Amendments proposed to the Financial Services and Markets Bill - continued	House of Commons
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Mr Andrew Smith

201

Clause     352,     page     179,     line     16,     at end insert—

    '"Part XVI qualifier" has the meaning given in paragraph 1 of Schedule 5;'.

   

Mr Andrew Smith

202

Clause     352,     page     180,     leave out lines 2 to 5.

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Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

158

Clause     356,     page     183,     line     4,     at end add—

    '(8) An agreement or arrangement is not within subsection (4)(g) if the agreement or arrangement is for either H or the other person to acquire, hold or dispose of shares or other interests as agent or nominee on behalf of the other without it or the other person being able to exercise or control the exercise of voting powers in his own discretion.'.

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Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

132

Clause     365,     page     185,     line     24,     after 'Sections', insert '20,'.

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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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

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
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

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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Duty of Treasury to consult practitioners and consumers

   

Mr David Heathcoat-Amory
Mr Howard Flight
Mr Tim Loughton
Sir Nicholas Lyell
Mr Andrew Tyrie
Mr Keith Simpson

NC4

To move the following Clause:—

    '.—(     ) The Treasury must make and maintain effective arrangements for consulting practitioners and consumers on the extent to which any regulations or orders proposed to be made by it under this Act are consistent with its duties under section (Duty of Treasury to maintain competition and competitiveness).'.

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NEW SCHEDULE

   

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NS1

To move the following Schedule:—

'The Consumer Panel

Functions

    1. The functions of the Consumer Panel are to include—

(a) advising the Authority on the appropriate degree of protection for consumers,

(b) considering how to make the financial system and markets more accessible, fair and efficient in the interests of consumers,

(c) advising the Authority on the development of the financial system and markets,

(d) referring proposals for changes in the financial system and markets to the Authority, and

(e) carrying out research.

    2. The Consumer Panel may publish a copy of any research carried out by it under paragraph 1 in such a manner as it thinks fit.

Annual Reports

    3. (1) The Consumer Panel shall make an annual report to the Authority on the discharge of its functions during the year to which the report relates.

    (2) The Consumer Panel shall provide the Authority with such information relating to the discharge of its functions as the Authority sees fit.

    (3) The Authority must publish a copy of any annual report made to it under sub-paragraph (1) in such a manner as it thinks fit.

Budget

    4. The Authority may, to such extent as may be approved by the Treasury, defray or contribute towards the expenses of the Consumer Panel.'.

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Prepared 22 Oct 1999