Financial Services Bill (HL Bill 25)

Finance Act 1994 (c. 9)Finance Act 1994 (c. 9)

76 (1) The Finance Act 1994 is amended as follows.

(2) In Schedule 7 (insurance premium tax), in paragraph 28B—

(a) in sub-paragraph (1)—

(i) 5for “the Financial Services Authority (“the Authority”)”
substitute “a regulator”, and

(ii) for “assisting the Authority” substitute “assisting the
regulator”, and

(b) in sub-paragraph (2)—

(i) 10for “the Authority”, in the first place, substitute “a regulator”,
and

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

(c) after that sub-paragraph insert—

“(3) 15In this paragraph “regulator” means—

(a) the Financial Conduct Authority;

(b) the Prudential Regulation Authority.”

(3) In Schedule 24 (provisions relating to the Railways Act 1993), in paragraph
19(7), in the definition of “securities”, for “section 74(5)” substitute “section
20102A(2)”.

Coal Industry Act 1994 (c. 21)Coal Industry Act 1994 (c. 21)

77 In section 59 of the Coal Industry Act 1994 (information to be kept
confidential), in subsection (3)(b), for “and the Financial Services Authority”
substitute “, the Financial Conduct Authority and the Prudential Regulation
25Authority”.

Value Added Tax Act 1994 (c. 23)Value Added Tax Act 1994 (c. 23)

78 In Part 2 of Schedule 9 to the Value Added Tax Act 1994 (exemptions:
groups), in Group 5 (finance), in Note (6), in the definitions of “closed-ended
collective investment undertaking” and “individually recognised overseas
30scheme”, for “Financial Services Authority” substitute “Financial Conduct
Authority”.

Pensions Act 1995 (c. 26)Pensions Act 1995 (c. 26)

79 (1) The Pensions Act 1995 is amended as follows.

(2) In section 49 (responsibilities of trustees etc.), in subsection (8A)(a), for “Part
354” substitute “Part 4A”.

(3) In section 172 (information about public service schemes), in subsection
(1)(a), for “section 150” substitute “section 138D”.

Finance Act 1997 (c. 16)Finance Act 1997 (c. 16)

80 In section 96 of the Finance Act 1997 (demutualisation of insurance
40companies), in subsection (8), in the definition of “general insurance
company”, for “Part 4” substitute “Part 4A”.

Social Security (Recovery of Benefits) Act 1997 (c. 27)Social Security (Recovery of Benefits) Act 1997 (c. 27)

81 In Part 1 of Schedule 1 to the Social Security (Recovery of Benefits) Act 1997
(compensation payments: exempted payments), in paragraph 5(2)(a), for
“Part 4” substitute “Part 4A”.

5Bank of England Act 1998 (c. 11)Bank of England Act 1998 (c. 11)

82 (1) The Bank of England Act 1998 is amended as follows.

(2) In section 17 (power to obtain information), in subsections (3D) and (7)(a),
for “Part 4” substitute “Part 4A”.

(3) Omit—

(a) 10section 21 and the italic heading before it;

(b) section 23(2);

(c) section 24 and the italic heading before it.

(4) In Schedule 2 (cash ratio deposits), in paragraph 1(1A)(c), for “Part 4”
substitute “Part 4A”.

(5) 15In Schedule 7 (restriction on disclosure of information), in paragraph 3, in
the Table—

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

(b) omit the entry relating to the competent authority for the purposes
20of Part 6 of the Financial Services Act 2000.

Data Protection Act 1998 (c. 29)Data Protection Act 1998 (c. 29)

83 In Schedule 7 to the Data Protection Act 1998 (miscellaneous exemptions), in
paragraph 6(3), in the definition of “relevant person”, in paragraph (a), for
“Part IV” substitute “Part 4A”.

25Terrorism Act 2000 (c. 11)Terrorism Act 2000 (c. 11)

84 (1) The Terrorism Act 2000 is amended as follows.

(2) In Part 2 of Schedule 3A (supervisory authorities), in paragraph 4(1)—

(a) for paragraph (c) substitute—

“(c) the Financial Conduct Authority;”, and

(b) 30after paragraph (e) insert—

“(ea) the Prudential Regulation Authority;”.

(3) In Schedule 6 (financial information), in paragraph 6(1)(a), for “Part 4”
substitute “Part 4A”.

Regulation of Investigatory Powers Act 2000 (c. 23)Regulation of Investigatory Powers Act 2000 (c. 23)

85 35In Part 1 of Schedule 1 to the Regulation of Investigatory Powers Act 2000
(relevant authorities), for paragraph 19 substitute—

“19 The Financial Conduct Authority.

