

(e) in subsection (7), for “The Authority” substitute “The FCA”,

(f) in subsection (8), for “Authority” substitute “FCA”,

(g) in subsection (9), for “The Authority” substitute “The FCA”,

(h) in subsection (13), for “Authority’s” substitute “FCA’s”, and

(i) 35in the heading, for “Authority’s” substitute “FCA’s”.

14 In section 269 (procedure: application for variation or revocation of
direction)—

(a) in subsections (1), (2), (4) and (5), for “Authority” substitute “FCA”,
and

(b) 40in subsection (6), for “The Authority” substitute “The FCA”.

15 In section 270 (schemes authorised in designated countries or territories)—

(a) in subsection (1), in each place, for “Authority” substitute “FCA”,

(b) in subsections (2)(b) and (5) (in both places), for “the Authority”
substitute “the FCA”, and

(c) 45in subsection (6), for “Authority” substitute “FCA”.

16 In section 284 (power to investigate), in subsection (11), for “the Authority”
substitute “the FCA”.

17 In section 404 (consumer redress scheme), for “Authority”, in each place,
substitute “FCA”.

18 5In section 404A (supplementary provision relating to rules under section
404), for “Authority” or “Authority’s”, in each place, substitute “FCA” or
“FCA’s”.

19 (1) Section 404F (definitions etc.) is amended as follows.

(2) For “Authority”, in each place, substitute “FCA”.

(3) 10In subsection (8), for paragraph (a) substitute—

“(a) the variation under section 55H or 55J of a Part 4A
permission,

(aa) the imposition or variation of a requirement under section
55L, or”.

20 (1) 15Section 405 (directions) is amended as follows.

(2) In subsection (1)—

(a) for “Authority” substitute “appropriate regulator”, and

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

(3) After subsection (4) insert—

“(4A) 20In this section “the appropriate regulator” is the regulator to which
the application for permission under Part 4A is made.”

21 (1) Section 407 (consequences of a direction under section 405) is amended as
follows.

(2) For “Authority”, in each place, substitute “appropriate regulator”.

(3) 25In subsection (1), in paragraph (a), for “subsections (7) to (9) of section 52 do”
substitute “section 55X does”.

(4) In subsection (2), in paragraph (a), for “section 52(1) and (2)” substitute
“subsections (1) to (3) of section 55V”.

(5) After subsection (3) insert—

“(4) 30In this section “the appropriate regulator” has the same meaning as
in section 405.”

22 In section 409 (Gibraltar), in subsection (2), for “Part IV permission”
substitute “Part 4A permission”.

23 In section 415 (jurisdiction in civil proceedings), in subsection (1), for
35paragraph (a) substitute—

“(a) the FCA,

(aa) the PRA,

(ab) the Bank of England,”.

24 (1) Section 415A (interpretation of powers under the Act) is amended as
40follows.

(2) For “Authority” substitute “FCA, the PRA or the Bank of England”.

(3) In the heading to the section and the italic heading before it, for “of the
Authority” substitute “under the Act”.

Part 2 Amendments of other Acts of Parliament

5Bankers’ Books Evidence Act 1879 (c. 11)Bankers’ Books Evidence Act 1879 (c. 11)

25 In section 9 of the Bankers’ Books Evidence Act 1879 (interpretation), in
subsection (1A)(a), for “Part 4” substitute “Part 4A”.

Agricultural Credits Act 1928 (c. 43)Agricultural Credits Act 1928 (c. 43)

26 In section 5 of the Agricultural Credits Act 1928 (agricultural charges on
10farming stock and assets), in subsection (7), in the definition of “Bank”, for
“Part 4” substitute “Part 4A”.

Agricultural Credits (Scotland) Act 1929 (19 @AMP@amp; 20 Geo. 5 c. 13)Agricultural Credits (Scotland) Act 1929 (19 @AMP@amp; 20 Geo. 5 c. 13)

27 In section 9 of the Agricultural Credits (Scotland) Act 1929 (interpretation),
in subsection (2), in the definition of “Bank”, for “Part 4” substitute “Part
154A”.

Fire Services Act 1947 (c. 41)Fire Services Act 1947 (c. 41)

28 In section 27A of the Fire Services Act 1947 (information in connection with
firemen’s pensions etc.) (as that section continues to have effect by virtue of
the Firefighters’ Pension Scheme (England and Scotland) Order 2004 and the
20Fire and Rescue Services Act 2004 (Firefighters’ Pension Scheme) (Wales)
Order 2004), in subsection (2)(a), for “section 150” substitute “section 138D”.

Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65)Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 (c. 65)

29 In section 57 of the Reserve and Auxiliary Forces (Protection of Civil
Interests) Act 1951 (life policies: supplementary provisions), in subsection
25(5A), for “section 150” substitute “section 138D”.

