House of Commons Amendments

Session 2013 - 14
Internet Publications
Other Bills before Parliament

Consideration of Bill: 8 July 2013
562

Financial Services (Banking Reform) Bill, continued

‘(1)
Within 12 months of Royal Assent of this Act, the Treasury shall lay before

Parliament a fully independent and comprehensive report detailing the options for

introducing portable account numbers for bank accounts within the UK,

including a full cost benefit analysis of the available options.

(2)
The appropriate regulator may require banks and building societies to comply

with any scheme to introduce and facilitate the use of portable account numbers,

which is introduced in regulations made by the Treasury.

(3)
No regulations may be made by the Treasury under this section unless a draft of

the regulations has been laid before Parliament and approved by a resolution of

each House.’.

Remaining proceedings on consideration

Minor amendments

Mr Chancellor of the Exchequer

NC1

To move the following Clause:—

‘Schedule [Minor amendments] (which contains amendments of, or connected

with, the Financial Services Act 2012 and amendments of provisions amended by

that Act) has effect.’.

NEW SCHEDULE

Mr Chancellor of the Exchequer

NS1

To move the following Schedule:—

‘Minor Amendments

Companies Act 1985 (c. 6)

1
In Schedule 15D to the Companies Act 1985 (disclosures), omit paragraph 29.

Financial Services and Markets Act 2000 (c. 8)

2
In section 376 of FSMA 2000 (continuation of contracts of long-term

insurance where insurer in liquidation), in subsection (11B), for “PRA-

authorised” substitute “PRA-regulated”.

3
In Schedule 17A to FSMA 2000 (further provision in relation to exercise of

Part 18 functions by Bank of England), in paragraph 10(1)(j), for “subsections

(1) and (3)” substitute “subsection (1)”.

Income Tax Act 2007 (c. 3)

4
In section 991 of the Income Tax Act 2007 (meaning of “bank”), in subsections

(2)(b) and (3), for “Part 4” substitute “Part 4A”.

Consideration of Bill: 8 July 2013
563

Financial Services (Banking Reform) Bill, continued

Banking Act 2009 (c. 1)

5
In section 89B of the Banking Act 2009 (application to recognised central

counterparties), in the Table in subsection (6), in the entry relating to section

81B, in the second column, after the modification of subsection (1) of that

section insert—

“In subsection (2), for “PRA” substitute “Bank of

England”.”

6
In section 191 of the Banking Act 2009 (directions), in subsection (1), after

“inter-bank” insert “payment”.

Financial Services Act 2012 (c. 21)

7
In section 73 of the Financial Services Act 2012 (duty of FCA to investigate

and report on possible regulatory failure), in subsection (1)(b)(i)—

(a)
for “their activities,” substitute “of the carrying on of regulated

activities,”, and

(b)
for “or for the regulation of collective investment schemes” substitute

“, for the regulation of collective investment schemes or for the

regulation of recognised investment exchanges,”’.

8    (1)
Section 85 of the Financial Services Act 2012 (relevant functions in relation to

complaints scheme) is amended as follows.

      (2)
For subsection (2) substitute—

“(2)
The relevant functions of the FCA or the PRA are—

(a)
its functions conferred by or under FSMA 2000, other than its

legislative functions, and

(b)
such other functions as the Treasury may by order provide.”

      (3)
For subsection (3) substitute—

“(3)
The relevant functions of the Bank of England are—

(a)
its functions under Part 18 of FSMA 2000 (recognised

clearing houses) or under Part 5 of the Banking Act 2009

(inter-bank payment systems), other than its legislative

functions, and

(b)
such other functions as the Treasury may by order provide.”

      (4)
In subsections (4) and (5), for “subsection (2)” substitute “subsection (2)(a)”.

      (5)
In subsections (6) and (7), for “subsection (3)” substitute “subsection (3)(a)”.

      (6)
After subsection (7) insert—

“(8)
For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA

2000 do not apply.”’.

Mr Chancellor of the Exchequer

11

Schedule,  page  22,  line  22,  leave out ‘subsidiary’ and insert ‘body’.

Consideration of Bill: 8 July 2013
564

Financial Services (Banking Reform) Bill, continued

Mr Chancellor of the Exchequer

12

Schedule,  page  22,  line  28,  leave out ‘subsidiary’ and insert ‘body’.

Mr Chancellor of the Exchequer

13

Schedule,  page  22,  line  30,  leave out ‘subsidiary undertaking’ and insert ‘member of

the group’.

Mr Chancellor of the Exchequer

14

Schedule,  page  23,  line  3,  at end insert—

‘(d)
making provision in connection with the implementation of proposals

that would involve a body corporate whose group includes the transferee

becoming a ring-fenced body while one or more other members of the

transferee’s group are not ring-fenced bodies.’.

Mr Chancellor of the Exchequer

15

Schedule,  page  23,  line  24,  at end insert—

‘(2B)
In deciding whether to give consent, the PRA must have regard to the

scheme report prepared under section 109A in relation to the ring-

fencing transfer scheme.’.

Mr Chancellor of the Exchequer

16

Schedule,  page  23,  line  24,  at end insert—

‘6A
For the heading to section 109 substitute “Scheme reports: insurance business

transfer schemes”.

6B
After section 109 insert—

“109A
Scheme reports: ring-fencing transfer schemes

(1)
An application under section 106B in respect of a ring-fencing transfer

scheme must be accompanied by a report on the terms of the scheme

(a “scheme report”).

(2)
A scheme report may be made only by a person—

(a)
appearing to the PRA to have the skills necessary to enable the

person to make a proper report, and

(b)
nominated or approved for the purpose by the PRA.

(3)
A scheme report must be made in a form approved by the PRA.

(4)
A scheme report must state—

(a)
whether persons other than the transferor concerned are likely

to be adversely affected by the scheme, and

(b)
if so, whether the adverse effect is likely to be greater than is

reasonably necessary in order to achieve whichever of the

purposes mentioned in section 106B(3) is relevant.

(5)
The PRA must consult the FCA before—

Consideration of Bill: 8 July 2013
565

Financial Services (Banking Reform) Bill, continued

(a)
nominating or approving a person under subsection (2)(b), or

(b)
approving a form under subsection (3).”’.

Order of the House [11 MARCH 2013]

That the following provisions shall apply to the Financial Services (Banking Reform)

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 18 April 2013.

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.

FinancIAL SERVICES (BANKING REFORM) Bill (Programme No. 2)

Mr Chancellor of the Exchequer

That the the Order of 11 March 2013 in the last Session of Parliament (Financial

Services (Banking Reform) Bill (Programme)) be varied as follows:

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

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

in accordance with the following provisions of this Order.

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.

Consideration of Bill: 8 July 2013
566

Financial Services (Banking Reform) Bill, continued

TABLE

First day

Proceedings
Time for conclusion of proceedings

Amendments to Clauses 1 to 8 other
6.00 pm

than amendments relating to

competition

New Clauses relating to Bank of
8.00 pm

England Financial Policy

Committee

Remaining New Clauses other than
10.00 pm

any standing in the name of a

Minister of the Crown or relating to

competition or to portability of bank

accounts

Second day

Proceedings
Time for conclusion of proceedings

New Clauses relating to
Two hours after commencement of

competition; New Clauses relating
proceedings on Consideration on the

to portability of bank accounts;
second day

remaining proceedings on

Consideration

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

brought to a conclusion one hour after the conclusion of proceedings on

Consideration on the second day.

NOTICES WITHDRAWN

The following Notices were withdrawn on 4 July 2013:

NC6.



© Parliamentary copyright	Revised 8 July 2013