Financial Services Bill (HC Bill 2)

(b) after that paragraph insert—

“(ea) to the Bank of England, for the purpose of enabling or
assisting the Bank to exercise any powers conferred
on it by or under the Financial Services and Markets
5Act 2000;”.

(3) In section 41 (meaning of “relevant institution”), in subsection (1)(a), for
“Part 4” substitute “Part 4A”.

Postal Services Act 2011 (c. 5)2011 (c. 5)

129 In Part 3 of Schedule 10 to the Postal Services Act 2011 (conduct of postal
10administration: modification of enactments), in paragraph 41(3), for
“administration applications by FSA” substitute “administration order”.

Charities Act 2011 (c. 25)2011 (c. 25)

130 In section 109 of the Charities Act 2011 (dormant bank account:
supplementary), in subsection (3), for “Part 4” substitute “Part 4A”.

15Health and Social Care Act 2012 (c. 7)2012 (c. 7)

131 In section 145 of the Health and Social Care Act 2012 (borrowing), in
subsection (3)(a), for “Part 4” substitute “Part 4A”.

Legal Aid, Sentencing and Punishment of Offenders Act 2012 (c. 10)2012 (c. 10)

132 (1) The Legal Aid, Sentencing and Punishment of Offenders Act 2012 is
20amended as follows.

(2) In section 57 (effect of rules against referral fees), in subsection (4), for
“Financial Services Authority” substitute “Financial Conduct Authority”.

(3) In section 58 (regulation by FSA)—

(a) in subsections (1) and (3)(c) and (d), for “Financial Services
25Authority” substitute “Financial Conduct Authority”, and

(b) in the heading, for “FSA” substitute “FCA”.

(4) In section 59 (regulators and regulated persons)—

(a) in subsection (1), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”, and

(b) 30in subsection (2), in the Table, for “Financial Services Authority”
substitute “Financial Conduct Authority”.

Part 3 Amendment of Act of the Scottish Parliament

Housing (Scotland) Act 2006 (asp 1)2006 (asp 1)

133 35In section 75 of the Housing (Scotland) Act 2006 (determination by local
authorities about applications for a grant or loan), in subsection (5)(a), in the
definition of “commercial lender”, for “Part 4” substitute “Part 4A”.

Part 4 Amendments of Northern Ireland legislation

County Courts Act (Northern Ireland) 1959 (c. 25 (N.I.))

134 In section 127A of the County Courts Act (Northern Ireland) 1959 (voluntary
5contributions to judicial pension scheme), in subsection (7), in the definition
of “authorised provider”, for “Part 4” substitute “Part 4A”.

District Judges (Magistrates’ Courts) Pensions Act (Northern Ireland) 1960 (c. 2 (N.I.))

135 In section 9A of the District Judges (Magistrates’ Courts) Pensions Act
(Northern Ireland) 1960 (voluntary contributions under the judicial pension
10scheme), in subsection (7), in the definition of “insurer”, for “Part 4”
substitute “Part 4A”.

Charities Act (Northern Ireland) 2008 (c. 12 (N.I.))

136 (1) The Charities Act (Northern Ireland) 2008 is amended as follows.

(2) In section 48 (power to give directions about dormant bank accounts of
15charities), in subsection (8)(b)(i), for “Part 4” substitute “Part 4A”.

(3) In section 56 (powers in relation to English, Welsh and Scottish charities), in
subsection (7)(a), for “Part 4” substitute “Part 4A”.

Section 95(2)

SCHEDULE 19 Repeals

Section 100(1)

SCHEDULE 20 Transitional provisions

Interpretation

1 In this Schedule “the relevant commencement” means the time when section
55 comes into force in relation to section 1A(1) of FSMA 2000, (which renames
the Financial Services Authority as the Financial Conduct Authority).

References in this Act to FCA or Financial Services Authority

2 (1) In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Services Authority is to be read, in relation to any
10time after the relevant commencement, as a reference to the Financial
Conduct Authority.

(2) In this Act, unless the context otherwise requires, a reference (however
expressed) to the Financial Conduct Authority is to be read, in relation to
any time before the relevant commencement, as a reference to the Financial
15Services Authority.

Interpretation of documents referring to the Financial Services Authority

3 (1) In a relevant provision, a reference (however expressed) to the Financial
Services Authority is, in relation to any time after the relevant
commencement, to be read as a reference to the Financial Conduct
20Authority, but subject to sub-paragraph (2).

(2) If the relevant provision is predicated on the continuing exercise by the
Financial Services Authority of a function which has by virtue of this Act
become exercisable by the Prudential Regulation Authority or the Bank of
England, the reference is to be read as being or as the case requires including
25a reference to the Prudential Regulation Authority or the Bank.

(3) Sub-paragraphs (1) and (2) have effect subject to the provisions of any
scheme under paragraph 2 of Schedule 21.

(4) In this paragraph “relevant provision” means a provision which—

(a) has effect before, as well as after, the relevant commencement, and

(b) 30is contained in a document other than an enactment.

Renaming of companies as Financial Conduct Authority and Prudential Regulation Authority

4 (1) On the relevant commencement, the registrar of companies for England and
Wales must give effect to section 1A(1) of FSMA 2000 by—

(a) entering the new name on the register of companies in place of the
former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

(2) 5On the coming into force of section 5 so far as it relates to section 2A(1) of
FSMA 2000, (which renames the Prudential Regulation Authority Limited as
the Prudential Regulation Authority), the registrar of companies for
England and Wales must give effect to that provision by—

(a) entering the new name on the register of companies in place of the
10former name, and

(b) issuing a new certificate of incorporation altered to take account of
the new name.

