Financial Services Bill (HL Bill 25)

Theft Act 1968 (c. 60)Theft Act 1968 (c. 60)

30 In section 24A of the Theft Act 1968 (dishonestly retaining a wrongful
credit), in subsection (9), for paragraph (c) substitute—

“(c) a person falling within any of paragraphs (a) to (j) of the
5definition of “electronic money issuer” in regulation 2(1) of
the Electronic Money Regulations 2011.”

Decimal Currency Act 1969 (c. 19)Decimal Currency Act 1969 (c. 19)

31 In section 7 of the Decimal Currency Act 1969 (payments under friendly
society and industrial assurance contracts: supplemental), in subsection (5),
10for “section 138” substitute “sections 137A and 137E”.

Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)Employers’ Liability (Compulsory Insurance) Act 1969 (c. 57)

32 In section 1 of the Employers’ Liability (Compulsory Insurance) Act 1969
(insurance against liability for employees), in subsection (3)(b)(i), for “Part 4”
substitute “Part 4A”.

15Superannuation Act 1972 (c. 11)Superannuation Act 1972 (c. 11)

33 In section 1 of the Superannuation Act 1972 (superannuation schemes: civil
servants), in subsection (9), in the definition of “authorised provider”, for
“Part 4” substitute “Part 4A”.

Employment Agencies Act 1973 (c. 35)Employment Agencies Act 1973 (c. 35)

34 20In section 9 of the Employment Agencies Act 1973 (inspection), in subsection
(1AC), for “Part 4” substitute “Part 4A”.

Consumer Credit Act 1974 (c. 39)Consumer Credit Act 1974 (c. 39)

35 (1) The Consumer Credit Act 1974 is amended as follows.

(2) In section 16 (exempt agreements)—

(a) 25in subsection (3A), in the Table—

(i) for “Financial Services Authority”, in the first place,
substitute “Financial Conduct Authority”, and

(ii) for “and the Financial Services Authority”, substitute “, the
Financial Conduct Authority and the Prudential Regulation
30Authority”, and

(b) in subsection (10), in paragraphs (a)(i) and (b)(i), for “Part 4”
substitute “Part 4A.

(3) In section 25 (licensee to be a fit person), in subsection (1B)—

(a) for “Part 4” substitute “Part 4A”, and

(b) 35for “the Financial Services Authority” substitute “the regulator
which granted the permission under Part 4A”.

(4) In section 35 (the register), in subsection (1A), for “Financial Services
Authority” substitute “Financial Conduct Authority or the Prudential
Regulation Authority”.

Solicitors Act 1974 (c. 47)Solicitors Act 1974 (c. 47)

36 In section 87 of the Solicitors Act 1974 (interpretation), in the definition of
“bank” in subsection (1) and in subsection (1A)(a), for “Part 4” substitute
“Part 4A”.

5House of Commons Disqualification Act 1975 (c. 24)1975 (c. 24)

37 In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975
(other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

(b) 10at the appropriate place in each case insert—

• “Member of the governing body of the Financial
  Conduct Authority;”;

• “Member of the governing body of the Prudential
  Regulation Authority;”.

15Northern Ireland Assembly Disqualification Act 1975 (c. 25)1975 (c. 25)

38 In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification
Act 1975 (other disqualifying offices)—

(a) omit the entry “Member of the governing body of the Financial
Services Authority”, and

(b) 20at the appropriate place in each case insert—

• “Member of the governing body of the Financial
  Conduct Authority;”;

• “Member of the governing body of the Prudential
  Regulation Authority;”.

25Police Pensions Act 1976 (c. 35)Police Pensions Act 1976 (c. 35)

39 In section 8A of the Police Pensions Act 1976 (information in connection with
police pensions etc.), in subsection (2)(a), for “section 150” substitute “section
138D”.

Judicial Pensions Act 1981 (c. 20)Judicial Pensions Act 1981 (c. 20)

40 30In section 33A of the Judicial Pensions Act 1981 (voluntary contributions), in
subsection (9), in paragraph (a) of the definition of “authorised provider”,
for “Part 4” substitute “Part 4A”.

