Financial Services Bill

AMENDMENTS
TO BE MOVED
ON REPORT

Clause 25

LORD WHITTY

 

Page 114, leave out lines 24 to 26

 

Page 114, leave out lines 35 to 40

Clause 42

LORD WHITTY

 

Page 134, line 13, at end insert—

“234GA Complaints and proceedings: collective actions and redress

The Treasury and Secretary of State shall within three months of the Royal Assent to this Act shall bring forward proposals—

(a) to introduce provisions for collective proceedings before the court in respect of financial service claims made by consumers; such proceedings to provide for both ‘opt in’ or ‘opt out’ procedures;

(b) to introduce provision for collective proceedings before the court in respect of financial service claims made by small and medium sized businesses; and such proceedings to provide for both ‘opt in’ and ‘opt out’ procedures;

(c) to introduce provision for complaints made by or on behalf of consumers or by or on behalf of small and medium sized businesses to the FCA that a feature, or combination of features, of a market in the United Kingdom for financial services is, or appears to be, damaging to the interests of small business or significant groups of consumers.”

Prepared 2nd November 2012