S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Friday 9th July 1999
New Amendments handed in are marked thus *
STANDING COMMITTEE A
FINANCIAL SERVICES AND MARKETS BILL
NOTE
The Amendments have been arranged in accordance with the Order of the Committee [6th July], as follows:—
Clause 1; Schedule 1; Clauses 2 to 20; Schedule 2; Clauses 21 to 28; Schedules 3 and 4; Clauses 29 to 33; Schedule 5; Clauses 34 to 37; Schedule 6; Clauses 38 to 69; Schedule 7; Clauses 70 to 82; Schedule 8; Clause 83; Schedule 9; Clauses 84 to 94; Schedule 10; Clauses 95 to 107; Schedule 11; Clauses 108 to 141; Schedule 12; Clauses 142 to 175; Schedule 13; Clauses 176 to 197; Schedule 14; Clauses 198 to 295; Schedule 15; Clauses 296 to 367; Schedules 16 and 17; new Clauses; new Schedules.
Schedule No. 1 (The Financial Services Authority).
Amendment (No. 5) proposed in page 187, line 43, after the second word 'the' to insert the word 'prompt'—(Mr Tim Loughton.)
Question proposed, That the Amendment be made.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
6
Schedule 1, page 188, line 22, leave out 'Authority' and insert 'investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
7
Schedule 1, page 188, line 27, leave out 'reference' and insert 'submission'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
8
Schedule 1, page 188, line 27, leave out 'which the Authority is investigating'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
9
Schedule 1, page 188, line 36, at end insert—
'(iv) to make an award against the Authority of such amounts as he considers fair compensation for loss or damage resulting from the subject matter of the complaint, and which shall be payable by the Treasury.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
10
Schedule 1, page 188, line 37, leave out 'Authority' and insert 'investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
11
Schedule 1, page 188, line 37, leave out 'it must notify the investigator' and insert 'he must notify the complainant'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
12
Schedule 1, page 188, line 39, leave out subparagraph (4).
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
13
Schedule 1, page 189, line 15, at end insert 'and general duties discharged'.
Mr Alan Milburn
45
Schedule 1, page 189, line 15, at end insert—
'( ) its consideration of the matters mentioned in section 2(3);'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
14
Schedule 1, page 189, line 15, at end insert—
'(ba) the additional compliance costs over the period covered by the report and a comparison with other comparable jurisdictions.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
15
Schedule 1, page 189, line 15, at end insert—
'(bb) the cumulative costs over the period since this Act came into force of the matters mentioned in subparagraph (ba) above'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
16
Schedule 1, page 189, line 15, at end insert—
'(bc) the work of the independent investigator'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
30
Schedule 1, page 189, line 15, at end insert—
'(bd) the operation of the penalties scheme referred to in paragraph 16 during the period covered by the report, including the size of penalties imposed'.
Mr Alan Milburn
58
*Schedule 1, page 189, line 35, leave out 'At least once a year' and insert 'Not later than three months after making a report under paragraph 10,'.
Mr Alan Milburn
59
*Schedule 1, page 189, line 36, leave out 'its most recent report under paragraph 10' and insert 'that report.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
18
Schedule 1, page 189, line 46, after 'meeting', insert 'to every authorised person'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
31
Schedule 1, page 190, line 36, after 'persons', insert 'by the payment of rebates to authorised persons who paid fees in relation to the year in which the fines were imposed'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
32
Schedule 1, page 190, line 40, after 'proposals', insert 'including the contemplated amounts of penalties'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
33
Schedule 1, page 191, line 8, leave out 'incidental purpose' and insert 'purpose which is necessary or desirable for carrying out its functions'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
34
Schedule 1, page 191, line 14, at end insert—
'(d) to pay reasonable remuneration to non-executive members of the governing body'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
22
Schedule 1, page 191, line 39, after 'faith', insert 'or in the case of the Authority unreasonable, reckless or negligent'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
23
Schedule 1, page 191, line 42, at end insert—
'(4) Any damages payable by the Authority shall be met by the Treasury out of money provided by Parliament'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
35
Clause 2, page 1, line 15, leave out 'general'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
51
Clause 2, page 1, line 17, leave out 'and'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
19
Clause 2, page 1, line 18, leave out 'the Authority considers most' and insert 'is'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
20
Clause 2, page 1, line 19, at end insert 'and
(c) which is reasonable.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
36
Clause 2, page 1, line 19, at end insert 'and
(c) which is reasonable, open and transparent'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
52
Clause 2, page 2, line 2, at end insert 'and
(e) improving the quality of investments.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
46
Clause 2, page 2, line 2, at end insert—
'(e) the maintenance of competition and promotion of United Kingdom competitiveness'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
37
Clause 2, page 2, line 3, leave out 'general'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
38
Clause 2, page 2, line 14, leave out paragraphs (e) and (f).
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
47
Clause 2, page 2, line 18, at end insert—
'(g) the need to secure the availability of appropriate financial services for all consumers and to take into account the needs of disadvantaged consumers.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
39
Clause 2, page 2, line 19, leave out subsection (4).
Mr Alan Milburn
24
Clause 2, page 2, leave out line 20 and insert—
'( ) its function of making rules under this Act (considered as a whole);
( ) its function of preparing and issuing codes under this Act (considered as a whole);'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
41
Clause 3, page 2, line 31, leave out paragraph (b) and insert—
'(b) authorised persons so far as they engage in regulated activities; and'.
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.'.
