Financial Services Bill


[Supplementary to the Revised Second Marshalled List]

Clause 23



Page 95, line 29, leave out “must” and insert “may”

Schedule 13



Page 289, line 11, at end insert—

“1A In Part 22 (auditors and actuaries), before section 340 (and the italic heading immediately before it) insert—

“General duties of PRA

339A General duties of PRA in relation to auditors

(1) The arrangements maintained by the PRA under section 2K (supervision of PRA-authorised persons) must include arrangements for—

(a) the sharing with auditors of PRA-authorised persons of information that the PRA is not prevented from disclosing, and

(b) the exchange of opinions with auditors of PRA-authorised persons.

(2) The PRA must issue and maintain a code of practice describing how it will comply with subsection (1).

(3) The PRA may at any time alter or replace a code issued under this section.

(4) If a code is altered or replaced, the PRA must issue the altered or replacement code.

(5) When the PRA issues a code under this section the PRA must—

(a) give a copy of the code to the Treasury, and

(b) publish the code in such manner as the PRA thinks fit.

(6) The Treasury must lay before Parliament a copy of the code.

(7) “Auditor” means an auditor appointed under or as a result of a statutory provision.””


Page 289, line 17, leave out sub-paragraph (4) and insert—

“(4) For subsection (3) substitute—

“(3A) The PRA—

(a) must make rules imposing on auditors of PRA-authorised persons such duties as may be specified in relation to co-operation with the PRA in connection with the supervision by the PRA of PRA-authorised persons, and

(b) may make rules—

(i) imposing such other duties on auditors of PRA-authorised persons as may be specified, and

(ii) imposing such duties on actuaries acting for PRA-authorised persons as may be specified.

(3B) The FCA may make rules imposing on auditors of, or actuaries acting for, authorised persons other than PRA-authorised persons such duties as may be specified.””


Page 289, line 20, at end insert—

“( ) In subsection (5), for “(3)” substitute “(3A) or (3B)”.”


Page 289, leave out lines 25 to 28 and insert—

“( ) In subsection (6), for “(3)” substitute “(3B)”.”

Clause 76



Page 152, line 6, leave out from beginning to “give” in line 7 and insert—

“(1) This section applies where—

(a) the Treasury consider that it is in the public interest that either regulator should undertake an investigation into any relevant events, and

(b) it does not appear to the Treasury that the regulator has undertaken or is undertaking an investigation (under this Part or otherwise) into those events.

(1A) The Treasury must”


Page 152, line 18, leave out “(1)” and insert “(1A)”

After Clause 79



Insert the following new Clause—

“Publication of directions

(1) This section applies to a direction given by the Treasury under any of the following provisions—

(a) section 72(4);

(b) section 73(5);

(c) section 77(5).

(2) As soon as practicable after giving the direction, the Treasury must—

(a) lay before Parliament a copy of the direction, and

(b) publish the direction in such manner as the Treasury think fit.

(3) Subsection (2) does not apply where the Treasury consider that publication of the direction would be against the public interest.”

Prepared 13th November 2012