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Index of Amendments

     

Amendment Paper as at
Thursday 27th January 2000

CONSIDERATION OF BILL


FINANCIAL SERVICES AND MARKETS BILL, AS AMENDED

NOTE

The Amendments have been arranged in accordance with the Motion to be proposed by Mr Chancellor of the Exchequer in relation to Financial Services and Markets Bill.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

19

Page     196,     line     24     [Schedule     1],     at end insert—

    '(aa) a chief executive; and'

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

20

Page     196,     line     41     [Schedule     1],     leave out 'Authority' and insert 'Treasury'.


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

54

Page     197,     line     8     [Schedule     1],     at end insert—

    '(aa) reviewing and approving the Authority's annual budget of income and expenditure,'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

21

Page     197,     line     10     [Schedule     1],     leave out 'and'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

22

Page     197,     line     13     [Schedule     1],     at end insert '; and

      (d) providing an independent perspective on the overall running of the Authority, scrutinising and monitoring the approach of its executive management, the Authority's performance and its standards of conduct'.

   

Mr Chancellor of the Exchequer

480

Page     197,     line     47     [Schedule     1],     at end insert—

    '( ) The complaints scheme must be designed so that, as far as reasonably practicable, complaints are investigated quickly.'.


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

186

Page     198,     line     27     [Schedule     1],     leave out 'reference' and insert 'submission'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

187

Page     198,     line     27     [Schedule     1],     leave out 'which the Authority is investigating'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

23

Page     198,     line     33     [Schedule     1],     leave out 'and'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

32

Page     198,     line     36     [Schedule     1],     at end insert '; and

          (iv) to recommend to the Authority the award of such sum as appears to him to be fair and reasonable in all the circumstances of the case in relation to any maladministration by the Authority.'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

188

Page     198,     line     36     [Schedule     1],     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'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

189

Page     198,     line     37     [Schedule     1],     leave out 'Authority' and insert 'investigator'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

190

Page     198,     line     37     [Schedule     1],     leave out 'it must notify the investigator' and insert 'must notify the complainant'.

   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

191

Page     198,     line     39     [Schedule     1],     leave out sub-paragraph (4).

   

Mr Chancellor of the Exchequer

437

Page     198,     line     41     [Schedule     1],     leave out 'sub-paragraph (2)' and insert 'the complaints scheme'.

   

Mr Chancellor of the Exchequer

438

Page     198,     line     42     [Schedule     1],     leave out 'arrangements' and insert 'complaints scheme'.

   

Mr Chancellor of the Exchequer

439

Page     198,     line     48     [Schedule     1],     leave out from beginning to second 'the'.

   

Mr Chancellor of the Exchequer

440

Page     198,     line     49     [Schedule     1],     leave out 'it' and insert 'the Authority'.


   

Mr Chancellor of the Exchequer

441

Page     199,     line     33     [Schedule     1],     leave out 'for an injunction' and insert 'under sub-paragraph (5)'.


   

Mr William Hague
Mr Francis Maude [R]
Mr David Heathcoat-Amory
Mr Howard Flight [R]
Sir Nicholas Lyell
Mr Tim Loughton [R]

33

Page     201,     line     39     [Schedule     1],     after 'faith' insert or due to recklessness'.'


NEW CLAUSES RELATING TO THE LEGAL ASSISTANCE SCHEME

Legal assistance scheme

   

Mr Chancellor of the Exchequer

NC8

To move the following Clause:—

    '.—(1) The Lord Chancellor may by regulations establish a scheme governing the provision of legal assistance in connection with proceedings before the Tribunal.

    (2) If the Lord Chancellor establishes a scheme under subsection (1), it must provide that a person is eligible for assistance only if—

      (a) he falls within subsection (3); and

      (b) he fulfils such other criteria (if any) as may be prescribed as a result of section (Provisions of the legal assistance scheme)(1)(d).

    (3) A person falls within this subsection if he is an individual who has referred a matter to the Tribunal under section 101(4).

    (4) In this Part of this Act "the legal assistance scheme" means any scheme in force under subsection (1).'.


Provisions of the legal assistance scheme

   

Mr Chancellor of the Exchequer

NC9

To move the following Clause:—

    '.—(1) The legal assistance scheme may, in particular, make provision as to—

      (a) the kinds of legal assistance that may be provided;

      (b) the persons by whom legal assistance may be provided;

      (c) the manner in which applications for legal assistance are to be made;

      (d) the criteria on which eligibility for legal assistance is to be determined;

      (e) the persons or bodies by whom applications are to be determined;

      (f) appeals against refusals of applications;

      (g) the revocation or variation of decisions;

      (h) its administration and the enforcement of its provisions.

    (2) Legal assistance under the legal assistance scheme may be provided subject to conditions or restrictions, including conditions as to the making of contributions by the person to whom it is provided.'.


Funding of the legal assistance scheme

   

Mr Chancellor of the Exchequer

NC10

To move the following Clause:—

    '.—(1) The Authority must pay to the Lord Chancellor such sums at such times as he may, from time to time, determine in respect of the anticipated or actual cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.

    (2) In order to enable it to pay any sum which it is obliged to pay under subsection (1), the Authority must make rules requiring the payment to it by authorised persons or any class of authorised person of specified amounts or amounts calculated in a specified way.

    (3) Sums received by the Lord Chancellor under subsection (1) must be paid into the Consolidated Fund.

    (4) The Lord Chancellor must, out of money provided by Parliament fund the cost of legal assistance provided in connection with proceedings before the Tribunal under the legal assistance scheme.

    (5) Subsection (6) applies if, as respects a period determined by the Lord Chancellor, the amount paid to him under subsection (1) as respects that period exceeds the amount he has expended in that period under subsection (4).

    (6) The Lord Chancellor must—

      (a) repay, out of money provided by Parliament, the excess to the Authority; or

      (b) take the excess into account on the next occasion on which he makes a determination under subsection (1).

    (7) The Authority must make provision for any sum repaid to it under subsection (6)(a)—

      (a) to be distributed among—

          (i) the authorised persons on whom a levy was imposed in the period in question as a result of rules made under subsection (2); or

          (ii) such of those persons as it may determine;

      (b) to be applied in order to reduce any amounts which those persons, or such of them as it may determine, are or will be liable to pay to the Authority, whether under rules made under subsection (2) or otherwise; or

      (c) to be partly so distributed and partly so applied.

    (8) If the Authority considers that it is not practicable to deal with any part of a sum repaid to it under subsection (6)(a) in accordance with provision made by it as a result of subsection (7), it may, with the consent the Lord Chancellor, apply or dispose of that part of that sum in such manner as it considers appropriate.

    (9) "Specified" means specified in the rules.'.

 
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Prepared 27 Jan 2000