Inheritance Tax Act 1984 (c. 51)Inheritance Tax Act 1984 (c. 51)

41 In section 59 of the Inheritance Tax Act 1984 (qualifying interest in
35possession), in subsection (3)(b)(i), for “Part 4” substitute “Part 4A”.

Companies Act 1985 (c. 6)Companies Act 1985 (c. 6)

42 The Companies Act 1985 is amended as follows.

43 In Schedule 15C (specified persons), for paragraph 7 substitute—

“7 The Financial Conduct Authority.

7A The Prudential Regulation Authority.

7B The Bank of England.”

44 (1) Schedule 15D (disclosures) is amended as follows.

(2) In paragraph 28 for “Financial Services Authority” substitute “Financial
5Conduct Authority or the Prudential Regulation Authority”.

(3) In paragraph 29 for “competent authority” substitute “Financial Conduct
Authority”.

(4) In paragraph 43, for paragraph (a) substitute—

“(a) a decision of the Financial Conduct Authority;

(aa) 10a decision of the Prudential Regulation Authority;”.

Trustee Savings Banks Act 1985 (c. 58)Trustee Savings Banks Act 1985 (c. 58)

45 In Part 3 of Schedule 1 to the Trustee Savings Banks Act 1985
(supplementary transfer provisions), in paragraph 11(4A)(a), for “Part 4”
substitute “Part 4A”.

15Administration of Justice Act 1985 (c. 61)Administration of Justice Act 1985 (c. 61)

46 In section 21 of the Administration of Justice Act 1985 (professional
indemnity and compensation), in subsection (5)(a), for “Part 4” substitute
“Part 4A”.

Housing Act 1985 (c. 68)Housing Act 1985 (c. 68)

47 20In section 622 of the Housing Act 1985 (minor definitions: general), in
subsection (1), in the definitions of “authorised deposit taker”, “authorised
insurer” and “authorised mortgage lender”, for “Part 4” substitute “Part 4A”.

Insolvency Act 1986 (c. 45)Insolvency Act 1986 (c. 45)

48 The Insolvency Act 1986 is amended as follows.

49 (1) 25Section 4A (approval of proposed voluntary arrangement) is amended as
follows.

(2) In subsection (5), for “Financial Services Authority” substitute “appropriate
regulator”.

(3) After that subsection insert—

“(5A) 30The appropriate regulator” means—

(a) where the regulated company is a PRA-regulated company
within the meaning of paragraph 44 of Schedule A1, the
Financial Conduct Authority and the Prudential Regulation
Authority, and

(b) 35in any other case, the Financial Conduct Authority.”

50 In section 422 (order relating to formerly authorised banks), in subsection
(1)—

(a) for “Financial Services Authority” substitute “Financial Conduct
Authority and the Prudential Regulation Authority”, and

(b) in paragraph (b), for “Part IV” substitute “Part 4A”.

51 (1) Paragraph 44 of Schedule A1 (moratorium where directors propose
voluntary arrangement; modifications relating to regulated companies) is
amended as follows.

(2) 5In sub-paragraphs (2) to (4), for “Authority” substitute “appropriate
regulator”.

(3) In sub-paragraph (5)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) for “the Authority”, in the second place, substitute “the appropriate
10regulator”.

(4) In sub-paragraph (6), for “Authority” substitute “appropriate regulator”.

(5) In sub-paragraph (7)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) for “the Authority”, in the second place, substitute “the appropriate
15regulator”.

(6) In sub-paragraphs (8) to (11), for “Authority” substitute “appropriate
regulator”.

(7) In sub-paragraph (12)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 20for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(8) In sub-paragraph (13), for “Authority” substitute “appropriate regulator”.

(9) In sub-paragraph (14)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 25for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(10) In sub-paragraph (15), for “Authority” substitute “appropriate regulator”.

(11) In sub-paragraph (16)—

(a) for “the Authority”, in the first place, substitute “a regulator”, and

(b) 30for “the Authority”, in the second place, substitute “the appropriate
regulator”.

(12) After sub-paragraph (16) insert—

“(16A) If either regulator makes an application to the court under any of
the provisions mentioned in sub-paragraphs (5), (7), (12), (14) or
35(16) in relation to a PRA-regulated company, the other regulator is
entitled to be heard on the application.”

