House of Commons Amendments

Session 2012 - 13
Internet Publications
Other Bills before Parliament

Consideration of Bill: 22 May 2012
100

Financial Services Bill, continued

(b)
in paragraph (a), for “subesctions (7) to (9) of section 52 do” substitute

“section 55X does”, and

(c)
in paragraph (b), for “Authority” substitute “regulator”.

      (3)
In subsection (2)—

(a)
for “the Authority”, in the first place, substitute “a regulator”,

(b)
in paragraph (a), for “section 52(1) and (2)” substitute “subsections (1)

to (3) of section 55V”, and

(c)
in paragraph (b), for “Authority” substitute “regulator”.

      (4)
In subsection (3)—

(a)
for “the Authority”, in the first place, substitute “a regulator”, and

(b)
in paragraph (b), for “Authority” substitute “regulator”.’.

Mr Chancellor of the Exchequer

18

Page  315,  line  22  [Schedule  21],  after ‘this’ insert ‘Part of this’.

Mr Chancellor of the Exchequer

19

Page  316,  line  11  [Schedule  21],  leave out ‘the scheme’ and insert ‘a scheme under

this paragraph’.

Mr Chancellor of the Exchequer

20

Page  316,  line  18  [Schedule  21],  after first ‘this’ insert ‘Part of this’.

Mr Chancellor of the Exchequer

21

Page  317,  line  2  [Schedule  21],  at end insert—

‘Part 2

Property, rights and liabilities of Office of Fair Trading

Interpretation

6
In this Part of this Schedule “the OFT” means the Office of Fair Trading.

Transfer schemes

7    (1)
This paragraph applies if after the passing of this Act the Treasury make an

order under section 22 of FSMA 2000 which has the effect that an activity—

(a)
ceases to be an activity in respect of which a licence under section 21

of Consumer Credit Act 1974 is required or would be required but for

Consideration of Bill: 22 May 2012
101

Financial Services Bill, continued

the exemption conferred by subsection (2), (3) or (4) of that section or

paragraph 15(3) of Schedule 3 to FSMA 2000, and

(b)
becomes a regulated activity for the purposes of FSMA 2000.

      (2)
The OFT must make one or more schemes under this paragraph for the transfer

of property, rights and liabilities of the OFT to the FCA.

      (3)
A scheme under this paragraph made by the OFT is not to be capable of

coming into force unless it is approved by the Treasury and the Secretary of

State.

      (4)
The OFT may not submit a scheme under this paragraph to the Treasury or the

Secretary of State for their approval without the consent of the FCA.

      (5)
Sub-paragraph (6) applies if —

(a)
the OFT fails, before such time as may be notified to it by the Treasury

as the latest time for submission of a scheme under this paragraph in

connection with an order falling within sub-paragraph (1), to submit

such a scheme to the Treasury and the Secretary of State for their

approval, or

(b)
the Treasury or the Secretary of State decide not to approve a scheme

that has been submitted to them by the OFT (either with or without

modifications).

      (6)
Where this sub-paragraph applies, the Treasury may, with the approval of the

Secretary of State, make a scheme under this paragraph for the transfer to the

FCA of such of the OFT’s property, rights and liabilities as appear to the

Treasury appropriate to be transferred to the FCA in consequence of the order

falling within sub-paragraph (1).

      (7)
The property, rights and liabilities which are the subject of a scheme under this

paragraph are transferred in accordance with the provisions of the scheme on

such day as the scheme may specify.

      (8)
The OFT must provide the Treasury or the Secretary of State with all such

information and other assistance as either of them may reasonably require for

the purposes of, or otherwise in connection with, the exercise of any power

conferred on the Treasury or the Secretary of State by this paragraph.

      (9)
In the following provisions of this Part of this Schedule a scheme under this

paragraph is referred to as a “transfer scheme”.

8
The property, rights and liabilities that may be the subject of a transfer scheme

include—

(a)
any that would not otherwise be capable of being transferred or

assigned, and

(b)
rights and liabilities under a contract of employment.

9
A transfer scheme may—

(a)
apportion, or provide for the apportionment of, property, rights and

liabilities,

(b)
define the property, rights and liabilities to be transferred by

specifying them or by describing them (including describing them by

reference to functions that are transferred by the order falling within

paragraph 7(1));

(c)
contain provision for the payment of compensation by the FCA to the

OFT;

(d)
contain provision for the payment of compensation by the OFT or the

FCA to any person whose interests are adversely affected by the

scheme;

(e)
contain supplemental, incidental, transitional and consequential

provision.

