Session 2013 - 14
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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.

 


 
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