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| New Amendments handed in are marked thus  |
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| Amendments which will comply with the required notice period at their next appearance
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| Financial Services (Banking Reform) Bill
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| | The Amendments have been arranged in accordance with the Order of the |
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| Schedule, page 24, line 9, at end insert— |
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| | ‘( ) | After subsection (3) insert— |
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| | “(4) | Without prejudice to the generality of subsection (3), in the case of a ring- |
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| | fencing transfer scheme the court must not make an order sanctioning the |
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| | scheme if it considers that it might lead to the dissolution of a company |
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| | or to the transfer of liabilities owed to any persons in a manner that may |
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| | prejudice the interests of those persons.”.’. |
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| Clause 9, page 15, line 25, at end insert— |
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| | ‘Category 8: Deposits of charitable bodies |
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| | 15D | Any amount owed at the relevant date by the debtor in respect of deposits made |
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| | by charitable bodies up to the amount of nine tenths of the amount owed to the |
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| | persons to whom the amount is owed. |
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| | Interpretation for category 8 |
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| | 15E(1) | In paragraph 15D “charitable body” means any organisation with charitable |
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| | status under section 1 of the Charities Act 2006. |
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| | (2) | For this purpose a “deposit” means rights of the kind described in— |
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| | (a) | paragraph 22 of Schedule 2 to the Financial Services and Markets Act |
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| | (b) | section 1(2)(b) of the Dormant Bank and Building Society Accounts |
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| Clause 9, page 15, line 35, after ‘Financial Services Compensation Scheme’, insert |
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| ‘and deposits of charitable bodies’. |
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| Clause 9, page 15, line 36, at end insert— |
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| | ‘Deposits of charitable bodies |
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| | (6C) | Any amount owed at the relevant date by the debtor in respect of deposits made |
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| | by charitable bodies up to the amount of nine tenths of the amount owed to the |
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| | persons to whom the amount is owed.’. |
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| Clause 16, page 20, line 28, after ‘ring-fencing)’ insert ‘or section (Bank bail-in |
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| regime)(2) (bank bail-in regime)’. |
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| Clause 20, page 21, line 23, at end insert— |
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| | ‘( ) | No order may be made appointing a day for the coming into force of section 4 so |
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| | far as it inserts section 142JC of FSMA 2000 unless the day is later than that on |
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| | which the report of the first review under section 142J of that Act is published.’. |
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| Clause 20, page 21, line 23, at end insert— |
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| | ‘( ) | No order may be made appointing a day for the coming into force of section 4 so |
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| | far as it inserts section 142JD of FSMA 2000 unless— |
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| | (a) | the day is later than that on which there is published the report of a review |
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| | under section 142J of that Act containing a recommendation that section |
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| | 4 should be brought into force to that extent, and |
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| | (b) | a draft of the order has been laid before, and approved by a resolution of, |
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| | each House of Parliament.’. |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury may by order make provision about the tier 1 leverage ratio |
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| | applicable to a relevant body so as to require the relevant body to maintain a |
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| | minimum tier 1 leverage ratio. |
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| | (2) | The Treasury may by order make provision about the tier 1 leverage ratio |
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| | applicable to a ring-fenced body so as to require the Financial Policy Committee |
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| | to create differing minimum leverage ratios for different classes of ring-fenced |
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| | bodies, based upon the risk profile of their balance sheet.’. |
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| | FSCS review of company savings schemes |
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| To move the following Clause:— |
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| | ‘(1) | The Chief Executive of the Financial Services Compensation Scheme shall, |
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| | within six months of Royal Assent of this Act, publish a review of the protections |
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| | necessary for customers who make payments to any bodies corporate on the |
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| | understanding that such payments are deposits in a saving scheme. |
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| | (2) | The review in subsection (1) shall include consideration of any consequential |
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| | reform to creditor preference arrangements so that any payments made in advance |
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| | as part of a contract for the receipt of goods or services (such as gift vouchers, |
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| | certificates or other forms of pre-payment) in expectation that those sums would |
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| | be redeemable in a future exchange for such goods or services might be |
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| | considered as preferential debts in the event of insolvency.’. |
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| To move the following Clause:— |
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| | ‘After section 65 of FSMA 2000 insert— |
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| | (5) | The regulator will raise standards of professionalism in financial services |
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| | by mandating a licensing regime based on training and competence. This |
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| | (a) | apply to all approved persons exercising controlled functions, |
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| | regardless of financial sector; |
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| | (b) | specify minimum thresholds of competence including integrity, |
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| | professional qualifications, continuous professional |
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| | development and adherence to a recognised code of conduct; |
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| | (c) | make provisions in connection with— |
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| | (i) | the granting of a licence; |
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| | (ii) | the refusal of a licence; |