(13) In sub-paragraph (17), for “Authority” substitute “appropriate regulator”.

(14) After sub-paragraph (17) insert—

“(17A) The appropriate regulator” means—

(a) 40for the purposes of sub-paragraphs (2) to (8) and (10) to
(17)—

(i) where the regulated company is a PRA-regulated
company, each of the Financial Conduct Authority
and the Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct Authority;

(b) 5for the purposes of sub-paragraph (9)—

(i) where the regulated company is a PRA-regulated
company, the Financial Conduct Authority or the
Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct
10Authority.”

(15) In sub-paragraph (18)—

(a) for the definition of “the Authority” and the “and” following it
substitute—

• ““PRA-authorised person” has the meaning given by
  15section 2B(5) of the Financial Services and Markets
  Act 2000;

• “PRA-regulated activity” has the meaning given by
  section 22A of the Financial Services and Markets Act
  2000;

• 20“PRA-regulated company” means a regulated company
  which—

  (a)

  is, or has been, a PRA-authorised person,

  (b)

  is, or has been, an appointed representative
  within the meaning given by section 39 of the
  25the Financial Services and Markets Act 2000,
  whose principal (or one of whose principals)
  is, or was, a PRA-authorised person, or

  (c)

  is carrying on, or has carried on, a PRA-
  regulated activity in contravention of the
  30general prohibition;”.

(b) after the definition of “regulated company” insert—

• ““regulator” means the Financial Conduct Authority or the
  Prudential Regulation Authority.”

(16) In the italic heading, for “Financial Services Authority” substitute “Financial
35Conduct Authority and Prudential Regulation Authority”.

52 (1) Schedule B1 (administration) is amended as follows.

(2) In paragraph 40 (dismissal of pending winding-up petition), in sub-
paragraph (2)(b), for “Financial Services Authority” substitute “Financial
Conduct Authority or Prudential Regulation Authority”.

(3) 40In paragraph 42 (moratorium on insolvency proceedings), in sub-paragraph
(4)(b), for “Financial Services Authority” substitute “Financial Conduct
Authority or Prudential Regulation Authority”.

(4) In paragraph 82 (public interest winding-up), in sub-paragraph (1)(b), for
“Financial Services Authority” substitute “Financial Conduct Authority or
45Prudential Regulation Authority”.

Debtors (Scotland) Act 1987 (c. 18)Debtors (Scotland) Act 1987 (c. 18)

53 In section 73F of the Debtors (Scotland) Act 1987 (protection of minimum
balance in bank accounts), in subsection (5)(b), for “Part 4” substitute “Part
4A”.

5Housing (Scotland) Act 1987 (c. 26)Housing (Scotland) Act 1987 (c. 26)

54 In section 338 of the Housing (Scotland) Act 1987 (interpretation), in
subsection (1)—

(a) in the definition of “bank”, for “Part 4” substitute “Part 4A”, and

(b) in the definition of “insurance company” for “Part 4” substitute “Part
104A”.

Income and Corporation Taxes Act 1988 (c. 1)Income and Corporation Taxes Act 1988 (c. 1)

55 (1) The Income and Corporation Taxes Act 1988 is amended as follows.

(2) In section 266 (life assurance premiums), in subsection (2)(a)(i), for “Part 4”
substitute “Part 4A”.

(3) 15In section 376 (qualifying borrowers and qualifying lenders), in subsection
(4)(e), for “Part 4” substitute “Part 4A”.

(4) In section 376A (the register of qualifying lenders), in subsection (1A)(a), for
“Part 4” substitute “Part 4A”.

(5) In section 431 (interpretation: insurance companies), in subsection (2), in the
20definition of “insurance company”, for “Part 4” substitute “Part 4A”.

(6) In section 444AB (transfer schemes)—

(a) in subsection (2)(b), for “Part 4” substitute “Part 4A”, and

(b) in subsection (2A)(b), for “Part 4” substitute “Part 4A”.

Access to Medical Reports Act 1988 (c. 28)Access to Medical Reports Act 1988 (c. 28)

56 25In section 2 of the Access to Medical Reports Act 1988 (interpretation), in
subsection (1), in the definition of “insurer”, for “Part 4” substitute “Part 4A”.

