Financial Services Bill

AMENDMENTS
TO BE MOVED
ON REPORT

[Supplementary to the Revised Second Marshalled List]

Clause 10

LORD EATWELL

BARONESS HAYTER OF KENTISH TOWN

 

Page 47, line 32, at end insert—

“( ) The regulators must co-ordinate their procedures for, and provide clear and detailed guidance on, the processes for applying for, varying and cancelling permission that are applicable to authorised persons regulated by both PRA and the FCA.”

Clause 11

LORD EATWELL

BARONESS HAYTER OF KENTISH TOWN

 

Page 65, line 22, at end insert—

“( ) In seeking to ensure an appropriate degree of protection for consumers, the PRA and FCA shall—

(a) require banks to provide clear and prominent warnings to consumers where deposits are not covered by the Financial Services Compensation Scheme; and

(b) make and maintain effective arrangements to consult consumers on the prominence and method of such warnings.”

Clause 12

LORD EATWELL

BARONESS HAYTER OF KENTISH TOWN

 

Page 67, line 12, at end insert—

“( ) In the event of a prohibition order being made, the FCA and PRA shall—

(a) publish an explanatory statement regarding the decision; and

(b) include the individual on an updated list of those subject to prohibition orders to be presented on HM Treasury’s website.”

Clause 17

LORD EATWELL

BARONESS HAYTER OF KENTISH TOWN

 

Page 75, line 7, at end insert—

“( ) The Treasury must lay before Parliament a copy of any statement published under this section.”

Clause 23

LORD EATWELL

BARONESS HAYTER OF KENTISH TOWN

[As amendments to Amendment 80]

 

Line 17, after “benchmark” insert “by the Financial Reporting Council”

 

Line 21, leave out “of practice”

 

Line 23, at end insert—

“(3A) If at any time in the opinion of the FCA there is no person responsible for the setting of the benchmark, or the person responsible is not performing this function to a sufficient standard, the FCA may take such steps as it deems necessary so as to ensure the continuation of the setting of the benchmark.”

 

Page 87, line 28, at end insert—

“137DA Rules determining the identification of the specified person responsible for setting a specified benchmark

The rules determining the identification of the specified person responsible for setting a specified benchmark must be agreed with the consent of the Treasury Select Committee.”

Clause 36

LORD SASSOON

 

Page 126, line 10, at end insert—

“(2) If the Treasury consider that it is in the public interest to do so, the Treasury may by order—

(a) amend section 391 of FSMA 2000 by substituting for subsections (1) to (1ZB) the following—

“(1) Neither the regulator giving a warning notice nor a person to whom it is given or copied may publish the notice or any details concerning it.”, and

(b) repeal section 395(1)(d) and (2)(b) and (c) of that Act.”

Schedule 9

LORD SASSOON

 

Page 267, line 45, at end insert “, and

(d) a decision under section 391(1)(c) to publish information about the matter to which a warning notice relates.”

 

Page 268, line 2, leave out from “from” to end of line 4 and insert ““, that the decision” to the end and insert “that—

(a) a decision falling within any of paragraphs (a) to (c) of subsection (1) is taken—

(i) by a person not directly involved in establishing the evidence on which the decision is based, or

(ii) by 2 or more persons who include a person not directly involved in establishing that evidence,

(b) a decision falling within paragraph (d) of subsection (1) is taken—

(i) by a person other than the person by whom the decision was first proposed, or

(ii) by 2 or more persons not including the person by whom the decision was first proposed, and

(c) a decision falling within paragraph (d) of subsection (1) is taken in accordance with a procedure which is, as far as possible, the same as that applicable to a decision which gives rise to an obligation to give a warning notice and which falls within paragraph (b) or (c) of subsection (1).””

After Clause 98

LORD MITCHELL

 

Insert the following new Clause—

“Power of the FCA to make further provision about regulation of consumer credit

(1) The FCA may make rules or apply a sanction to authorised persons who offer credit on terms that the FCA judge to cause consumer detriment.

(2) This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer.”

Clause 105

LORD SASSOON

 

Page 193, line 20, at end insert—

“( ) an order under section 36(2) (power to amend sections 391 and 395 of FSMA 2000);”

Prepared 15th November 2012