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| Financial Services Bill, As Amended
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| Mr Chancellor of the Exchequer |
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| Page 39, line 36 [Clause 7], after ‘25(1)’ insert— |
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| | ‘(a) | after “22(1)” insert “ or (1A)”, and’. |
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| Page 43, line 16 [Clause 9], at end insert— |
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| | ‘(3) | Within a year of Royal Assent to the Financial Services Act 2012, the Treasury |
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| | shall publish a report on measures to improve the stewardship of institutional |
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| | investments, which may require amendment under subsection (1).’. |
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| Page 64, line 8 [Clause 14], at end insert— |
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| | ‘(3A) | In section 73, subsection (1), insert at end: |
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| | “(g) | to foster ethical corporate behaviour, including respect for |
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| | internationally-recognised human rights.”.’. |
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| Page 80, line 2 [Clause 22], at end insert— |
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| | ‘(2A) | The FCA may make rules or apply a sanction to authorised persons who offer |
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| | credit on terms that the FCA judge to cause consumer detriment. This may |
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| | include rules that determine a maximum total cost for consumers of a product and |
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| | determine the maximum duration of a supply of a product or service to an |
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| Page 82, line 10 [Clause 22], at end insert— |
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| | ‘(c) | provide for a requirement that an employee representative should be a |
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| | member of the remuneration committee of a relevant body corporate, and |
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| | (d) | provide for a requirement that the remuneration consultants advising on |
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| | remuneration policy shall be appointed by the shareholders of a relevant |
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| Mr Chancellor of the Exchequer |
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| Page 93, line 43 [Clause 22], leave out ‘section 1B(1)’ and insert ‘its duties under |
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| section 1B(1) and (5)(a)’. |
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| Mr Chancellor of the Exchequer |
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| Page 95, line 9 [Clause 22], leave out from ‘with’ to end of line 10 and insert ‘its |
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| | (i) | section 2B(1) or, as the case requires, section 2C(1) or 2D(3), |
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| Page 108 [Clause 25], leave out lines 29 and 30. |
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| Page 108 [Clause 25], leave out lines 34 to 39. |
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| Mr Chancellor of the Exchequer |
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| Page 125 [Clause 40], leave out line 7 and insert— |
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| | ‘(4) | Sections 425A and 425B (meaning of “consumers”) apply for the purposes of this |
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| | section, but the references to consumers in this section do not include consumers |
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| | who are authorised persons.’. |
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| Mr Chancellor of the Exchequer |
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| Page 126, line 16 [Clause 40], leave out from ‘that’ to end of line 18 and insert— |
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| | ‘(i) | if the complaint would fall within the compulsory jurisdiction or |
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| | the consumer credit jurisdiction, the ombudsman would be likely |
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| | to make an award under section 229(2)(a) or give a direction |
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| | under section 229(2)(b), or |
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| | (ii) | if voluntary jurisdiction rules made for the purposes of section |
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| | 227 provide for the making of an award against a respondent or |
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| | the giving of a direction that a respondent take certain steps in |
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| | relation to a complainant, and the complaint would fall within |
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| | the voluntary jurisdiction, the ombudsman would be likely to |
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| | make such an award or give such a direction.’. |
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| Page 127, line 38 [Clause 40], at end insert— |
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| ‘Complaints by small businesses |
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| | 234I | Small businesses—complaints and proceedings |
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| | (1) | The Treasury and Secretary of State shall bring forward proposals within three |
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| | months of Royal Assent to the Financial Services Act 2012 in the following |
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| | (a) | to introduce provision for collective proceedings before the court in |
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| | respect of financial services claims made on an opt-out basis by small and |
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| | medium sized enterprises; and |
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| | (b) | to introduce provision for complaints by small and medium sized |
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| | enterprises to the FCA that a feature, or combination of features, of a |
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| | market in the United Kingdom for financial services is, or appears to be, |
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| | significantly damaging the interests of small business.’. |
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| Mr Chancellor of the Exchequer |
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| Page 128, line 30 [Clause 45], at end insert— |
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| | ‘( ) | omit the definition of “notice of control”;’. |
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| Page 130, line 38 [Clause 47], at end insert— |
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| | ‘(g) | making provision for the increased diversity of the financial services |
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| | sector and promotion of mutual societies, including arrangements to |
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| | measure the number of members of mutual societies, and the market |
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| | share for mutual societies as a proportion of the UK financial services |
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| Mr Chancellor of the Exchequer |
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| Page 136, line 22 [Clause 58], leave out from ‘Bank’ to ‘on’ in line 23 and insert |
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| ‘must give the Treasury one or more reports’. |
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| Page 137, line 36 [Clause 61], at end insert ‘and how a temporary Stability |
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| Committee would be convened and function in a crisis.’. |
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| Page 137, line 40 [Clause 61], at end insert ‘and ensure that the Governor and all |
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| Bank of England deputy governors and the Chief Executive of the FCA may consult the |
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| Mr Chancellor of the Exchequer |
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| Page 165, line 21 [Clause 97], at end insert— |
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| | ‘( ) | an order under section 91 (power to make further provision about |
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| | regulation of consumer credit);’. |
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| Page 204, line 37 [Schedule 5], at end insert— |
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| | ‘(2) | In subsection (1) after “approved persons”, insert “and the standards of |
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| | stewardship expected of approved persons who are institutional investors.”’. |
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| Mr Chancellor of the Exchequer |
