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Lords Amendments to the Financial Services (Banking Reform) Bill


 
 

167

 
 

115B  

Right to hard copy version

 

(1)    

Where a person has received a document or information from a

 

building society otherwise than in hard copy form, the person is

 

entitled to require the society to send the person a version of the

 

document or information in hard copy form.

 

(2)    

The society must send the document or information in hard copy

 

form within 21 days of receipt of the request from the person.

 

(3)    

The society may not make a charge for providing the document

 

or information in that form.

 

(4)    

Subsection (1) does not apply if the recipient of the document or

 

information is the FCA or the PRA.

 

(5)    

A building society that fails to comply with this section is to be

 

treated as having contravened rules made under section 137A of

 

the Financial Services and Markets Act 2000.

 

(6)    

For the purposes of this section a person is treated as receiving a

 

document or information from a building society if—

 

(a)    

the society is required by this Act to send the document

 

or information to the person, and

 

(b)    

the requirement to send it is treated as satisfied.

 

(7)    

For the purposes of this section—

 

(a)    

a document or information is sent or supplied in hard

 

copy form if it is sent or supplied in a paper copy or

 

similar form capable of being read, and

 

(b)    

a document or information can be read only if it can be

 

read with the naked eye, or (to the extent that it consists

 

of images) it can be seen with the naked eye.

 

115C  

Other agreed forms of communication

 

(1)    

A document or information that is sent or supplied by a building

 

society otherwise than in hard copy form or electronically or by

 

means of a web site is validly sent or supplied if it is sent or

 

supplied in a form or manner that has been agreed by the

 

intended recipient.

 

(2)    

For the purposes of this section “hard copy form” is to be read in

 

accordance with section 115B(7).”

 

10         

In the following provisions, omit “, in a manner agreed between him and

 

the society,”—

 

    

section 60(7B)(c),

 

    

section 61(7D)(c),

 

    

section 68(6B)(c),

 

    

section 69(15B)(c),

 

    

section 76(8C)(c).

 

11         

In section 81(3B)(c), omit “, in a manner agreed for the purpose between

 

him and the society,”.

 

12  (1)  

Schedule 2 is amended as follows.


 
 

168

 
 

      (2)  

In paragraph 20A(1B)(c), omit “, in a manner agreed between him and

 

the society,”.

 

      (3)  

In paragraphs 22B(2)(c) and 33(5C)(c), omit “, in a manner agreed

 

between him and the society for that purpose,”.

 

      (4)  

In paragraph 24(1B)(b), omit “in a manner agreed between the society

 

and that member,”.

 

      (5)  

In paragraph 32(2D)(c), omit “, in a manner agreed between the society

 

and the member,”.

 

      (6)  

In paragraph 33A(9)(c), omit “, in a manner agreed for the purpose

 

between him and the society”.

 

13         

In paragraphs 3(2B)(c) and 9(2B)(c) of Schedule 8A, omit “in a manner

 

agreed between the society and that person,”.

 

14  (1)  

Schedule 11 is amended as follows.

 

      (2)  

In paragraph 4(9C)(c), omit “, in a manner agreed between him and the

 

society,”.

 

      (3)  

In paragraph 7(7C)(c), for “in a manner agreed between the society and

 

that person, he” substitute “the person”.

 

      (4)  

In paragraph 8(3B)(c), omit “, in a manner agreed between him and the

 

society for the purpose,”.

 

Financial year

 

15  (1)  

Section 117 (financial year of building societies) is amended as follows.

 

      (2)  

For subsection (1) substitute—

 

“(1)    

A building society’s financial years (apart from its final financial

 

year) are determined according to its year-end date in each

 

calendar year.

 

    

For provision about a building society’s final financial year, see

 

subsection (1G).

 

(1A)    

The year-end date of a building society established before 25th

 

August 1894 is—

 

(a)    

the date up to which, as at 1st January 1987, the accounts

 

of the society were annually made up, or

 

(b)    

if the society has, at any time before the day on which

 

subsection (1) comes into force (“the relevant day”),

 

altered its financial year in exercise of a power within

 

subsection (1B), 31st December.

 

(1B)    

The powers referred to in subsection (1A)(b) are—

 

(a)    

the power conferred by section 70(2) of the Building

 

Societies Act 1960,

 

(b)    

the power conferred by section 128(2) of the Building

 

Societies Act 1962, and

 

(c)    

the power conferred by subsection (3) of this section (as it

 

had effect immediately before the relevant day).

 

(1C)    

The year-end date of a building society established on or after

 

25th August 1894 and before the relevant day is 31st December.


 
 

169

 
 

(1D)    

The year-end date of a building society established on or after the

 

relevant day is the last day of the month in which the anniversary

 

of its establishment falls.

 

(1E)    

The financial year of a building society established before the

 

relevant day is the period of 12 months ending with the year-end

 

date of the society (but see subsection (1G)).

