S.C.A.
NOTICES OF AMENDMENTS
given up to and including
Tuesday 13th 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.
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 for Education and Employment a report on its progress.'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
61
*Clause 5, page 3, line 2, after 'to', insert '[among other things]'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
53
Clause 5, page 3, line 3, after first 'of', insert 'complexity and'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
54
Clause 5, page 3, line 3, after 'in', insert ', and comprehensibility of,'.
Mr Nigel Beard
86
*Clause 5, page 3, line 9, leave out 'and'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
55
Clause 5, page 3, line 11, after 'their', insert 'informed'.
Mr Nigel Beard
87
*Clause 5, page 3, line 11, at end insert '; and
(e) the responsibility of authorised persons to make full and prominent disclosure of the main characteristics of a financial service which might affect consumer choice'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
50
Clause 5, page 3, line 12, leave out from 'means' to end of line 17, and insert 'natural persons who—
(a) in using, or in contemplating using, any of the services provided by authorised persons in carrying on regulated activities, or
(b) having rights or interests derived from, or otherwise attributable to, the use of any such services by other persons,
neither act in the course of a business nor hold themselves out as doing so.'.
Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter
56
Clause 5, page 3, line 17, at end insert—
'(4) "Informed decisions" means decisions made following the provision of appropriate information and advice.'.
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'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
62
*Clause 7, page 3, line 42, after 'consumers', insert 'on whether any proposed rules or guidance or amendments to them, are appropriate in light of the Authority's general duties, and'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
63
*Clause 8, page 4, line 4, leave out from first 'The' to 'to' in line 5 and insert 'members of the Practitioner Panel shall elect one of its members'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
64
*Clause 8, page 4, line 15, at end add—
'(6) Any consultation on proposed rules and guidance shall initially involve the Practitioner Panel, before any of the proposals for general consultation are finalised.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
65
*Clause 9, page 4, line 19, leave out from first 'The' to 'to' in line 20 and insert 'members of the Consumer Panel must elect one of its members'.
Mr Nigel Beard
88
*Clause 9, page 4, line 32, leave out from 'using,' to end of line 33 and add 'financial services of any kind.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
66
*Clause 9, page 4, line 33, at end add—
'(8) Any consultaton on proposed rules and guidance which initially involved the Consumer Panel, before any proposals for general consultation are finalised.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
67
*Clause 10, page 4, line 35, leave out 'may appoint an independent person to conduct a review' and insert 'shall appoint the National Audit Office to conduct a review at least every two years'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
68
*Clause 10, page 4, line 36, after 'of', insert 'the discharge by the Authority of its functions and duties, including'.
Mr David Heathcoat-Amory
Mr howard FLight
Mr Tim Loughton
69
*Clause 10, page 4, line 37, after 'functions', insert 'and duties under this Act'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
70
*Clause 10, page 4, line 37, at end insert—
'(1A) The Treasury shall also appoint an independent person to conduct a review, not earlier than 18 months and not later than two years after section 17 of this Act has come into force, of the discharge by the Authority of its functions and duties under this Act; and thereafter such a review shall be conducted at least every two years.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
71
*Clause 10, page 4, line 40, at end insert—
'(2A) (3) The first review under subsection (1A) shall include a review of whether—
(a) any principles mentioned in section 2(3) should become regulatory objectives under section 2(2); and
(b) the post of chairman and chief executive of the Authority should be divided.'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
72
*Clause 10, page 4, line 41, leave out subsection (3).
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
73
*Clause 11, page 5, line 12, leave out 'A' and insert 'Any'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
74
*Clause 12, page 5, line 35, leave out 'serious'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
75
*Clause 12, page 6, line 1, leave out 'serious'.
Mr Alan Milburn
25
Clause 13, page 6, leave out line 30.
Mr Alan Milburn
26
Clause 15, page 7, line 7, leave out 'Subject to any direction under section 13'.
Mr Alan Milburn
57
Clause 15, page 7, line 8, leave out 'that section' and insert 'section 13'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
76
*Clause 15, page 7, line 21, leave out 'must' and insert 'shall be entitled to'.
Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
77
*Clause 17, page 8, line 4, leave out 'a regulated activity in the United Kingdom' and insert 'one or more regulated activities in the United Kingdom as a business'.