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| Page 240, line 8 [Schedule 10], leave out ‘are, or are not, to’ and insert ‘may, or |
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| Mr Chancellor of the Exchequer |
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| Page 240, line 10 [Schedule 10], leave out ‘are, or are not, to’ and insert ‘may, or |
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| Page 247, line 24 [Schedule 12], at end insert— |
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| | ‘(c) | after subsection (10) insert— |
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| | (a) | The PRA should require the submission of reports from |
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| | any PRA-authorised person for the purpose of assessing |
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| | the extent to which a financial activity or financial |
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| | market in which the PRA-authorised person participates |
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| | may pose a threat to financial stability in accordance |
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| | with the PRA’s general objective. The PRA shall collect, |
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| | in a manner determined by the PRA and in consultation |
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| | with the FPC, financial transaction data and position |
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| | data from the PRA-authorised person companies. |
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| | (b) | For the purposes of (a)— |
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| | (i) | “financial transaction data” shall mean data |
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| | pertaining to the structure and legal description |
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| | of a financial contract, with sufficient detail to |
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| | describe the rights and obligations between |
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| | counterparties and make possible an |
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| | independent valuation; and |
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| | (ii) | “position data” shall mean data pertaining to |
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| | data on financial assets or liabilities held on the |
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| | balance sheet of a financial company, where |
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| | positions are created or changed by the |
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| | execution of a financial transaction and which |
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| | includes information that identifies |
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| | counterparties, the valuation by the financial |
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| | company of the position, and information that |
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| | makes possible an independent valuation of the |
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| | (c) | The FCA shall assist the PRA in accordance with Clause |
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| | 3D to ensure that the PRA is able to exercise its function |
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| | (i) | To facilitate the effective collection of data, the |
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| | PRA should prepare and publish, in a manner |
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| | that is easily accessible to the public and in the |
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| | form of a summary or collection of information |
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| | so framed that it is not possible to ascertain from |
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| | it information relating to any particular |
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| | (a) | a database detailing relevant |
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| | (b) | a financial instrument reference |
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| | (c) | formats and standards for PRA data, |
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| | including standards for reporting |
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| | financial transaction and position data |
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| | (ii) | Where possible, the PRA shall co-operate with |
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| | foreign regulators to the extent required to |
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| | collect relevant information on PRA-authorised |
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| | persons already collected by those foreign |
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| | (e) | The PRA shall develop and maintain sufficient |
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| | resources to review the collection of data referred to in |
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| | (i) | develop and maintain metrics and reporting |
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| | systems for risks to the financial stability of the |
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| | (ii) | evaluate stress tests or other stability-related |
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| | evaluations of financial entities overseen; |
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| | (iii) | investigate disruptions and failures in the |
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| | (iv) | conduct studies on the impact of policies |
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| | relating to systemic risk; |
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| | (v) | promote best practices for financial risk |
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| | management to PRA-authorised persons. |
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| | (f) | The PRA shall publish a report which compiles the data |
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| | collected in accordance with (a) on a periodic basis as |
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| | determined by the PRA, which shall be— |
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| | (i) | made available to the public in an easily |
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| | (ii) | in the form of a summary or collection of |
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| | information so framed that it is not possible to |
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| | ascertain from it information relating to any |
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| Mr Chancellor of the Exchequer |
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| Page 288, line 18 [Schedule 18], at end insert— |
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| | ‘(c) | in paragraphs (c) and (d), for “notice of control” substitute “section |
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| | (2A) | In subsection (2)(b), for “notices of control” substitute “section 178 notices”.’. |
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| Mr Chancellor of the Exchequer |
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| Page 288 [Schedule 18], leave out lines 20 and 21 and insert— |
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| | ‘“(4A) | “The appropriate regulator”— |
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| | (a) | for the purposes of subsection (1)(a) and (b), is the regulator to which the |
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| | application for permission under Part 4A is made; |
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| | (b) | for the purposes of subsection (1)(c) and (d), is the appropriate regulator |
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| | as defined in section 178(2A). |
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| | (4B) | “Section 178 notice” means a notice given under section 178.”’. |
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| Mr Chancellor of the Exchequer |
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| Page 288, line 24 [Schedule 18], leave out sub-paragraphs (2) to (5) and insert— |
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| | (a) | for “the Authority”, in the first place, substitute “a regulator”, |
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| | (b) | in paragraph (a), for “subesctions (7) to (9) of section 52 do” substitute |
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| | (c) | in paragraph (b), for “Authority” substitute “regulator”. |
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| | (a) | for “the Authority”, in the first place, substitute “a regulator”, |
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| | (b) | in paragraph (a), for “section 52(1) and (2)” substitute “subsections (1) |
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| | to (3) of section 55V”, and |
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| | (c) | in paragraph (b), for “Authority” substitute “regulator”. |
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| | (a) | for “the Authority”, in the first place, substitute “a regulator”, and |
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