 

(1F)    

In the case of a building society established on or after the

 

relevant day—

 

(a)    

the initial financial year of the society shall be the period

 

of more than 6 months, but not more than 18 months,

 

beginning with the date of its establishment and ending

 

with its year-end date, and

 

(b)    

its subsequent financial years are successive periods of 12

 

months beginning immediately after the end of the

 

previous financial year and ending with its year-end date

 

(but see subsection (1G)).

 

(1G)    

The final financial year of a building society is a period of less

 

than 12 months that begins immediately after the end of the

 

previous financial year and ends with the date as at which the

 

society makes up its final accounts.

 

(1H)    

This section has effect subject to section 117A (alteration of

 

financial year).”

 

      (3)  

Omit subsections (2) and (3).

 

16         

After section 117 insert—

 

“117A

Alteration of financial year

 

(1)    

A building society may by notice given to the FCA specify a new

 

year-end date.

 

(2)    

A notice given under subsection (1) has effect in relation to—

 

(a)    

the financial year in which the notice is given (“the

 

current financial year”), and

 

(b)    

subsequent financial years.

 

(3)    

The notice must state whether the current financial year—

 

(a)    

is to be shortened, so as to come to an end on the first

 

occasion on which the new year-end date falls or fell after

 

the beginning of the current financial year, or

 

(b)    

is to be extended, so as to come to an end on the second

 

occasion on which that date falls or fell after the

 

beginning of the current financial year.

 

(4)    

A notice extending a building society’s financial year is not

 

effective if given less than 5 years after the end of an earlier

 

financial year of the society that was extended under this section.

 

(5)    

A financial year of a building society may not be extended so as

 

to exceed 18 months and a notice under subsection (1) is

 

ineffective if the current financial year as extended in accordance

 

with the notice would exceed that limit.”


 
 

170

 
 

17         

In Schedule 20 (transitional and saving provisions), omit paragraph 16

 

(existing financial years).

 

18         

The amendments made by paragraphs 15 to 17 have effect in relation to

 

financial years beginning on or after the day on which those

 

amendments come into force.”

Schedule 2

181

Page 34, line 11,  at end insert—

 

“2A(1)  

Part 25 of FSMA 2000 (injunctions and restitution) is amended as

 

follows.

 

      (2)  

In section 380 (injunctions), in subsection (6)(a), omit the “or” at the end

 

of sub-paragraph (i) and after sub-paragraph (ii) insert “or

 

(iii)    

which is imposed by Part 7 of the Financial

 

Services Act 2012 (offences relating to financial

 

services) and whose contravention constitutes an

 

offence under that Part;”.

 

      (3)  

In section 382 (restitution orders), in subsection (9)(a), omit the “or” at

 

the end of sub-paragraph (i) and after sub-paragraph (ii) insert “or

 

(iii)    

which is imposed by Part 7 of the Financial

 

Services Act 2012 (offences relating to financial

 

services) and whose contravention constitutes an

 

offence under that Part;”.

 

      (4)  

In section 384 (power of FCA or PRA to require restitution), in subsection

 

(7), omit the “and” at the end of paragraph (a) and after paragraph (b)

 

insert “or

 

(c)    

a requirement which is imposed by Part 7 of the Financial

 

Services Act 2012 (offences relating to financial services)

 

and whose contravention constitutes an offence under

 

that Part.””

182

Page 34, line 11, at end insert—

 

“2B(1)  

In Schedule 1ZA to FSMA 2000 (the Financial Conduct Authority),

 

paragraph 20 (penalties) is amended as follows.

 

      (2)  

In sub-paragraph (3)(b), after “this Act” insert “or under a provision

 

mentioned in sub-paragraph (4A)”.

 

      (3)  

In sub-paragraph (4), after paragraph (c) insert—

 

“(ca)    

its powers under the relevant competition provisions

 

(as applied by Part 16A of this Act),”.

 

      (4)  

After sub-paragraph (4) insert—

 

“(4A)  

“The relevant competition provisions” are—

 

(a)    

section 31E of the Competition Act 1998 (enforcement

 

of commitments);

 

(b)    

section 34 of that Act (enforcement of directions);

 

(c)    

section 36 of that Act (penalties);

 

(d)    

section 40A of that Act (penalties: failure to comply

 

with requirements);

 

(e)    

section 174A of the Enterprise Act 2002 (penalties).”


 
 

171

 
 

      (5)  

In sub-paragraph (5)—

 

(a)    

in paragraph (a), for “FSMA 2000” substitute “this Act”,

 

(b)    

in paragraph (b), for “that Act” substitute “this Act”,

 

(c)    

in paragraph (c), omit “of that Act”, and

 

(d)    

after paragraph (c) insert—

 

“(ca)    

offences under Part 1 of the Competition Act

 

1998,

 

(cb)    

offences under Part 4 of the Enterprise Act

 

2002,”.”

In the Title

183

Line 4, after “insolvency;” insert “to make further provision about payment

 

systems and securities settlement systems;”

184

Line 5, after “subsidiaries;” insert “to make provision in relation to persons

 

providing claims management services;”


 
 

172


 
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