Amendments proposed to the Financial Services and Markets Bill - continued	House of Commons
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Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

48

*Clause     4,     page     2,     line     38,     at end insert—

'(c) promoting education to develop the skills people need to interpret and use information about financial products and the financial system; and

(d) promoting awareness of the Authority, the compensation scheme and the ombudsman scheme.'.

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

49

*Clause     4,     page     2,     line     38,     at end insert—

    '(2A) In pursuing its public awareness objective, the Authority shall submit annually to the Secretary of State a report on its progress.'.

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Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

42

Clause     6,     page     3,     line     19,     leave out 'carried on by a regulated person'.

   

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

43

Clause     6,     page     3,     line     27,     leave out 'prevent' and insert 'reduce the risk of being used for'.

   

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

44

Clause     6,     page     3,     line     30,     at end insert—

    '(2A) In considering that objective the Authority must maintain procedures for monitoring the financial system to identify possible financial crime and to alert consumers and regulated persons about its suspicions as soon as practicable'.

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Mr Alan Milburn

25

Clause     13,     page     6,     leave out line 30.

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Mr Alan Milburn

26

Clause     15,     page     7,     line     7,     leave out 'Subject to any direction under section 13'.

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NEW CLAUSES

Maintenance of competition and promotion of United Kingdom competitiveness

   

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

NC1

To move the following Clause:—

    '.The maintenance of competition and promotion of United Kingdom competitiveness objective referred to in section 2(2)(e) is: regulating in a way which does not unnecessarily impede competition in financial services and markets in the United Kingdom or by any category of authorised participants and which seeks to secure a regulatory regime in the United Kingdom which provides a competitive advantage internationally'.

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Duty of Treasury to maintain competition and competitiveness

   

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton

NC2

To move the following Clause:—

    '.When deciding what regulations or orders the Treasury should make under this Act, or what other powers or discretions the Treasury should exercise under this Act, the Treasury must seek to meet the maintenance of competition and competitiveness objective and must have regard to the considerations set out in section 2(3) (c) and (d)'.

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Prepared 8 Jul 1999