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| Financial Services (Banking Reform) Bill
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| [Seventh and Eighth Sittings]
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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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| | Negatived on division NC3 |
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| To move the following Clause:— |
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| | ‘After section 65 of FSMA 2000 insert— |
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| | (1) | 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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| | (2) | 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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| To move the following Clause:— |
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| | ‘(1) | Within six months of Royal Assent of this Act the Chancellor of the Exchequer |
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| | shall lay before Parliament a report considering— |
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| | (a) | the adequacy of the current account redirection service, |
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| | (b) | legislative options for mandating the provision of a current account |
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| | redirection service by UK ring-fenced bodies.’. |
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| To move the following Clause:— |
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| | ‘(1) | In the Financial Services Act 2012 section 6 which inserts section 1B into FSMA |
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| | 2000 after subsection (5)(b) insert— |
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| | “(c) | the ease with which consumers can have access to financial |
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| | services and products which are affordable and appropriate to |
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| | Publication of trends in bank lending |
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| To move the following Clause:— |
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| | ‘(1) | After section 1E(2) of chapter 1 of Part 1A of FSMA 2000 insert— |
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| | “(3) | The FCA shall collate and publish anonymised consumer and business |
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| | lending data disaggregated by UK financial institution and presented on |
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| | a postcode-level basis.”.’. |
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| | Basic bank account guarantee |
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| To move the following Clause:— |
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| | ‘(1) | All UK institutions providing the regulated activity of accepting deposits must— |
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| | (a) | make a “basic bank account” available to all who request it, and |
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| | (b) | offer a “basic bank account” to people denied access to a current account |
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| | due to a poor credit score. |
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| | (2) | The requirements in subsection (1) do not apply to people with a record of fraud. |
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| | (3) | In this section “basic bank account” means a current account which— |
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| | (a) | provides customers with a debit or ATM card, |
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| | (b) | does not have an overdraft function, |
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| | (c) | does not pay interest on deposits, and |
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| | (d) | does not incur periodic fees.’. |
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| | Review into extending the Financial Services Compensation Scheme to cover Small and |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury shall arrange for a review of the impact of extending the Financial |
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| | Services Compensation Scheme to cover deposits of private non-financial |
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| | corporations with an annual revenue of less than £20 million. |
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| | (2) | The review must consider in particular— |
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| | (a) | the impact on the Financial Services Compensation Scheme in the event |
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| | (b) | the impact on the British economy of extending the scheme, |
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| | (c) | the impact of protecting different percentages of private non-financial |
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| | (3) | 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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| | (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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| | (6) | If the review recommends further reviews the Treasury may arrange for the |
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| | Bank of England scheme to boost lending |
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| To move the following Clause:— |
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| | ‘(1) | The Chancellor of the Exchequer shall bring forward proposals within one month |
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| | of Royal Assent of this Act to reform the Bank of England Funding for Lending |
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| | (a) | the period under which drawdown requests may be made by UK financial |
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| | institutions shall be extended until 31 January 2015, |
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| | (b) | the determination of fees for the facility shall be based not only on total |
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| | net lending during the reference period, but also determined according to |
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