Vote Bundle Text (991209-04)

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

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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)'.

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.'.

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).'.

Determination of applications: further provision

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NC15

To move the following Clause:—

'In considering whether to grant an application made under section 57, the Authority may have regard (in addition to the matters specified in subsection (2) of section 58) to whether the candidate, or any person who may perform a function on his behalf, demonstrates a commitment to engage in continuing education and professional development.'.

Dismissal of compliance officer

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NC16

To move the following Clause:—

'.—(1) An appointed compliance officer of a regulated firm can be dismissed only following a resolution of its board or management committee.

(2) A regulated firm must give notice to the Authority of a resolution to remove from post a duly appointed compliance officer.

(3) "Compliance officer" in relation to a firm means the individual from time to time appointed by the firm and approved by the Authority as responsible for compliance matters.'.

Publication or disclosure of information by the Authority

Dr Vincent Cable
Mr Colin Breed
Mr Brian Cotter

NC17

To move the following Clause:—

'.—(1) The Authority shall, subject to the provisions in this section, publish or disclose information to any person on request with a view to enabling members of the public to make informed judgements about the way in which it is carrying out its functions.

(2) For the purposes of this section, "Authority" includes the Consumer Panel, ombudsman scheme and compensation scheme.

(3) Before deciding to exercise that power, the Authority must consider whether the public interest in publication of the advice or information in question is outweighed by any considerations of confidentiality attached to it.

(4) Any person refused information under subsection (1) above may complain to the Parliamentary Commissioner for Administration ("the Commissioner") who shall determine whether the Authority's refusal to disclose is in accordance with the considerations in subsection (3).

(5) Following any determinations in subsection (4) above, the Commissioner shall notify the person making the complaint and the Authority of any determination under this section and shall make such determination public.

(6) It shall be the duty of the Authority to take such steps as any such determination may require; and if it fails to do so the Commissioner may certify that fact in writing to the court and the court may inquire into the matter and, after hearing any witness who may be produced against or on behalf of the Authority, and after hearing any statement that may be offered in defence, deal with the authority as if it had committed a contempt of court.

(7) In this section "the court" means the High Court or, in Scotland, the Court of Session.'.

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,

(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.'.




©Parliamentary copyright 1999	Prepared 9 Dec 1999