Threshold conditions

5 Before section 9 comes into force in relation to section 55B of FSMA 2000 (the
15threshold conditions), the Treasury must make an order under section 55C
of that Act which—

(a) amends or replaces Parts 1 and 2 of Schedule 6 to that Act, and

(b) makes provision as to which of the conditions set out in those Parts
of that Schedule are to relate to the discharge by each regulator of its
20functions.

Consultation

6 In relation to the first order under section 9K of the Bank of England Act
1998, subsection (2) of that section (which relates to consultation) does not
apply.

7 (1) 25This paragraph applies where a provision of Part 5 or 6 of this Act, or an
amendment of FSMA 2000 made by any provision of this Act, imposes on
the FCA, the PRA or the Bank of England, in connection with the making or
issuing of any rules or other instrument or document—

(a) a public consultation requirement, or

(b) 30a requirement (however expressed) to consult particular persons.

(2) The requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the
provision in question or the passing of this Act, and

(b) by things done by the Financial Services Authority or the Bank of
35England or by both of them.

(3) “Public consultation requirement” means a requirement (however
expressed) to publish a draft of the instrument or other document with or
without other material and to invite representations about it.

8 (1) The first order under section 22A of FSMA 2000 may, if it imposes on the
40PRA a public consultation requirement in relation to any statement of policy
required by the order to be prepared by the PRA, provide that in relation to
the first statement of policy the requirement may be satisfied—

(a) by things done (wholly or in part) before the commencement of the
order or the passing of this Act, and

(b) 45by things done by the Financial Services Authority or the Bank of
England or by both of them.

(2) “Public consultation requirement” has the same meaning as in paragraph 7.

Information

9 (1) The FSA may disclose to the PRA any information which the FSA considers
that it is necessary or expedient to disclose to the PRA in preparation for the
5commencement of any provision of this Act conferring functions on the
PRA.

(2) Section 348 of FSMA 2000 (restrictions on disclosure of confidential
information) has effect subject to sub-paragraph (1).

Postal Services Act 2000

10 (1) 10The following amendments of the Postal Services Act 2000 have effect until
the repeal by the Postal Services Act 2011 of the provisions amended has
been brought into force for all purposes.

(2) In section 7 of the Postal Services Act 2000 (exceptions), in subsection (5), in
the definition of “deposit taker”, for “Part 4” substitute “Part 4A”.

(3) 15In Schedule 7 of that Act (disclosure of information), for paragraph 3(2)(s)
substitute—

“(s) the Financial Conduct Authority,

(sa) the Prudential Regulation Authority,”.

Section 100(2)

SCHEDULE 21 20Transfer schemes

Interpretation

1 In this Schedule—

• “the Bank” means the Bank of England;

• “the FSA” means the Financial Services Authority.

25Transfer schemes

2 (1) The FSA must make one or more schemes under this paragraph for the
transfer of property, rights and liabilities of the FSA—

(a) to the PRA or the Bank,

(b) to the PRA and the Bank, to be held jointly, or

(c) 30to the FSA and either the PRA or the Bank or both, to be held jointly.

(2) A scheme under this paragraph made by the FSA is not to be capable of
coming into force unless it is approved by the Treasury.

(3) The FSA may not submit a scheme under this paragraph to the Treasury for
their approval without the consent of the Bank.

(4) 35Sub-paragraph (5) applies if—

(a) the FSA 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 the transfer by or under this Act of

specified functions of the FSA to the PRA , to the Bank, or to the FSA
and the PRA, to submit such a scheme to the Treasury for their
approval, or

(b) the Treasury decide not to approve a scheme that has been submitted
5to them by the FSA (either with or without modifications).

(5) Where this sub-paragraph applies, the Treasury may, after consultation with
the FSA and the Bank, make a scheme under this paragraph for the transfer
of such of the FSA’s property, rights and liabilities as appear to them
appropriate to be transferred as mentioned in sub-paragraph (1) in
10consequence of the transfer of functions by or under this Act.

(6) The property, rights and liabilities which are the subject of the scheme are
transferred in accordance with the provisions of the scheme on such day as
the scheme may specify.

(7) The FSA must provide the Treasury with all such information and other
15assistance as they may reasonably require for the purposes of, or otherwise
in connection with, the exercise of any power conferred on the Treasury by
this paragraph.

(8) In the following provisions of this Schedule a scheme under this paragraph
is referred to as a “transfer scheme”.

3 20The property, rights and liabilities that may be the subject of a transfer
scheme include—

(a) any that would otherwise be incapable of being transferred or
assigned, and

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

4 25A 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
30by reference to functions that are transferred by or under this Act);

(c) contain provision for the payment of compensation by the PRA or
the Bank to the FSA;

(d) contain provision for the payment of compensation by the FSA, the
PRA or the Bank to any person whose interests are adversely affected
35by the scheme;

(e) contain supplemental, incidental, transitional and consequential
provision.

5 A transfer scheme which relates to rights and liabilities under a contract of
employment—

(a) 40must 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 (“TUPE”), but

(b) may, in connection with functions becoming exercisable (alone or
45jointly) by the PRA—

(i) provide for the transfer of rights and liabilities under a
contract of employment to the Bank, and

(ii) provide for TUPE to have effect as if the relevant transfer
were a transfer to the Bank.