19A The Prudential Regulation Authority.”

Utilities Act 2000 (c. 27)Utilities Act 2000 (c. 27)

86 In section 105 of the Utilities Act 2000 (general restriction on disclosure of
information), in subsection (4)(da), for “or the Financial Services Authority”
substitute “, the Financial Conduct Authority, the Prudential Regulation
5Authority or the Bank of England”.

Freedom of Information Act 2000 (c. 36)2000 (c. 36)

87 In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (other public
bodies and offices: general)—

(a) omit the entry relating to the Financial Services Authority, and

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

• “The Financial Conduct Authority;”;

• “The Prudential Regulation Authority;”.

Criminal Justice and Police Act 2001 (c. 16)Criminal Justice and Police Act 2001 (c. 16)

88 In section 57 of the Criminal Justice and Police Act 2001 (retention of seized
15items), in subsection (1)(o), for “section 176(8)” substitute “section 176A”.

Anti-terrorism, Crime and Security Act 2001 (c. 24)Anti-terrorism, Crime and Security Act 2001 (c. 24)

89 In Part 5 of Schedule 1 to the Anti-terrorism, Crime and Security Act 2001
(property earmarked as terrorist property), in paragraph 16(6)—

(a) for “Financial Services Authority under” substitute “Financial
20Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and

(b) omit “of authority”.

Proceeds of Crime Act 2002 (c. 29)Proceeds of Crime Act 2002 (c. 29)

90 (1) The Proceeds of Crime Act 2002 is amended as follows.

(2) 25In section 282 (exemptions), in subsection (3)—

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

(b) for “the authority” substitute “it”.

(3) In section 308 (general exceptions), in subsection (7)(a)—

(a) 30for “Financial Services Authority under” substitute “Financial
Conduct Authority, the Prudential Regulation Authority or the Bank
of England under or by virtue of”, and

(b) omit “of authority”.

(4) In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4(1)—

(a) 35for paragraph (c) substitute—

“(c) Financial Conduct Authority;” and

(b) after paragraph (e) insert—

“(ea) Prudential Regulation Authority;”.

Enterprise Act 2002 (c. 40)Enterprise Act 2002 (c. 40)

91 (1) 40The Enterprise Act 2002 is amended as follows.

(2) In section 213 (enforcers), in subsection (5A)(c), for “Financial Services
Authority” substitute “Financial Conduct Authority”.

(3) In Schedule 14 (specified functions), in the entry relating to the Financial
Services and Markets Act 2000, for “Chapter 3 of Part 10 and Chapter 2 of
5Part 18” substitute “Chapter 4 of Part 9A”.

Nationality, Immigration and Asylum Act 2002 (c. 41)Nationality, Immigration and Asylum Act 2002 (c. 41)

92 In section 135 of the Nationality, Immigration and Asylum Act 2002
(financial institution to provide information), in subsection (2)(a), for “Part
4” substitute “Part 4A”.

10Income Tax (Earnings and Pensions) Act 2003 (c. 1)Income Tax (Earnings and Pensions) Act 2003 (c. 1)

93 (1) The Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

(2) In Part 4 of Schedule 2 (approved share incentive plans: types of shares that
may be awarded), in paragraph 30(3)—

(a) for “competent authority for listing” substitute “Financial Conduct
15Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

(3) In Part 4 of Schedule 3 (approved SAYE option schemes: applicable shares),
in paragraph 21(5)—

(a) for “competent authority for listing” substitute “Financial Conduct
20Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

(4) In Part 4 of Schedule 4 (approved CSOP schemes: applicable shares), in
paragraph 19(5)—

(a) for “competent authority for listing” substitute “Financial Conduct
25Authority”, and

(b) for “section 74(4)” substitute “section 73A”.

Finance Act 2003 (c. 14)Finance Act 2003 (c. 14)

94 In section 63 of the Finance Act 2003 (demutualisation of insurance
company), in subsection (7), in the definition of “general insurance
30company”, for “Part 4” substitute “Part 4A”.

Health and Social Care (Community Health and Standards) Act 2003 (c. 43)Health and Social Care (Community Health and Standards) Act 2003 (c. 43)

95 In Schedule 10 to the Health and Social Care (Community Health and
Standards) Act 2003 (recovery of NHS charges (exempted payments)), in
paragraph 4(2)(a), for “Part 4” substitute “Part 4A”.

