Financial Services (Banking Reform) Bill

Amendments
to be moved
on report

Clause 4

LORD DEIGHTON

 

Page 17, line 38, after “scheme” insert “all or”

 

Page 17, line 40, after “with” insert “all or”

 

Page 22, line 6, at end insert—

“(4)   Any reference to a qualifying parent undertaking is to be read in
accordance with section 142L(4).””

Clause 5

LORD DEIGHTON

 

Leave out Clause 5

Schedule 2

LORD DEIGHTON

 

Page 102, line 31, at end insert—

“(1A)    “Special bail-in provision”, in relation to a bank, also includes
any associated provision (see subsection (1B)) that the Bank of
England may think it appropriate to make in consequence of any
provision under subsection (1) that—

(a)   is made in the same resolution instrument, or

(b)   has been made in another resolution instrument in
respect of the bank.

(1B)   “Associated provision” means provision cancelling or modifying
a contract under which a banking group company has a liability.”

 

Page 105, line 9, leave out “was a result of” and insert “resulted from”

 

Page 107, line 14, leave out “bail-in administrator” and insert “person required to
draw up the business reorganisation plan”

 

Page 124, line 26, at end insert—

“(6)   A direction under this section may specify circumstances in
which the person given the direction is immune from liability in
damages.

(7)   Immunity by virtue of subsection (6) does not extend to action—

(a)   in bad faith, or

(b)   in contravention of section 6(1) of the Human Rights Act
1998.

(8)   Where a direction under this section is given to a director of the
institution, the director is not to be regarded as failing to comply
with any duty owed to any person (for example, a shareholder,
creditor or employee of the institution) by virtue of any action in
compliance with the direction.””

Clause 30

LORD DEIGHTON

 

Page 42, line 9, leave out “38” and insert “(Publication)”

 

Page 42, line 18, after “to” insert “(Disclosure of information by Bank to Regulator)
contain information and investigation powers and provision about the disclosure
of information.

( )   Sections 81 and”

Schedule 4

LORD DEIGHTON

 

Page 134, line 1, after “imposing” insert “generally-imposed”

 

Page 134, line 1, leave out from “45” to end of line 2

 

Page 135, line 32, at beginning insert—

“(A1)   For the purposes mentioned in sub-paragraph (A2) the FCA may make
rules requiring participants in regulated payment systems to pay to the
FCA specified amounts or amounts calculated in a specified way.

(A2)   The purposes are—

(a)   meeting the relevant costs (see sub-paragraph (1)), and

(b)   enabling the Regulator to maintain adequate reserves.”

 

Page 136, line 1, leave out sub-paragraph (2)

 

Page 136, line 4, leave out “(2)” and insert “(A1)”

 

Page 136, line 16, at end insert—

“( )   But the requirements to carry out a cost benefit analysis under section
138I of FSMA 2000 do not apply in relation to rules made under this
paragraph.”

 

Page 136, line 19, leave out from “Treasury” to end of line 20 and insert “its penalty
receipts after deducting its enforcement costs.

(1A)   The Regulator’s “penalty receipts” in respect of a financial year are any
amounts received by it during the year by way of penalties imposed
under section 63.

(1B)   The Regulator’s “enforcement costs” in respect of a financial year are the
expenses incurred by it during the year in connection with—

(a)   the exercise, or consideration of the possible exercise, of any of its
enforcement powers in particular cases, or

(b)   the recovery of penalties imposed under section 63.

(1C)   For the purposes of sub-paragraph (1B) the Regulator’s enforcement
powers are—

(a)   its powers under sections 62 to 65;

(b)   its powers under any other enactment specified by the Treasury
by order;

(c)   its powers in relation to the investigation of relevant offences;

(d)   its powers in England and Wales or Northern Ireland in relation
to the prosecution of relevant offences.

(1D)   In sub-paragraph (1C) “relevant offences” means—

(a)   offences under this Part;

(b)   any other offences specified by the Treasury by order.”

 

Page 136, line 24, leave out paragraphs (a) and (b) and insert—

“(a)   specify descriptions of expenditure that are, or are not, to be
regarded as incurred in connection with either of the matters
mentioned in sub-paragraph (1B),

(b)   relate to the calculation and timing of the deduction in respect of
the Regulator’s enforcement costs, and

(c)   specify the time when any payment is required to be made to the
Treasury.

( )   The directions may also require the Regulator to provide the Treasury at
specified times with specified information relating to—

(a)   penalties that the Regulator has imposed under section 63, or

(b)   the Regulator’s enforcement costs.”