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| | (iii) | the withdrawal of a licence; and |
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| | (iv) | the revalidation of a licensed person of a prescribed |
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| | description whenever the appropriate regulator sees fit, |
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| | either as a condition of the person’s continuing to hold a |
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| | licence or of the person’s licence being restored. |
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| | (d) | be evidenced by individuals holding an annual validation of |
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| | (6) | In the Financial Services and Markets Act 2000, section 59, remove |
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| | “authorised” and insert “licensed” throughout the section.’. |
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| To move the following Clause:— |
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| | ‘After section 64(6) of FSMA 2000 insert— |
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| | “(6A) | A code issued under subsection (2) shall— |
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| | (a) | apply to all approved persons exercising controlled functions in |
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| | (b) | specify a framework of certain permitted and prohibited actions |
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| | with which approved persons must agree in writing to comply; |
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| | (c) | mandate individual financial penalties, and the terms of |
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| | temporary and permanent suspension of persons’ licence to |
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| | operate, which can be issued by the appropriate regulator if it |
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| | determines that an approved person has broken the code; |
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| | (d) | specify the training, including both practical and ethical, which |
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| | approved persons must undergo before practising controlled |
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| | (e) | specify the additional training to be provided by institutions for |
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| | their staff and set out the system by which institutions will |
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| | monitor and enforce such a code.”.’. |
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| To move the following Clause:— |
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| | ‘At all times when carrying out core activities a ring-fenced body shall— |
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| | (a) | be subject to a fiduciary duty towards its customers in the operation of |
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| | (b) | be subject to a duty of care towards its customers across the financial |
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| To move the following Clause:— |
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| | ‘The Secretary of State will by regulations provide for a requirement that the |
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| | remuneration consultants advising on remuneration policy shall be appointed by |
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| | the shareholders of a relevant financial institution.’. |
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| To move the following Clause:— |
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| | ‘The Secretary of State will provide for a requirement that an employee |
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| | representative should be a member of the remuneration committee of a relevant |
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| To move the following Clause:— |
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| | ‘(1) | The Secretary of State shall by order create a new Financial Crime Unit as part of |
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| | the Serious Fraud Office for the purpose of tackling financial crime, using |
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| | resources from the proceeds of penalties paid to the FCA. |
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| | (2) | The Treasury shall conduct a review into the creation of the Financial Crime Unit |
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| | and consult on its proposals for the Financial Crime Unit’s powers and |
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| | (3) | The Treasury shall lay its proposals before both Houses of Parliament no later |
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| | than six months after this Act comes into force. |
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| | (4) | The orders under subsection (1) may make such amendments to legislation as |
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| | appear to the Treasury to be necessary or expedient for the purpose of creating the |
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| | (5) | The orders under subsection (1) may only be made if they have been laid before |
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| | and approved by a resolution of each House of Parliament.’. |
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| | Protection for whistleblowers |
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| To move the following Clause:— |
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| | ‘After Part IVA (43B)(f) of the Employment Rights Act 1996 there is inserted— |
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| | “(g) | that a breach of regulated activities under FSMA 2000 or the |
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| | Financial Services Act 2012 has been committed, is being |
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| | committed, or is likely to be committed.”.’. |
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| To move the following Clause:— |
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| | ‘Within six months of Royal Assent of this Act the Chancellor of the Exchequer |
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| | shall lay before Parliament proposals on reform of remuneration at UK financial |
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| | institutions which shall include incentives to take account of the performance and |
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| | stability of a UK financial institution over a five- to 10-year period.’. |
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| | Review into competitiveness |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury shall arrange for a review of the obstacles to increasing competition |
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| | for UK institutions involved in the provision of core services. |
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| | (2) | The review must be completed during the period of six months beginning with |
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| | the date on which this Act comes into force. |
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5 | | (3) | The review must consider, in particular— |
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| | (a) | the major obstacle to new UK institutions emerging as competitors in the |
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| | provision of core services, and |
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| | (b) | possible actions that could be taken to facilitate new UK institutions |
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| | being competitive in the provision of core services. |
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10 | | (4) | The review must result in a report to the Treasury. |
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| | (5) | The Treasury shall lay a copy of the report before Parliament.’. |
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| | As an Amendment to Chris Leslie’s proposed New Clause (Review into |
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| | competitiveness) (NC11):— |
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| | ‘(c) | any evidence of impaired access to competitive core services in |
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| | identifiable regions of the UK or for particular classes of consumers.’. |
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