35Finance Act 2004 (c. 12)Finance Act 2004 (c. 12)

96 In Part 1 of Schedule 28 to the Finance Act 2004 (pension rules), in paragraph
14(3)(a), for Financial Services Authority” substitute “Financial Conduct
Authority or the Prudential Regulation Authority”.

Energy Act 2004 (c. 20)Energy Act 2004 (c. 20)

97 In Part 4 of Schedule 20 to the Energy Act 2004 (modifications of Insolvency
Act 1986), in paragraph 42(3), for “administration applications by Financial
Services Authority” substitute “administration order”.

5Fire and Rescue Services Act 2004 (c. 21)Fire and Rescue Services Act 2004 (c. 21)

98 In section 35 of the Fire and Rescue Services Act 2004 (provision of
information in connection with pensions), in subsection (2)(a), for “section
150” substitute “section 138D”.

Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)

99 10In section 14 of the Companies (Audit, Investigations and Community
Enterprise) Act 2004 (supervision of accounts and reports of issuers of listed
securities), in subsections (2)(b) and (7)(b), for “Financial Services Authority”
substitute “Financial Conduct Authority”.

Pensions Act 2004 (c. 35)Pensions Act 2004 (c. 35)

100 (1) 15The Pensions Act 2004 is amended as follows.

(2) In section 115 (borrowing), in subsection (3), in the definition of “deposit-
taker”, for “Part 4” substitute “Part 4A”.

(3) In Schedule 3 (disclosure of restricted information by the Pensions
Regulator), in the Table—

(a) 20for the entry relating to the Financial Services Authority substitute—

(b) in the entry relating to a member of the panel appointed under
paragraph 4 of Schedule 17 to the Financial Services and Markets Act
252000, for “established by” substitute “mentioned in”.

(4) In Schedule 8 (disclosure of restricted information by the Board of the
Pension Protection Fund), in the Table—

(a) for the entry relating to the Financial Services Authority substitute—

(b) in the entry relating to a member of the panel appointed under
paragraph 4 of Schedule 17 to the Financial Services and Markets Act
2000, for “established by” substitute “mentioned in”.

Inquiries Act 2005 (c. 12)Inquiries Act 2005 (c. 12)

101 In section 23 of the Inquiries Act 2005 (risk of damage to the economy), in
subsection (1), for “Financial Services Authority” substitute “Financial
Conduct Authority, the Prudential Regulation Authority”.

5Serious Organised Crime and Police Act 2005 (c. 15)Serious Organised Crime and Police Act 2005 (c. 15)

102 (1) Section 71 of the Serious Organised Crime and Police Act 2005 (immunity
from prosecution) is amended as follows.

(2) In subsection (4), for paragraph (da) substitute—

“(da) the Financial Conduct Authority;

(daa) 10the Prudential Regulation Authority;

(dab) the Bank of England, where the indictable offence or offence
triable either way which is being investigated or prosecuted
is an offence under the Financial Services and Markets Act
2000;”.

(3) 15In subsection (6A), for “Financial Services Authority” substitute “Financial
Conduct Authority, the Prudential Regulation Authority, the Bank of
England”.

(4) For subsection (6B) substitute—

“(6B) Paragraph 8(1) of Schedule 1ZA and paragraph 16(1) of Schedule
201ZB to the Financial Services and Markets Act 2000 (arrangements
for discharging functions) do not apply to the exercise of the powers
conferred on the Financial Conduct Authority or the Prudential
Regulation Authority under this Chapter.

(6BA) Paragraph 11 of Schedule 1 to the Bank of England Act 1998 (power
25to delegate) does not apply to the exercise of the powers conferred on
the Bank of England under this Chapter.”

(5) In subsection (6C)—

(a) for “Financial Services Authority” substitute “Financial Conduct
Authority, the Prudential Regulation Authority, the Bank of
30England”, and

(b) for “either of them” substitute “any of them”.

Gambling Act 2005 (c. 19)Gambling Act 2005 (c. 19)

103 In Part 2 of Schedule 6 to the Gambling Act 2005 (exchange of information:
enforcement and regulatory bodies)—

(a) 35omit the entry “The Financial Services Authority”, and

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

• “The Financial Conduct Authority”;

• “The Prudential Regulation Authority”.

Finance (No. 2) Act 2005 (c. 22)Finance (No. 2) Act 2005 (c. 22)

104 40In section 18 of the Finance (No. 2) Act 2005 (regulations under section 17),
in subsection (3)(a), for “Financial Services Authority” substitute “Financial
Conduct Authority”.