 

Page 136, line 30, at end insert—

“10A   (1)  The Regulator must prepare and operate a scheme (“the financial
penalty scheme”) for ensuring that the amounts that, as a result of the
deduction for which paragraph 10(1) provides, are retained by the
Regulator in respect of amounts paid to it by way of penalties imposed
under section 63 are applied for the benefit of participants in regulated
payment systems.

(2)   The financial penalty scheme may, in particular, make different
provision with respect to different classes of participant.

(3)   The financial penalty scheme must ensure that those who have become
liable to pay a penalty to the Regulator in any financial year do not
receive any benefit under the scheme in the following financial year.

(4)   Up-to-date details of the financial penalty scheme must be set out in a
document (the “scheme details”).

10B   (1)  The scheme details must be published by the Regulator in the way
appearing to it to be best calculated to bring them to the attention of the
public.

(2)   Before making the financial penalty scheme, the Regulator must publish
a draft of the proposed scheme in the way appearing to the Regulator to
be best calculated to bring it to the attention of the public.

(3)   The draft must be accompanied by notice that representations about the
proposals may be made to the Regulator within a specified time.

(4)   Before making the scheme, the Regulator must have regard to any
representations made to it in accordance with sub-paragraph (3).

(5)   If the Regulator makes the proposed scheme, it must publish an account,
in general terms, of—

(a)   the representations made to it in accordance with sub-paragraph
(3), and

(b)   its response to them.

(6)   If the scheme differs from the draft published under sub-paragraph (2)
in a way which is, in the opinion of the Regulator, significant, the
Regulator must (in addition to complying with sub-paragraph (5))
publish details of the difference.

(7)   The Regulator must, without delay, give the Treasury a copy of any
scheme details published by it.

(8)   The Regulator may charge a reasonable fee for providing a person with
a copy of—

(a)   a draft published under sub-paragraph (2);

(b)   scheme details.

(9)   Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to alter or
replace the financial penalty scheme.”

 

Page 137, line 17, at end insert—

“Freedom of information

13 In Part 6 of Schedule 1 to the Freedom of Information Act 2000 (public
authorities to which Act applies), at the appropriate place insert—

“The Payment Systems Regulator established under section 31 of the Financial Services (Banking Reform) Act 2013.”

Equality

14 In Part 1 of Schedule 19 to the Equality Act 2010 (public authorities:
general), under the heading “Industry, business, finance etc.”, at the
appropriate place insert—

“The Payment Systems Regulator established under section 31 of the Financial Services (Banking Reform) Act 2013.””

After Clause 38

LORD DEIGHTON

 

Insert the following new Clause—

“Publication

(1)   The Treasury must publish any designation order.

(2)   If the Treasury amends a designation order, the Treasury must publish the
amended order.

(3)   The Treasury must publish any revocation of a designation order.”

Clause 44

LORD DEIGHTON

 

Page 48, line 15, leave out paragraph (b) and insert—

“(b)   in relation to—

(i)   all operators, or every operator of a regulated payment
system of a specified description,

(ii)   all infrastructure providers, or every person who is an
infrastructure provider in relation to a regulated payment
system of a specified description, or

(iii)   all payment service providers, or every person who is a
payment service provider in relation to a regulated payment
system of a specified description,”

 

Page 48, line 20, after “(3)(a)” insert “or (b)”

Clause 45

LORD DEIGHTON

 

Page 48, line 32, at end insert—

“(3)   A requirement under this section that is imposed on—

(a)   all operators of regulated payment systems, or

(b)   every operator of a regulated payment system of a specified
description,

is referred to in this Part as a “generally-imposed requirement”.”

Clause 49

LORD DEIGHTON

 

Page 50, line 14, leave out “(“the concurrent functions”)”

Clause 50

LORD DEIGHTON

 

Page 51, line 11, leave out “has the same meaning as in section 49” and insert
“means the functions which by virtue of section 49 are concurrent functions of the
Payment Systems Regulator and the CMA.”