Theft Act 1968 (c. 60)Theft Act 1968 (c. 60)

30 In section 24A of the Theft Act 1968 (dishonestly retaining a wrongful
credit), in subsection (9), for paragraph (c) substitute—

“(c) a person falling within any of paragraphs (a) to (j) of the
30definition of “electronic money issuer” in regulation 2(1) of
the Electronic Money Regulations 2011.”

Decimal Currency Act 1969 (c. 19)Decimal Currency Act 1969 (c. 19)

31 In section 7 of the Decimal Currency Act 1969 (payments under friendly
society and industrial assurance contracts: supplemental), in subsection (5),
35for “section 138” substitute “sections 137A and 137E”.

Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)

32 In section 1 of the Employers’ Liability (Compulsory Insurance) Act 1969
(insurance against liability for employees), in subsection (3)(b)(i), for “Part 4”
substitute “Part 4A”.

5Superannuation Act 1972 (c. 11)Superannuation Act 1972 (c. 11)

33 In section 1 of the Superannuation Act 1972 (superannuation schemes: civil
servants), in subsection (9), in the definition of “authorised provider”, for
“Part 4” substitute “Part 4A”.

Employment Agencies Act 1973 (c. 35)Employment Agencies Act 1973 (c. 35)

34 10In section 9 of the Employment Agencies Act 1973 (inspection), in subsection
(1AC), for “Part 4” substitute “Part 4A”.

Consumer Credit Act 1974 (c. 39)Consumer Credit Act 1974 (c. 39)

35 (1) The Consumer Credit Act 1974 is amended as follows.

(2) In section 16 (exempt agreements)—

(a) 15in subsection (3A), in the Table—

(i) for “Financial Services Authority”, in the first place,
substitute “Financial Conduct Authority”, and

(ii) for “and the Financial Services Authority”, substitute “, the
Financial Conduct Authority and the Prudential Regulation
20Authority”, and

(b) in subsection (10), in paragraphs (a)(i) and (b)(i), for “Part 4”
substitute “Part 4A.

(3) In section 25 (licensee to be a fit person), in subsection (1B)—

(a) for “Part 4” substitute “Part 4A”, and

(b) 25for “the Financial Services Authority” substitute “the regulator
which granted the permission under Part 4A”.

(4) In section 35 (the register), in subsection (1A), for “Financial Services
Authority” substitute “Financial Conduct Authority or the Prudential
Regulation Authority”.

30Solicitors Act 1974 (c. 47)Solicitors Act 1974 (c. 47)

36 In section 87 of the Solicitors Act 1974 (interpretation), in the definition of
“bank” in subsection (1) and in subsection (1A)(a), for “Part 4” substitute
“Part 4A”.

House of Commons Disqualification Act 1975 (c. 24)1975 (c. 24)

37 35In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975
(other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

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

• 40“Member of the governing body of the Financial
  Conduct Authority;”;

Financial Services BillPage 289

• “Member of the governing body of the Prudential
  Regulation Authority;”.

Northern Ireland Assembly Disqualification Act 1975 (c. 25)1975 (c. 25)

38 In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification
5Act 1975 (other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

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

• “Member of the governing body of the Financial
  10Conduct Authority;”;

• “Member of the governing body of the Prudential
  Regulation Authority;”.

Police Pensions Act 1976 (c. 35)Police Pensions Act 1976 (c. 35)

39 In section 8A of the Police Pensions Act 1976 (information in connection with
15police pensions etc.), in subsection (2)(a), for “section 150” substitute “section
138D”.

Judicial Pensions Act 1981 (c. 20)Judicial Pensions Act 1981 (c. 20)

40 In section 33A of the Judicial Pensions Act 1981 (voluntary contributions), in
subsection (9), in paragraph (a) of the definition of “authorised provider”,
20for “Part 4” substitute “Part 4A”.

Inheritance Tax Act 1984 (c. 51)Inheritance Tax Act 1984 (c. 51)

41 In section 59 of the Inheritance Tax Act 1984 (qualifying interest in
possession), in subsection (3)(b)(i), for “Part 4” substitute “Part 4A”.

Companies Act 1985 (c. 6)Companies Act 1985 (c. 6)

42 25The Companies Act 1985 is amended as follows.

43 In Schedule 15C (specified persons), for paragraph 7 substitute—

“7 The Financial Conduct Authority.

7A The Prudential Regulation Authority.

7B The Bank of England.”

44 (1) 30Schedule 15D (disclosures) is amended as follows.

(2) In paragraph 28 for “Financial Services Authority” substitute “Financial
Conduct Authority or the Prudential Regulation Authority”.

(3) In paragraph 29 for “competent authority” substitute “Financial Conduct
Authority”.

(4) 35In paragraph 43, for paragraph (a) substitute—

“(a) a decision of the Financial Conduct Authority;

(aa) a decision of the Prudential Regulation Authority;”.