Compensation Act 2006 (c. 29)Compensation Act 2006 (c. 29)

105 (1) Section 3 of the Compensation Act 2006 (mesothelioma: damages) is
amended as follows.

(2) In subsection (8)—

(a) 5omit paragraph (a), and

(b) in paragraph (f), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”.

(3) Omit subsection (9).

10Companies Act 2006 (c. 46)Companies Act 2006 (c. 46)

106 The Companies Act 2006 is amended as follows.

107 In section 384 (companies excluded from small companies regime), in
subsection (2)(c), for “Part 4” substitute “Part 4A”.

108 (1) Section 461 (permitted disclosure of information obtained under
15compulsory powers) is amended as follows.

(2) In subsection (3), for paragraph (e) and the “or” following it, substitute—

“(e) the Financial Conduct Authority,

(ea) the Prudential Regulation Authority, or”.

(3) In subsection (4)(g), for “Financial Services Authority” substitute “Financial
20Conduct Authority or the Prudential Regulation Authority”.

109 In section 467 (companies excluded from being treated as medium-sized), in
subsection (1)(b)(i) and (2)(c), for “Part 4” substitute “Part 4A”.

110 In section 470 (power to apply provisions to banking partnerships), in
subsection (2), for “Part 4” substitute “Part 4A”.

111 25In section 474 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.

112 In section 539 (definitions), in subsection (1), in the definition of “e-money
issuer”, for “Part 4” substitute “Part 4A”.

113 (1) Section 843 (realised profits and losses of long-term insurance business) is
30amended as follows.

(2) In subsection (2)(b), for “section 142(2)” substitute “Part 9A”.

(3) In subsection (6)(a), for “Part 10” substitute “Part 9A”.

114 In section 948 (restrictions on disclosure), in subsection (7)—

(a) for paragraph (a) substitute—

“(a) 35the Financial Conduct Authority;

(aa) the Prudential Regulation Authority;

(ab) the Bank of England;”, and

(b) in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
40Authority or similar to the regulatory functions of the Bank of
England”.

115 In section 950 (Panel on Takeovers and Mergers: duty of co-operation), in
subsection (1)—

(a) for paragraph (a) substitute—

“(a) the Financial Conduct Authority;

(aa) 5the Prudential Regulation Authority;

(ab) the Bank of England;”, and

(b) in paragraph (c), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority or similar to the regulatory functions of the Bank of
10England”.

116 In section 995 (petition by Secretary of State), in subsection (1)—

(a) in paragraph (c), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”, and

(b) 15in paragraph (d), for “or the Financial Services Authority” substitute
“, the Financial Conduct Authority, the Prudential Regulation
Authority or the Bank of England”.

117 In section 1164 (meaning of “banking company” and “banking group”), in
subsection (2), for “Part 4” substitute “Part 4A”.

118 20In section 1165 (meaning of “insurance company” etc.), in subsection (2), for
“Part 4” substitute “Part 4A”.

119 (1) Schedule 2 (specified persons and descriptions of disclosure for the
purposes of section 948) is amended as follows.

(2) In Part 1, in section (A) (United Kingdom), for paragraph 5 substitute—

“5 25The Financial Conduct Authority.

5A The Prudential Regulation Authority.”

(3) In Part 2, in section (A) (United Kingdom)—

(a) in paragraph 11, for “paragraph 7 of Schedule 1 to the Financial
Services and Markets Act 2000” substitute “section 79 of the Financial
30Services Act 2012”,

(b) in paragraph 12, for “section 15 of the Financial Services and Markets
Act 2000” substitute “section 65 of the Financial Services Act 2012”,

(c) in paragraph 37, for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
35Authority”,

(d) in paragraph 49, for paragraph (a) substitute—

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

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

(4) 40In Part 3, in paragraph 1(2), for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation Authority or
similar to the regulatory functions of the Bank of England”.

120 (1) Schedule 11A (specified persons, description, disclosures etc. for the
purposes of section 1224A) is amended as follows.

(2) In Part 1, for paragraph 5 substitute—

“5 The Financial Conduct Authority.

5A The Prudential Regulation Authority.”