 

Page 51, line 19, leave out “has the same meaning as in section 49” and insert
“means the functions which by virtue of section 49 are concurrent functions of the
Payment Systems Regulator and the CMA”

Clause 52

LORD DEIGHTON

 

Page 52, line 16, leave out “requirment on all operators of regulated payment
systems)” and insert “generally-imposed requirement);”

Clause 66

LORD DEIGHTON

 

Page 57, leave out line 22 and insert “generally-imposed requirement),”

Schedule 5

LORD DEIGHTON

 

Page 145, line 35, at end insert—

““appellant” has the meaning given by paragraph 3(4);”

Clause 71

LORD DEIGHTON

 

Page 60, line 38, leave out subsections (4) to (9)

Clause 72

LORD DEIGHTON

 

Page 61, line 23, leave out “(“the relevant participant”)”

 

Page 61, line 24, after “to” insert “the person’s participation in”

 

Page 61, line 27, at end insert—

“The person whose participation in the payment system is to be the subject of the report is referred to in this section as “the relevant participant”.”

After Clause 80

LORD DEIGHTON

 

Insert the following new Clause—

“Restrictions on disclosure of confidential information

(1)   Confidential information must not be disclosed by a primary recipient, or
by any person obtaining the information directly or indirectly from a
primary recipient, without the consent of—

(a)   the person from whom the primary recipient obtained the
information, and

(b)   if different, the person to whom it relates.

(2)   In this section “confidential information” means information which—

(a)   relates to the business or other affairs of any person,

(b)   was received by the primary recipient for the purposes of, or in the
discharge of, any functions of the Payment Systems Regulator
under this Part, and

(c)   is not prevented from being confidential information by subsection
(4).

(3)   It is immaterial for the purposes of subsection (2) whether or not the
information was received—

(a)   as a result of a requirement to provide it imposed by or under any
enactment;

(b)   for other purposes as well as purposes mentioned in that
subsection.

(4)   Information is not confidential information if—

(a)   it has been made available to the public by virtue of being disclosed
in any circumstances in which, or for any purposes for which,
disclosure is not precluded by this section, or

(b)   it is in the form of a summary or a collection of information that is
framed in such a way that it is not possible to ascertain from it
information relating to any particular person.

(5)   Each of the following is a primary recipient for the purposes of this
section—

(a)   the Payment Systems Regulator;

(b)   the FCA;

(c)   a person who is or has been employed by the Payment Systems
Regulator or the FCA;

(d)   a person who is or has been engaged to provide services to the
Payment Systems Regulator or the FCA;

(e)   any auditor or expert instructed by the Payment Systems Regulator
or the FCA;

(f)   a person appointed to make a report under section 72;

(g)   a person appointed under section 73.

(6)   Nothing in this section applies to information received by a primary
recipient for the purposes of, or in the discharge of, any functions of the
Payment Systems Regulator under the Competition Act 1998 or the
Enterprise Act 2002 by virtue of section 49 or 51.

(For provision about the disclosure of such information, see Part 9 of the
Enterprise Act 2002.)”

 

Insert the following new Clause—

“Exemptions from section (Restrictions on disclosure of confidential
information)

(1)   Section (Restrictions on disclosure of confidential information) does not prevent
a disclosure of confidential information which—

(a)   is made for the purpose of facilitating the carrying out of a public
function, and

(b)   is permitted by regulations made by the Treasury under this
section.

(2)   For the purposes of this section “public functions” includes—

(a)   functions conferred by or in accordance with any provision
contained in any enactment;

(b)   functions conferred by or in accordance with any provision
contained in the EU Treaties or any EU instrument;

(c)   similar functions conferred on persons by or under provisions
having effect as part of the law of a country or territory outside the
United Kingdom;

(d)   functions exercisable in relation to specified disciplinary
proceedings.

(3)   Regulations under this section may, in particular, make provision
permitting the disclosure of confidential information or of confidential
information of a specified kind—

(a)   by specified recipients, or recipients of a specified description, to
any person for the purpose of enabling or assisting the recipient to
discharge specified public functions;

(b)   by specified recipients, or recipients of a specified description, to
specified persons, or persons of specified descriptions, for the
purpose of enabling or assisting those persons to discharge
specified public functions;

(c)   by the Payment Systems Regulator to the Treasury for any purpose;

(d)   by any recipient if the disclosure is with a view to or in connection
with specified proceedings.

(4)   Regulations under this section may also include provision—


In relation to confidential information, each of the following is a
“recipient”—

(a)   making any permission to disclose confidential information subject
to conditions (which may relate to the obtaining of consents or any
other matter);

(b)   restricting the uses to which confidential information disclosed
under the regulations may be put.

(a)   a primary recipient;

(b)   a person obtaining the information directly or indirectly from a
primary recipient.

(6)   In this section—

“confidential information” and “primary recipient” have the same
meaning as in section (Restrictions on disclosure of confidential
information
);

“specified” means specified in regulations.”

