Financial Services Bill

House of Commons

Session 2009 - 10
Internet Publications
Other Bills before Parliament

Financial Services Bill

Financial Services Bill
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Minor amendments of provision made by Banking Act 2009
(1)
The Banking Act 2009 is amended as follows.
(2)
After section 48 insert—
“48A
Creation of liabilities
(1)
The provision that may be made by a property transfer instrument or
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order in reliance on section 33(1)(b), 42(3)(b), 43(3)(b), 44(4)(c), 45(3)(b)
or 46(3)(b) includes provision for the creation of liabilities.
(2)
The provision may be framed by reference to an agreement which has
been or is to be entered into, or anything else which has been or is to be
done, by any person (including a person other than the person making
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the instrument or order).”
(3)
In section 55 (independent valuer: supplemental), at the end insert—
“(10)
But subsection (9)(b) does not apply if the order is contained in a
statutory instrument that contains an order to which section 62
applies.”
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(4)
In section 56 (independent valuer: money)—
(a)
in subsection (1), after paragraph (c) (but before the “and” at the end of
it) insert—
“(ca)
persons mentioned in section 54(4)(b),”, and
(b)
at the end insert—
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“(6)
But subsection (5)(b) does not apply if the order is contained in
a statutory instrument that contains an order to which section
62 applies.”
(5)
In section 84 (application of Part 1 to building societies), in the entry in the table
relating to sections 49 to 62, in paragraph (c) of the third column, at the end
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insert “but the Treasury may make a third party compensation order”.
(6)
In section 145(6) (bank administration: general powers, duties and effect), in
table 1 of applied provisions (Schedule B1 to the Insolvency Act 1986), for the
entry relating to paragraph 80 substitute—

“Para. 79
Termination: successful rescue
  (a)    Ignore sub-para. (2).

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  (b)   See section 153.”

(7)
In section 153 (successful rescue), for subsections (2) and (3) substitute—
“(2)
The bank administrator shall make an application under paragraph 79
of Schedule B1 to the Insolvency Act 1986 (court ending administration
on achievement of objectives).
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(3)
A bank administrator who makes an application in accordance with
subsection (2) must send a copy to the FSA.”
(8)
In section 219(3A) of the Financial Services and Markets Act 2000 (which was
inserted by section 176(6) of the Banking Act 2009)—
(a)
after “a bank,” insert “building society or credit union,”, and
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Financial Services Bill
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(b)
for “the bank or the Bank of England” substitute “the bank, building
society or credit union, or the Bank of England,”.
Director of Savings
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Administration of court funds by Director of Savings
(1)
In this section “relevant function” means a function of the Accountant General
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of the Senior Courts (“the Accountant General”) under court funds rules.
(2)
The Director of Savings (“the Director”) may discharge a relevant function if
appointed by the Accountant General under court funds rules to do so.
(3)
The functions of the Director that are within section 69(1)(a) of the
Deregulation and Contracting Out Act 1994 (contracting out of statutory
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functions) include any power of the Director, conferred under court funds
rules, to discharge a relevant function.
(4)
In this section “court funds rules” means rules under section 38(7) of the
Administration of Justice Act 1982.
General
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Orders or regulations
(1)
This section applies to orders or regulations under this Act made by the
Treasury or the Secretary of State.
(2)
Orders or regulations—
(a)
may contain incidental, supplementary, consequential, transitory,
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transitional or saving provision, and
(b)
may make different provision for different cases or circumstances.
(3)
Orders or regulations are to be made by statutory instrument.
(4)
Where orders or regulations are subject to “affirmative resolution procedure”
the orders or regulations may not be made unless a draft of the statutory
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instrument containing them has been laid before, and approved by a resolution
of, each House of Parliament.
(5)
Where orders or regulations are subject to “negative resolution procedure” the
statutory instrument containing them is subject to annulment in pursuance of
a resolution of either House of Parliament.
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Minor and consequential amendments
(1)
Schedule 2 contains minor and consequential amendments.
(2)
In that Schedule—
Part 1 contains amendments of the Financial Services and Markets Act
2000, and
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Part 2 contains amendments of other legislation.
(3)
The Treasury or the Secretary of State may by order make such other provision
amending, repealing or revoking any enactment as they consider necessary or
expedient in consequence of any provision made by this Act.

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(4)
“Enactment” includes—
(a)
an enactment contained in subordinate legislation within the meaning
of the Interpretation Act 1978,
(b)
an enactment contained in, or in an instrument made under, an Act of
the Scottish Parliament,
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(c)
an enactment contained in, or in an instrument made under, Northern
Ireland legislation, or
(d)
an enactment contained in, or in an instrument made under, a Measure
or Act of the National Assembly for Wales.
(5)
An order under subsection (3) is subject to negative resolution procedure.
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Extent
This Act extends to England and Wales, Scotland and Northern Ireland.
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Commencement
(1)
The following provisions of this Act come into force on the day on which this
Act is passed—
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(a)
sections 1 to 5,
(b)
section 6(1) and (4) to (7) (subject, in the case of subsection (5), to the
exception mentioned in paragraph (l)),
(c)
section 7(1) and (4),
(d)
sections 8 to 10,
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(e)
section 26,
(f)
section 28,
(g)
sections 31 to 35,
(h)
in section 36—
(i)
subsections (1) and (2) so far as relating to the paragraphs of
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Schedule 2 mentioned in paragraph (m), and
(ii)
subsections (3) to (5),
(i)
section 37,
(j)
this section,
(k)
section 39,
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(l)
Schedule 1 except so far as that Schedule relates to paragraph 13, 15 or
16 of Schedule 1A to the Financial Services and Markets Act 2000, and
(m)
paragraphs 1 to 6, 11, 13, 16(1) and (2), 22, 24(1) and (2), 25 to 27, 29 to
31, 32(1) to (3), 33, 34, 36 to 44 and 47 of Schedule 2.
(2)
The following provisions of this Act come into force at the end of the period of
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2 months beginning with the day on which this Act is passed—
(a)
section 7(2), (3) and (5),
(b)
sections 11 to 17,
(c)
section 30,
(d)
section 36(1) and (2) so far as relating to the paragraphs of Schedule 2
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mentioned in paragraph (e), and
(e)
paragraphs 7 to 10, 12, 14, 15, 16(3), 17 to 20, 28, 32(4), 45 and 46 of
Schedule 2.

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(3)
The other provisions of this Act come into force on such day as the Treasury or
the Secretary of State may by order appoint (and different days may be
appointed for different purposes).
(4)
The Treasury or the Secretary of State may by order make such provision as
they consider necessary or expedient for transitory, transitional or saving
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purposes in connection with the commencement of any provision made by this
Act.
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Short title
This Act may be cited as the Financial Services Act 2010.