Financial Services Bill

AMENDMENTS
TO BE MOVED
IN COMMITTEE
OF THE WHOLE HOUSE

Clause 3

LORD MCFALL OF ALCLUITH

 

Page 3, line 24, after “functions” insert—

“( ) has knowledge of the markets in each of the constituent parts of the United Kingdom,”

BARONESS KRAMER

LORD SHARKEY

 

Page 3, line 34, leave out “with a view to contributing to the achievement by the Bank of the Financial Stability Objective.” and insert “in relation to financial policy in a manner designed to contribute to the achievement by the Bank of the Financial Stability Objective. This shall include promoting—

(a) a stable and sustainable supply of finance to the economy, and

(b) subject to that, the economic policy of Her Majesty’s Government, including its objectives for economic growth and employment.

9DA Specification of matters relevant to objectives

(1) The Treasury may by notice in writing to the Bank specify for the purposes of section 9C—

(a) what a stable and sustainable supply of finance is to be taken to consist of,

(b) the objectives of Her Majesty’s Government in achieving a stable and sustainable supply of finance, and

(c) what the economic policy of Her Majesty’s Government is to be taken to be including its objectives for economic growth and employment.

(2) The Treasury shall specify under subsection (1) both of the matters mentioned there—

(a) before the end of the period of 7 days beginning with the day on which this Act comes into force, and

(b) at least once in every period of 12 months beginning on the anniversary of the day on which this Act comes into force.

(3) Where the Treasury give notice under this section they shall—

(a) publish the notice in such manner as they think fit, and

(b) lay a copy of it before Parliament.

9DB Matters to be considered in achieving the Financial Stability Objective”

LORD MCFALL OF ALCLUITH

 

Page 5, line 39, at end insert—

“(e) preparing and publishing clear regulatory statements for the FCA and the PRA”

 

Page 13, line 43, leave out “may” and insert “must”

Clause 5

LORD MCFALL OF ALCLUITH

 

Page 16, line 38, after “of” insert “ability, disability and vulnerability generally”

 

Page 17, line 15, at end insert—

“( ) the confidence which the UK financial system generates within the UK and in the financial markets of other countries,”

 

Page 17, line 26, leave out “may” and insert “must”

 

Page 17, line 31, at end insert “and their ability to easily access financial advice”

 

Page 17, line 34, leave out “and”

 

Page 17, line 35, at end insert “, and

(e) how proper regulation of regulated financial services impacts on competition in the provision of those services”

 

Page 21, line 16, leave out “and”

 

Page 21, line 17, at end insert “, and

(c) persons representing the constituent parts of the United Kingdom”

 

Page 21, line 34, leave out “and”

 

Page 21, line 35, at end insert “and

(c) persons representing the constituent parts of the United Kingdom”

 

Page 22, line 23, leave out “and”

 

Page 22, line 24, at end insert “, and

(f) persons representing the constituent parts of the United Kingdom.”

 

Page 22, line 37, at end insert “taking into account the need to represent the constituent parts of the United Kingdom”

 

Page 27, line 13, leave out “may” and insert “must”

 

Page 29, line 4, at end insert “subject to taking into account the vulnerability of the consumer by virtue of disability, age or incapacity”

 

Page 37, line 24, at end insert “and must be published in such manner as the Bank of England considers appropriate”

Clause 7

LORD MCFALL OF ALCLUITH

 

Page 40, line 8, at end insert—

“( ) a draft of the order has been consulted upon with such persons as the Treasury considers appropriate,”

Clause 8

LORD MCFALL OF ALCLUITH

 

Page 41, line 20, at end insert—

“( ) a draft of the order has been consulted upon with such persons as the Treasury considers appropriate,”

Clause 9

LORD MCFALL OF ALCLUITH

 

Page 49, line 9, after “if” insert “after investigation”

 

Page 53, line 45, leave out “may” and insert “must”

 

Page 53, line 46, after “relationship” insert “(including family, business or other association)”

Clause 11

LORD MCFALL OF ALCLUITH

 

Page 59, line 24, after “if” insert “after investigation”

Clause 16

LORD MCFALL OF ALCLUITH

 

Page 66, line 39, after “may” insert “after investigation”

 

Page 67, line 42, after “state” insert “the reasons for imposing a penalty and”

 

Page 68, line 5, at end insert “and the reasons for suspension or restriction”

Clause 17

LORD MCFALL OF ALCLUITH

 

Page 72, line 11, after “may” insert “after investigation”

 

Page 72, line 14, at end insert—

“( ) The FCA must provide reasons for the actions which it has taken under section 89Q.”

 

Page 74, line 37, after “may” insert “after investigation”

Clause 22

LORD MCFALL OF ALCLUITH

 

Page 103, line 25, after “may” insert “after consultation with such persons as they consider appropriate”

Clause 25

LORD MCFALL OF ALCLUITH

 

Page 110, line 3, after “notice” insert “containing the reasons for the direction”

 

Page 114, line 5, after “must” insert “consult with such persons as it considers appropriate”

Clause 30

LORD MCFALL OF ALCLUITH

 

Page 116, line 14, after “if” insert “after investigation”

 

Page 117, line 2, after “if” insert “after investigation”

 

Page 117, line 12, at end insert “the reason for its decision to issue a statement and”

 

Page 117, line 23, after “out” insert “the reasons for its decision to issue a statement and”

Clause 40

LORD MCFALL OF ALCLUITH

 

Page 125, line 3, after “of” insert “the general public or”

Clause 65

LORD MCFALL OF ALCLUITH

 

Page 141, line 3, at end insert—

“( ) The person appointed by the Treasury to hold the inquiry under this section must be suitably qualified and experienced to hold such an inquiry.”

Clause 66

LORD MCFALL OF ALCLUITH

 

Page 141, line 29, at end insert—

“( ) The power conferred by this section is not exercisable in relation to information or documents in respect of which a claim to legal profession privilege (in Scotland to confidentiality of communications) could be maintained in legal proceedings.”

Clause 79

LORD MCFALL OF ALCLUITH

 

Page 148, line 15, at end insert—

“( ) The investigator must be suitably qualified and experienced to conduct such investigations.”

Prepared 22nd June 2012