(3) In Part 2—

(a) 5in paragraph 28, for “paragraph 7 of Schedule 1 to the Financial
Services and Markets Act 2000” substitute “section 79 of the Financial
Services Act 2012”,

(b) in paragraph 29, for “section 15 of the Financial Services and Markets
Act 2000 (c. 8)2000 (c. 8)” substitute “section 65 of the Financial Services Act
102012”,

(c) in paragraph 52, for “Financial Services Authority” substitute
“Financial Conduct Authority or the Prudential Regulation
Authority”, and

(d) in paragraph 71, for paragraph (a) substitute—

“(a) 15a decision of the Financial Conduct Authority;

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

Legal Services Act 2007 (c. 29)Legal Services Act 2007 (c. 29)

121 (1) The Legal Services Act 2007 is amended as follows.

(2) 20In section 64 (modification of functions of the Legal Services Board), in
subsection (5), in the definition of “authorised insurer”, for “Part 4”
substitute “Part 4A”.

(3) In section 169 (disclosure of information to the Legal Services Board), for
subsection (5)(f) substitute—

“(f) 25the Financial Conduct Authority;

(g) the Prudential Regulation Authority;

(h) the Bank of England.”

(4) In section 195 (application of the Legal Profession and Legal Aid (Scotland)
Act 2007), in subsection (2)(e), for “Financial Services Authority” substitute
30“Financial Conduct Authority”.

Regulatory Enforcement and Sanctions Act 2008 (c. 13)Regulatory Enforcement and Sanctions Act 2008 (c. 13)

122 In Schedule 5 to the Regulatory Enforcement and Sanctions Act 2008
(Designated Regulators)—

(a) for “Financial Services Authority” substitute “Financial Conduct
35Authority”, and

(b) after the entry for the Pensions Regulator insert—

• “Prudential Regulation Authority”.

Counter-Terrorism Act 2008 (c. 28)Counter-Terrorism Act 2008 (c. 28)

123 (1) Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and
40money laundering) is amended as follows.

(2) In Part 5 (enforcement: information powers)—

(a) in paragraph 18(1), for paragraph (a) substitute—

“(a) The Financial Conduct Authority (“the
FCA”),

(b) in paragraph 18(2), in both places, for “FSA” substitute “FCA”, and

(c) 5in paragraph 21(7), for “FSA” substitute “FCA”.

(3) In Part 6 (enforcement: civil penalties)—

(a) in paragraph 27(1), for “FSA” substitute “FCA”, and

(b) in paragraph 28(1), for “FSA” substitute “FCA”.

(4) In Part 7 (enforcement: offences)—

(a) 10in paragraph 33, in sub-paragraphs (1)(a) and (2)(a), for “FSA”
substitute “FCA”, and

(b) in sub-paragraph (3) omit “by FSA”.

(5) In Part 8 (supplemental)—

(a) in paragraph 39(2)(a) for “FSA” substitute “FCA”, and

(b) 15in paragraph 41(1)—

(i) for “Parts 1, 2 and 4 of Schedule 1” substitute ““Parts 1, 3 and
5 of Schedule 1ZA”, and

(ii) for “FSA” substitute “FCA”,

(c) in the italic heading before paragraph 41, for “Financial Services
20Authority” substitute “Financial Conduct Authority”, and

(d) in paragraph 46, in the index of defined terms, for “the FSA”
substitute “the FCA”.

Dormant Bank and Building Society Accounts Act 2008 (c. 31)Dormant Bank and Building Society Accounts Act 2008 (c. 31)

124 In section 7 of the Dormant Bank and Building Society Accounts Act 2008
25(meaning of “bank”), in subsection (2)(a), for “Part 4” substitute “Part 4A”.

Corporation Tax Act 2010 (c. 4)Corporation Tax Act 2010 (c. 4)

125 (1) The Corporation Tax Act 2010 is amended as follows.

(2) In section 161 (restricted right to dividends), in subsection (8), for paragraph
(a), and the “and” following it, substitute—

“(a) 30in relation to a dividend paid by a company that is a PRA-
authorised person for the purposes of the FISMA, the
Prudential Regulation Authority,

(aa) in relation to a dividend paid by a company that is authorised
for the purposes of the FISMA but does not fall within
35paragraph (a), the Financial Conduct Authority, and”.

(3) In section 635 (application of Chapter 6 of Part 13: banks etc. in compulsory
liquidation), in subsection (2)(a), for “Part 4” substitute “Part 4A”.

(4) In section 1120 (meaning of “Bank”), in subsection (3), for “Part 4” substitute
“Part 4A”.

40Finance Act 2010 (c. 13)Finance Act 2010 (c. 13)

126 In Part 3 of Schedule 1 to the Finance Act 2010 (bank payroll tax: definitions),