Financial Services (Banking Reform) Bill

Amendments
to be moved
in committee

[Supplementary to the Second Marshalled List]

Before Clause 16

LORD MCFALL OF ALCLUITH

 

Insert the following new Clause—

“Restriction on disclosure of confidential information by (FCA, PRA) etc

In section 348 of FSMA 2000 (restriction on disclosure of confidential
information by (FCA, PRA) etc), after subsection (4)(b) insert—

“(c)   it is made available, without imposing any requirement of
confidentiality, to a consumer (as defined in section 425A),
or to a person imitating a consumer, or to persons who
include consumers;”.”

 

Insert the following new Clause—

“Allowing FCA to publish instructions given to firms and their performance
against these instructions

After section 349 of the FSMA 2000 insert—

“(1)   If, in the interests of promoting the consumer protection objective
or the competition objective, the FCA uses any of its powers under
this Act in relation to any firm or requires or agrees with any firm
that any steps shall be taken, or cease to be taken, by or in relation
to that firm or its business, the FCA shall, unless publication would
be appropriate, after the period for making representations in
relation to a direction given under this section has ended, give the
firm a direction to publish details of the matter in a manner and
form specified by the FCA.

(2)   If the FCA gives a direction under this section to an authorised
person—

(a)   it must give written notice to the authorised person, and

(b)   if the direction relates to the approval by the authorised
person of another person’s communication, it must also
give written notice to that other person.

(3)   The notice must—

(a)   give details of the direction,

(b)   inform the person to whom the notice is given that the
direction takes effect immediately,

(c)   state the FCA’s reasons for giving the direction, and

(d)   inform the person to whom the notice is given that the
person may make representations to the FCA within such
period as may be specified in the notice (which may be
extended by the FCA).

(4)   The FCA may amend the direction if, having considered any
representations made by a person to whom notice is given under
subsection (2), it considers it appropriate to do so.

(5)   If, having considered any such representations, the FCA decides
not to revoke the direction—

(a)   the FCA must give separate written notice to the persons
mentioned in subsection (2)(a) or (b), and

(b)   any such person may refer the matter to the Tribunal.

(6)   A notice under subsection (5)(a) must—

(a)   give details of the direction and of any amendment of it,

(b)   state the FCA’s reasons for deciding not to revoke the
direction and, if relevant, for amending it,

(c)   inform the person to whom the notice is given of the
person’s right to refer the matter to the Tribunal, and

(d)   give an indication of the procedure on such a reference.

(7)   If, having considered any representations made by a person to
whom notice is given under subsection (5), the FCA decides to
revoke the direction, it must give separate written notice to those
persons.

(8)   Nothing in this section requires a notice to be given to a person
mentioned in subsection (2)(b) if the FCA considers it impracticable
to do so.””

Prepared 18th October 2013