Road Traffic Act 1988 (c. 52)Road Traffic Act 1988 (c. 52)

57 In section 95 of the Road Traffic Act 1988 (notification of refusal of insurance
on grounds of health), in subsection (3)(a), for “Part 4” substitute “Part 4A”.

30Water Act 1989 (c. 15)Water Act 1989 (c. 15)

58 In section 174 of the Water Act 1989 (restriction on disclosure of
information), in subsection (2)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

35Companies Act 1989 (c. 40)Companies Act 1989 (c. 40)

59 The Companies Act 1989 is amended as follows.

60 (1) Section 82 (request for assistance by overseas regulatory authority) is
amended as follows.

(2) In subsection (2)(a)—

(a) in sub-paragraph (ii), for “Financial Services Authority” substitute
5“FCA, the PRA or the Bank of England”, and

(b) omit sub-paragraph (iii).

(3) In subsection (3), for “Financial Services Authority” substitute
“corresponding UK regulator (if any)”.

(4) After that subsection insert—

“(3A) 10In subsection (3), “the corresponding UK regulator” means such one
or more of the FCA, PRA and the Bank of England as appears to the
Secretary of State to exercise functions corresponding to the
regulatory functions for the purposes of which the request is made.”

(5) In subsection (5)—

(a) 15for “Financial Services Authority”, in the first place, substitute “FCA
and the PRA”,

(b) for “Financial Services Authority”, in the second place, substitute
“FCA or the PRA”, and

(c) for “the Authority” substitute “the body giving the notification”.

61 (1) 20Section 87 (exceptions from restrictions on disclosure) is amended as
follows.

(2) In subsection (2)(b), for sub-paragraph (i) substitute—

“(i) a decision of the FCA;

(iia) a decision of the PRA;”

(3) 25In subsection (4), in the Table, in the entry relating to the Financial Services
Authority, for “The Financial Services Authority” substitute “The FCA or the
PRA”.

62 (1) Section 157 (change in default rules) is amended as follows.

(2) In subsection (1)—

(a) 30for “Authority”, in the first place, substitute “appropriate regulator”,
and

(b) for “Authority”, in the second place, substitute “the regulator”.

(3) At the end insert—

“(4) The appropriate regulator”—

(a) 35in relation to a recognised UK investment exchange, means
the FCA, and

(b) in relation to a recognised UK clearing house, means the
Bank of England.”

63 (1) Section 162 (duty to report on completion of default proceedings) is
40amended as follows.

(2) In subsections (1) and (1A), for “Authority” substitute “appropriate
regulator”.

(3) In subsection (4), for “Authority” substitute “appropriate regulator”.

(4) At the end insert—

“(7) The appropriate regulator”—

(a) in relation to a recognised investment exchange or a
recognised overseas investment exchange, means the FCA,
5and

(b) in relation to a recognised clearing house or a recognised
overseas clearing house, means the Bank of England.”

64 (1) Section 167 (application to determine whether default proceedings to be
taken) is amended as follows.

(2) 10In subsections (1B), (3) (in both places), (4) and (5) (in both places), for
“Authority” substitute “appropriate regulator”.

(3) At the end insert—

“(6) The appropriate regulator”—

(a) in relation to a responsible investment exchange, means the
15FCA, and

(b) in relation to a responsible clearing house, means the Bank of
England.”

65 (1) Section 169 (supplementary provisions) is amended as follows.

(2) In subsection (3A), for paragraph (b) and the “and” before it, substitute—

“(b) 20in the case of a UK investment exchange, the FCA, and

(c) in the case of a UK clearing house, the Bank of England.”

(3) In subsection (5), for “or the Authority” substitute “, the FCA or the Bank of
England”.

66 (1) Section 176 (power to make provision about certain charges) is amended as
25follows.

(2) In subsection (2)—

(a) in paragraph (b), for “Authority” substitute “Bank of England”, and

(b) in paragraph (d), for “Part 4” substitute “Part 4A”.

(3) In subsection (6)—

(a) 30for “Authority”, in the first place, substitute “Bank of England”, and

(b) for “Authority”, in the second place, substitute “FCA”.

67 (1) Section 190 (minor definitions) is amended as follows.

