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Financial Services (Ethical, &c. Considerations) Bill

This is the text of the Financial Services (Ethical, &c. Considerations) Bill, as presented to the House of Commons on 18 November 1998.

Financial Services (Ethical, &c. Considerations) Bill
1.Duty of Financial Services Authority to issue guidance.
3.Short title and extent.





Require the Financial Services Authority to issue guidance to persons authorised to provide financial services regarding advice to be given to clients.

BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-

Duty of Financial Services Authority to issue guidance.     1. - (1) It shall be the duty of the Financial Services Authority ("the Authority") to issue guidance to each authorised person on the procedures he should adopt to determine the views of clients as to what account they wish to be taken of any concerns they might have regarding the likely ethical, social or environmental impact of an investment.
      (2) Guidance under subsection (1) above shall be issued not later than twelve months after the passing of this Act.
Interpretation.     2. In this Act-
    "authorised person" means a person authorised by the Authority to give financial advice;
    "client" means a person who seeks advice as to how he should invest money; and
    "ethical, social or environmental impact" includes the direct or indirect effect of an investment on any person or animal or on any of the media of land, air or water.
Short title and extent.     3. - (1) This Act may be cited as the Financial Services (Ethical, &c. Considerations) Act 1998.
      (2) This Act extends to Northern Ireland.

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© Parliamentary copyright 1998
Prepared 19 November 1998