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 for Education and Employment a report on its progress.'.

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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,'.

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

55

Clause     5,     page     3,     line     11,     after 'their', insert 'informed'.

   

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.'.

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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'.

   

Mr Alan Milburn

57

Clause     15,     page     7,     line     8,     leave out 'that section' and insert '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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Improving the quality of investments

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NC3

To move the following Clause:—

    '.—(1) The improving the quality of investments objective is: improving the quality of investments of a specific kind arranged by authorised persons in the course of carrying on regulated activities.

    (2) It includes, in particular—

(a) furthering the development of investments which offer consumers value for money;

(b) taking appropriate measures to discourage the availability of investments which do not offer consumers value for money;

(c) furthering the development of a wider choice of investments, while not acting in any way which would be incompatible with the protection of consumers objective.'.

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Prepared 13 Jul 1999