 

Insert the following new Clause—

“Offences relating to disclosure of confidential information

(1)   A person who discloses information in contravention of section
(Restrictions on disclosure of confidential information) is guilty of an offence.

(2)   A person guilty of an offence under subsection (1) is liable—

(a)   on summary conviction—

(i)   in England and Wales, to imprisonment for a term not
exceeding 3 months or a fine, or both;

(ii)   in Scotland, to imprisonment for a term not exceeding 12
months or a fine not exceeding the statutory maximum, or
both;

(iii)   in Northern Ireland, to imprisonment for a term not
exceeding 3 months or a fine not exceeding the statutory
maximum, or both;

(b)   on conviction on indictment, to imprisonment for a term not
exceeding 2 years or a fine, or both.

(3)   A person is guilty of an offence if—

(a)   information has been disclosed to the person in accordance with
regulations made under section (Exemptions from section
(Restrictions on disclosure of confidential information)
), and

(b)   the person uses the information in contravention of any provision
of those regulations.

(4)   A person guilty of an offence under subsection (3) is liable on summary
conviction—

(a)   in England and Wales, to imprisonment for a term not exceeding 51
weeks (or 3 months, if the offence was committed before the
commencement of section 280(2) of the Criminal Justice Act 2003) or
a fine, or both;

(b)   in Scotland, to imprisonment for a term not exceeding 3 months or
a fine not exceeding level 5 on the standard scale, or both;

(c)   in Northern Ireland, to imprisonment for a term not exceeding 3
months or a fine not exceeding level 5 on the standard scale, or both.

(5)   In proceedings against a person (“P”) for an offence under this section it is
a defence for P to prove—

(a)   that P did not know and had no reason to suspect that the
information was confidential information;

(b)   that P took all reasonable precautions and exercised all due
diligence to avoid committing the offence.

(6)   In this section “confidential information” has the same meaning as in
section (Restrictions on disclosure of confidential information).”

 

Insert the following new Clause—

“Information received from Bank of England

(1)   The following are regulators for the purposes of this section—

(a)   the Payment Systems Regulator;

(b)   the FCA.

(2)   A regulator must not disclose to any person specially protected
information.

(3)   “Specially protected information” is information in relation to which the
first and second conditions are met.

(4)   The first condition is that the regulator received the information from—

(a)   the Bank of England (“the Bank”), or

(b)   the other regulator where that regulator had received the
information from the Bank.

(5)   The second condition is that the Bank notified the regulator to which it
disclosed the information that the Bank held the information for the
purpose of its functions with respect to any of the following—

(a)   monetary policy;

(b)   financial operations intended to support financial institutions for
the purposes of maintaining stability;

(c)   the provision of private banking services and related services.

(6)   The notification referred to in subsection (5) must be—

(a)   in writing, and

(b)   given before, or at the same time as, the Bank discloses the
information.

(7)   The prohibition in subsection (2) does not apply—

(a)   to disclosure by one regulator to the other regulator where the
regulator making the disclosure informs the other regulator that the
information is specially protected information by virtue of this
section;

(b)   where the Bank has consented to disclosure of the information;

(c)   to information which has been made available to the public by
virtue of being disclosed in any circumstances in which, or for any
purposes for which, disclosure is not precluded by this section;

(d)   to information which the regulator is required to disclose in
pursuance of any EU obligation.

(8)   In this section references to disclosure by or to a regulator or by the Bank
include references to disclosure by or to any of the following—

(a)   persons who are, or are acting as, officers of, or members of the staff
of, the regulator;

(b)   persons who are, or are acting as, officers, employees or agents of
the Bank;

(c)   auditors, experts, contractors or investigators appointed by the
regulator or the Bank under powers conferred by this Part or
otherwise.

(9)   References to disclosure by a regulator do not include references to
disclosure between persons who fall within subsection (8)(a) or (b) in
relation to that regulator.

(10)   Each regulator must take such steps as are reasonable in the circumstances
to prevent the disclosure of specially protected information, in cases not
excluded by subsection (7), by those who are or have been—

(a)   its officers or members of staff (including persons acting as its
officers or members of staff);

(b)   auditors, experts, contractors or investigators appointed by the
regulator under powers conferred by this Part or otherwise;

(c)   persons to whom the regulator has delegated any of its functions.”