Consideration of Bill: 22 May 2012
102

Financial Services Bill, continued

10
A transfer scheme which relates to rights and liabilities under a contract of

employment must provide for the transfer to which the scheme relates to be

treated as if it were a relevant transfer for the purposes of the Transfer of

Undertakings (Protection of Employment) Regulations 2006.’.

Order of the House [6 FEBRUARY, as amended, 21 february]

That the following provisions shall apply to the Financial Services Bill—

Committal

1.
The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2.
Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Thursday 22 March 2012.

3.
The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

Consideration and Third Reading

4.
Proceedings on Consideration shall (so far as not previously concluded) be

brought to a conclusion one hour before the moment of interruption on the

day on which those proceedings are commenced.

5.
Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at the moment of interruption on that day.

6.
Standing Order No. 83B (Programming committees) shall not apply to

proceedings on Consideration and Third Reading.

Other proceedings

7.
Any other proceedings on the Bill (including any proceedings on

consideration of Lords amendments or on any further messages from the

Lords) may be programmed.

Order of the Committee [21 February 2012]

That—

(1)
the Committee shall (in addition to its first meeting at 10.30 am on Tuesday

21 February) meet—

(a)
at 4.00 pm on Tuesday 21 February;

(b)
at 9.30 am and 1.00 pm on Thursday 23 February;

(c)
at 10.30 am and 4.00 pm on Tuesday 28 February;

(d)
at 9.30 am and 1.00 pm on Thursday 1 March;

(e)
at 10.30 am and 4.00 pm on Tuesday 6 March;

(f)
at 9.30 am and 1.00 pm on Thursday 8 March;

(g)
at 9.30 am and 1.00 pm on Thursday 15 March;

(h)
at 4.00 pm on Tuesday 20 March;

(i)
at 9.30 am on Thursday 22 March.

(2)
the proceedings shall be taken in the following order: Clauses 1 to 3;

Schedule 1; Clause 4; Schedule 2; Clause 5; Schedule 3; Clauses 6 to 10;

Schedule 4; Clauses 11 to 13; Schedule 5; Clauses 14 to 20; Schedule 6;

Clauses 21 to 27; Schedule 7; Clauses 28 to 32; Schedule 8; Clauses 33 and

Consideration of Bill: 22 May 2012
103

Financial Services Bill, continued

34; Schedule 9; Clause 35; Schedule 10; Clause 36; Schedule 11; Clauses 37

and 38; Schedule 12; Clause 39; Schedule 13; Clauses 40 and 41; Schedule

14; Clause 42; Schedule 15; Clause 43; Schedule 16; Clauses 44 to 90;

Schedule 17; Clauses 91 to 94; Schedules 18 and 19; Clauses 95 to 99;

Schedules 20 and 21; Clauses 100 to 103; new Clauses; new Schedules;

remaining proceedings on the Bill.

(3)
the proceedings shall (so far as not previously concluded) be brought to a

conclusion at 10.25 am on Thursday 22 March.

Order of the House [23 April 2012]

That the Order of 6 February 2012 (Financial Services Bill (Programme)), as varied by

the Order of 21 February 2012 (Financial Services Bill (Programme) (No. 2)) be further

varied as follows:

1.
Paragraphs 4 and 5 of the Order shall be omitted.

2.
Proceedings on Consideration and Third Reading shall be completed in two

days.

3.
Proceedings on Consideration shall be taken on the days shown in the first

column of the following Table and in the order so shown.

4.
Proceedings on Consideration shall (so far as not previously concluded) be

brought to a conclusion at the times specified in the second column of the

Table.

              TABLE

Proceedings
Time for conclusion of proceedings

First day

New Clauses and New Schedules;
10.00 pm

amendments to Clauses 1 to 3;

amendments to Schedule 1;

amendments to Clause 4;

amendments to Schedule 2;

amendments to Clause 5;

amendments to Schedule 3

Second day

Remaining proceedings on
Three hours after commencement

Consideration
of proceedings on Consideration

on the second day.

5.
Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion four hours after the commencement of proceedings

on consideration on the second day.



© Parliamentary copyright	Revised 22 May 2012