(2) Omit the definition of “the Authority”.

(3) After the definition of “charge” insert—

• 35““the FCA” means the Financial Conduct Authority;”.

(4) After the definition of “overseas” insert—

• ““the PRA” means the Prudential Regulation Authority;”.

68 (1) Section 191 (index of defined expressions) is amended as follows.

(2) Omit the entry relating to “the Authority”.

(3) 40After the entry relating to “designated non-member” insert—

(4) After the entry relating to “permanent trustee” insert—

Water Industry Act 1991 (c. 56)Water Industry Act 1991 (c. 56)

69 5In section 206 of the Water Industry Act 1991 (restriction on disclosure of
information), in subsection (3)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

Water Resources Act 1991 (c. 57)Water Resources Act 1991 (c. 57)

70 10In section 204 of the Water Resources Act 1991 (restriction on disclosure of
information), in subsection (2)(e), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

Social Security Administration Act 1992 (c. 5)Social Security Administration Act 1992 (c. 5)

71 (1) 15The Social Security Administration Act 1992 is amended as follows.

(2) In section 15A (payment out of benefit of sums in respect of mortgage
interest), in subsection (4), in the definitions of “deposit taker” and “insurer”,
for “Part 4” substitute “Part 4A”.

(3) In section 109B (power to require information), in subsection (7), in the
20definitions of “bank” and “insurer”, for “Part IV” substitute “Part 4A”.

Judicial Pensions and Retirement Act 1993 (c. 8)Judicial Pensions and Retirement Act 1993 (c. 8)

72 (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.

(2) In section 10 (additional benefits from voluntary contributions), in
subsection (8), in the definitions of “authorised provider” and “insurer”, for
25“Part 4” substitute “Part 4A”.

(3) In Part 1 of Schedule 2 (transfer of accrued benefits: interpretation), in
paragraph 1, in the definition of “authorised insurer”, for “Part 4” substitute
“Part 4A”.

Criminal Justice Act 1993 (c. 36)Criminal Justice Act 1993 (c. 36)

73 30In Schedule 1 to the Criminal Justice Act 1993 (special defences), in
paragraph 5(2), for “section 144(1)” substitute “section 137O”.

Railways Act 1993 (c. 43)Railways Act 1993 (c. 43)

74 (1) The Railways Act 1993 is amended as follows.

(2) In section 145 (restrictions on disclosure of information), in subsection (2)(c),
for “or the Financial Services Authority” substitute “, the Financial Conduct
Authority or the Prudential Regulation Authority”.

(3) In section 151 (general interpretation), in subsection (1), in the definition of
5“securities”, for “section 74(5)” substitute “section 102A(2)”.

Pension Schemes Act 1993 (c. 48)Pension Schemes Act 1993 (c. 48)

75 (1) The Pension Schemes Act 1993 is amended as follows.

(2) In section 149 (procedure on an investigation by the Pensions Ombudsman),
in subsection (6)—

(a) 10for paragraph (e) substitute—

“(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority,

(eb) the Bank of England,”, and

(b) in paragraph (o), for “a body corporate established in accordance
15with paragraph 2(1)” substitute “the body corporate mentioned in
paragraph 2”.

(3) In section 158A (disclosures by the Secretary of State), in subsection (1), in
the Table, for the entry relating to the Financial Services Authority
substitute—

(4) In section 180A (insurer and long-term insurance business), in subsection
(1)(a), for “Part 4” substitute “Part 4A”.

(5) In section 185 (duty to consult before making regulations)—

(a) 25in subsection (7), for “the Financial Services Authority” substitute
“the appropriate regulator”, and

(b) after that subsection insert—

“(7A) The appropriate regulator” means—

(a) where the group insurance business to which the
30regulations relate consists only of activities which are
PRA-regulated activities, the Prudential Regulation
Authority,

(b) where the group insurance business to which the
regulations relate consists partly of activities which
35are PRA-regulated activities and partly of other
regulated activities, the Prudential Regulation
Authority and the Financial Conduct Authority, or

(c) in any other case, the Financial Conduct Authority.

(7B) In subsection (7A) “regulated activities” and “PRA-regulated
40activities” have the same meaning as in the Financial Services
and Markets Act 2000.”