 

Insert the following new Clause—

“Disclosure of information by Bank to Regulator

(none)   In section 246 of the Banking Act 2009 (information), in subsection (2), after
paragraph (c) insert—

“(ca)   the Payment Systems Regulator (established under section 31 of the Financial Services (Banking Reform) Act 2013);”.”

Clause 87

LORD DEIGHTON

 

Page 72, line 33, after “system,” insert—

“( )   threaten the continuity of core services provided in the United
Kingdom,”

 

Page 73, line 7, after “section” insert “—

“core services” has the same meaning as in FSMA 2000 (see section
142C of that Act), and”

Clause 89

LORD DEIGHTON

 

Page 73, line 35, after “direction” insert “under section 44”

 

Page 73, line 36, after “a” insert “generally-imposed”

 

Page 73, line 36, leave out from “45” to end of line 37

Clause 92

LORD DEIGHTON

 

Page 77, line 8, leave out “requirements imposed” and insert “generally-imposed
requirements”

 

Page 77, line 8, leave out from “45” to end of line 9

Clause 95

LORD DEIGHTON

 

Page 77, line 35, at end insert—

““CAT-appealable decision” has the meaning given by section 66(4);

“CMA-appealable decision” has the meaning given by section 66(7);”

 

Page 78, line 4, at end insert—

““generally-imposed requirement” has the meaning given by section 45(3);”

Clause 104

LORD DEIGHTON

 

Page 83, line 30, at end insert—

“(f)   staff.”

Schedule 8

LORD DEIGHTON

 

Page 157, leave out lines 11 to 14

 

Page 157, line 26, leave out “financial sector activities” and insert “the provision of
financial services”

 

Page 158, line 7, leave out from beginning to “and” in line 8 and insert “the
acquisition or provision in the United Kingdom of financial services,”

 

Page 158, line 23, leave out “financial sector activities” and insert “the provision of
financial services”

 

Page 160, line 24, at end insert—

In section 348 of FSMA 2000 (restrictions on disclosure of confidential
information by FCA, PRA etc), after subsection (6) insert—

“(7)   Nothing in this section applies to information received by a
primary recipient for the purposes of, or in the discharge of, any
functions of the FCA under the Competition Act 1998 or the
Enterprise Act 2002 by virtue of Part 16A of this Act.

(For provision about the disclosure of such information, see Part
9 of the Enterprise Act 2002.)””

 

Page 160, line 42, at end insert “; but this subsection is not to be regarded as limiting
the effect of the definition of “functions” in paragraph 1.””

Clause 117

LORD DEIGHTON

 

Page 92, line 14, at end insert—

“(2)   In section 3A of FSMA 2000 (meaning of “regulator”), in subsection (3)—

(a)   omit the “or” at the end of paragraph (a), and

(b)   after paragraph (b) insert “or

(c)   the meaning of “regulator” in sections 410A and
410B (fees to meet certain expenses of Treasury).””

Clause 118

LORD DEIGHTON

 

Page 92, line 21, leave out from “(e)”,” to end of line 22

After Clause 120

LORD MCFALL OF ALCLUITH

 

Insert the following new Clause—

“Unfair relationships

Unfair relationships

Before a regulated consumer credit agreement, other than an excluded
agreement, is made, the creditor shall advise the borrower in writing of his
or her rights as a borrower under sections 140A and 140B of the Consumer
Credit Act 1974.”

 

Insert the following new Clause—

“Continuous Payment Authorities

Continuous Payment Authorities: debtor’s rights

(1)   This section applies where a debtor has granted to a creditor a continuous
payment authority for payment of any debt arising under a regulated
agreement.

(2)   Prior to granting the continuous payment authority, a creditor must give
the debtor a statement of the debtor’s rights in relation to the continuous
payment authority.

(3)   A debtor may at any time cancel or vary a continuous payment authority.

(4)   A cancellation or variation of a continuous payment authority must be
signed by the debtor and bear the date of the signature.

(5)   A bank is obliged to comply with immediate effect to a cancellation or
variation of a continuous payment authority signed by the debtor.

(6)   A debtor must inform the creditor within 24 hours of signing the
cancellation or variation that the continuous payment authority has been
cancelled or varied.

(7)   In this section “continuous payment authority” means an instruction or
mandate given by a debtor to a bank to pay a fixed or variable sum to a
creditor.”

Before Clause 121

LORD DEIGHTON

 

Insert the following new Clause—

“Power to impose penalties on persons providing claims management services

(1)   The Schedule to the Compensation Act 2006 (claims management
regulations) is amended as follows.

