House of Commons Amendments

Session 2014 - 15
Internet Publications
Other Bills before Parliament

Public Bill Committee:
120

, continued

“(e)
setting standards under section 333G.”

(c)
in sub-paragraph (4), after “section 139B(5)” insert “or 333O(9)”.

11
In that Schedule, in paragraph 11 (annual report), in sub-paragraph (1) (matters

to be covered in the report), after paragraph (ha) insert—

“(hb)
how, in its opinion, it has complied with its duties in section

333N,”.

12
In that Schedule, in paragraph 23 (fees)—

(a)
in sub-paragraph (1), in the opening words, after “of this Act” insert

“other than sections 333P and 333Q”;

(b)
in sub-paragraph (1)(a), after “functions” insert “, other than its

excepted functions,”;

(c)
in sub-paragraph (2)(a), after “(ca)” insert “but not its excepted

functions”;

(d)
after sub-paragraph (2) insert—

“(2ZA)
The “excepted functions” of the FCA are—

(a)
its functions under sections 333E to 333P, and

(b)
its functions under section 333Q so far as relating

to the collection of payments.”

13
In section 85 of the Financial Services Act 2012 (relevant functions in relation

to scheme for investigating complaints against FCA and other regulators), in

subsection (4) (legislative functions of the FCA that are excluded)—

(a)
in paragraph (c)(i), for “or 312J” substitute “, 312J or 333J”;

(b)
in paragraph (e), after “139B(5)” insert “or 333O(9)”;

(c)
after paragraph (e) insert—

“(f)
setting standards under section 333G of FSMA

2000.”

14  (1)
For the purpose of the exercise of a function conferred by a provision listed in

the first column of the table, a consultation requirement listed in the

corresponding entry in the second column may be satisfied by things done

before the day on which this Act is passed.

Provision conferring function
Consultation requirement

Section 137FB of FSMA
Sections 137FB(2) and

138I(1) of FSMA

Section 333E(1)(e) of FSMA
Section 333E(2) of FSMA

Section 333G(1) of FSMA
Section 138I(1) of FSMA as

applied with modifications by

section 333G(5) of FSMA

Section 333J(1) of FSMA
Section 333K(1) of FSMA

Section 333O(1) of FSMA
Section 138(1)(b) of FSMA

as applied by section 333O(3)

of FSMA

Section 333P(1) of FSMA
Sections 138I(1) and 333P(2)

of FSMA.

Section 333Q(2) of FSMA
Sections 138I(1) and 333Q(4)

of FSMA

Public Bill Committee:
121

, continued

      (2)
Where before the day on which this Act is passed the Financial Conduct

Authority publishes a draft of proposed standards for the giving of pensions

guidance by designated guidance providers—

(a)
the consultation requirement in section 138I of FSMA may be treated

as satisfied by virtue of sub-paragraph (1) even if the draft is not

accompanied by—

(i)
a cost benefit analysis, or

(ii)
an explanation of the Financial Conduct Authority’s reasons

for believing that setting the proposed standards would secure

an appropriate degree of protection for recipients of pensions

guidance from designated guidance providers, and

(b)
if it is, any resulting standards published under section 138G(4) of

FSMA must be accompanied by—

(i)
a cost benefit analysis within the meaning of section 138I of

that Act even if the conditions in subsection (5) of section

138I are not satisfied, and

(ii)
an explanation of the Financial Conduct Authority’s reasons

for believing that setting the standards will secure an

appropriate degree of protection for recipients of pensions

guidance from designated guidance providers.

      (3)
References in sub-paragraph (2) to provisions of sections 138G and 138I of

FSMA are to those provisions as applied with modifications by section

333G(5) of that Act.

      (4)
Where before the day on which this Act is passed the Financial Conduct

Authority publishes a draft of proposed rules requiring information about the

availability of pensions guidance to be given by the trustees or managers of a

relevant pension scheme to members of the scheme with a right or entitlement

to cash balance benefits or other money purchase benefits, the consultation

requirement in section 137FB(2) of FSMA may be treated as satisfied by virtue

of sub-paragraph (1) even if the only consultation before publication was with

the Treasury.

      (5)
In this paragraph—

“consultation requirement” includes—

(e)
a requirement to publish a draft;

(f)
a requirement under section 333E(2)(b) or (c) of FSMA;

“FSMA” means the Financial Services and Markets Act 2000.

15
Expenses incurred by the Financial Conduct Authority before the day on which

this Act is passed in anticipation of the conferral of functions on it by virtue of

the amendments made by this Schedule are to be treated as if they had been

incurred on or after that day.”

Member’s explanatory statement

The Schedule inserted by this amendment sets out the legislative framework for the giving of

pensions guidance to pension scheme members with a right or entitlement to cash balance benefits

or other money purchase benefits by inserting a new Part 20A into the Financial Services and

Markets Act 2000 and making consequential amendments.

Public Bill Committee:
122

, continued

Order of the House [2 September 2014]

That the following provisions shall apply to the the Pension Schemes Bill:—

Commital

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 6 November 2014.

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 of 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 any further message from the Lords)

may be programmed.

Order of the Committee [21 October 2014]

That—

(1)
the Committee shall (in addition to its first meeting at 8.55 a.m. on Tuesday

21 October) meet—

(a)
at 2.00 pm on Tuesday 21 October;

(b)
at 11.30 am and 2.00 pm on Thursday 23 October;

(c)
at 9.25 am and 2.00 pm on Tuesday 28 October;

(d)
at 11.30 am and 2.00 pm on Thursday 30 October;

(e)
at 9.25 am and 2.00 pm on Tuesday 4 November;

(f)
at 11.30 am and 2.00 pm on Thursday 6 November;

(2)
the Committee shall hear oral evidence in accordance with the following

Table:

TABLE

Date
Time
Witness

Tuesday 21
Until no later than
The Pensions Regulator

October
9.30 am

Tuesday 21 October
Until no later than
Pension Protection Fund;

10.15 am
Financial Conduct Authority

Tuesday 21 October
Until no later than
Pensions Advisory Service;

11.00 am
Money Advice Service

Tuesday 21 October
Until no later than
Royal Society of Arts;

3.00 pm
Cardano; First Actuarial;

KPMG

Tuesday 21 October
Until no later than
Aon Hewitt; Financial

4.00 pm
Services Consumer Panel;

Confederation of British

Industry

Thursday 23
Until no later than
Mr Dominic Lindley; Which?;

October
12.15 pm
Trades Union Congress

Thursday 23
Until no later than
Pensions Policy Institute;

October
1.00 pm
Dr Ros Altmann; Age UK

Thursday 23
Until no later than
Association of British

October
3.00 pm
Insurers; Dr Debbie Harrison;

National Association of

Pension Funds

Thursday 23
Until no later than
Mr John Greenwood;

October
4.00 pm
Strategic Society Centre;

Towers Watson

Thursday 23
Until no later than
Department for Work and

October
4.45 pm
Pensions

Public Bill Committee:
123

, continued

(3)
proceedings on consideration of the Bill in Committee shall be taken in the

following order: Clauses 1 to 8; Schedule 1; Clauses 9 to 12; Schedule 2;

Clause 13; Schedule 3; Clauses 15 to 37; Schedule 4; Clauses 38 to 45;

Clause 14; new Clauses; new Schedules; remaining proceedings on the Bill;

(4)
the proceedings shall (so far as not previously concluded) be brought to a

conclusion at 5.00 p.m. on Thursday 6 November.



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