(2)   In paragraph 8 (rules about conduct of authorised persons), in sub-
paragraph (2)(b), after sub-paragraph (i) insert—

“(ia)   provision enabling the Regulator to require an
authorised person to pay a penalty;”.

(3)   In paragraph 9 (codes of practice about conduct of authorised persons), in
sub-paragraph (2)(b), after sub-paragraph (i) insert—

“(ia)   enable the Regulator to require an authorised
person to pay a penalty;”.

(4)   In paragraph 10 (complaints about conduct of authorised persons), after
sub-paragraph (2) insert—

“(3)   Regulations under sub-paragraph (1) may enable the Regulator
to require an authorised person to pay a penalty.”

(5)   In paragraph 11 (requirement to have indemnity insurance), in sub-
paragraph (2)(b), after “Regulator” insert “to require the payment of a
penalty by an authorised person or”.

(6)   In paragraph 14 (enforcement), in sub-paragraph (4), for the words from
“impose” to “authorisation” substitute “require an authorised person to
pay a penalty, or to impose conditions on, suspend or cancel a person’s
authorisation,”.

(7)   After paragraph 15 insert—

“Penalties: supplementary provision

16    (1)   This paragraph applies in any case where regulations include
provision enabling the Regulator to require an authorised person
to pay a penalty.

(2)   The regulations—

(a)   shall include provision about how the Regulator is to
determine the amount of a penalty, and

(b)   may, in particular, include provision specifying a
minimum or maximum amount.

(3)   The regulations—

(a)   shall provide for income from penalties imposed by the
Regulator to be paid into the Consolidated Fund, but

(b)   may provide that such income is to be paid into the
Consolidated Fund after the deduction of costs incurred
by the Regulator in collecting, or enforcing the payment
of, such penalties.

(4)   The regulations may also include, in particular—

(a)   provision for a penalty imposed by the Regulator to be
enforced as a debt;

(b)   provision specifying conditions that must be met before
any action to enforce a penalty may be taken.”

(8)   In section 13 of the Compensation Act 2006 (appeals and references to
Tribunal)—

(a)   in subsection (1), omit the “or” at the end of paragraph (d) and after
paragraph (e) insert “, or

(f)   imposes a penalty on the person.”;

(b)   after subsection (1) insert—

“(1A)    A person who is appealing to the Tribunal against a decision
to impose a penalty may appeal against—

(a)   the imposition of the penalty,

(b)   the amount of the penalty, or

(c)   any date by which the penalty, or any part of it, is
required to be paid.”;

(c)   in subsection (3), after paragraph (d) insert—

“(da)   may require a person to pay a penalty (which may
be of a different amount from that of any penalty
imposed by the Regulator);

(db)   may vary any date by which a penalty, or any part of
a penalty, is required to be paid;”.”

Before Clause 122

LORD DEIGHTON

 

Insert the following new Clause—

“Orders and regulations: general

(1)   Any power of the Treasury or the Secretary of State to make an order or
regulations under this Act is exercisable by statutory instrument.

(2)   Subsection (1) does not apply to an order under section 34 (payment
systems: designation orders).

(3)   An order or regulations made by the Treasury or Secretary of State under
this Act may—

(a)   make different provision for different cases, and

(b)   contain such incidental or transitional provision as the Treasury or
Secretary of State considers appropriate.”

Clause 122

LORD DEIGHTON

 

Page 94, line 9, leave out subsection (1)

Clause 124

LORD DEIGHTON

 

Page 95, line 7, after “Treasury” insert “or Secretary of State”

 

Page 95, line 9, leave out “they consider” and insert “the Treasury or Secretary of
State considers”

Clause 125

LORD DEIGHTON

 

Page 95, line 18, after “Treasury” insert “or Secretary of State”

 

Page 95, line 18, leave out “they consider” and insert “the Treasury or Secretary of
State considers”

Clause 126

LORD DEIGHTON

 

Page 95, line 28, after “Britain)” insert “and section (Power to impose penalties on
persons providing claims management services
) (power to impose penalties on persons
providing claims management services)”

Clause 127

LORD DEIGHTON

 

Page 95, line 33, at end insert—

“( )   Section (Power to impose penalties on persons providing claims management
services
) comes into force on such day as the Secretary of State may by order
appoint.”

In the Title

LORD DEIGHTON

 

Line 6, after “subsidiaries;” insert “to make provision for penalties to be imposed
on persons providing claims management services;”

Prepared 12th November 2013