15

House of Commons

Tuesday 15 December 2009

Public Bill Committee

Financial Services Bill

---

Note

The Amendments have been arranged in accordance with the Order of the

Committee [8 December 2009].

Mr Mark Hoban

2

Clause  14,  page  19,  line  4,  after ‘person’, insert ‘or is carrying on a regulated

activity in a way that could undermine financial stability’.

Mr Mark Hoban

4

Clause  14,  page  19,  line  20,  leave out ‘12’ and insert ‘6’.

Mr Mark Hoban

3

Clause  14,  page  19,  line  35,  at end add—

‘(9)	The Authority must publish a statement that it has exercised powers under this

section which includes—

(a)	the name of the authorised person;

(b)	details of the permission suspended; and

(c)	the period of the suspension.’.

Mr Mark Hoban

5

Clause  14,  page  19,  line  35,  at end add—

‘(9)	Where an unauthorised person refers this matter to the Tribunal in accordance

with section 208, the Authority may suspend the permission until the Tribunal has

reached its conclusion.

Public Bill Committee: 15 December 2009

16

Financial Services Bill, continued

(10)	Where the Authority has exercised its power under subsection (9), it must publish

a statement that it has done so.’.

Mr Mark Hoban

14

Clause  16,  page  20,  line  7,  leave out ‘P’ and insert ‘the authorised person’.

Mr Mark Hoban

15

Clause  16,  page  20,  line  8,  leave out ‘P’ and insert ‘the authorised person’.

Mr Mark Hoban

1

Clause  16,  page  20,  line  10,  leave out from ‘P’ to end of line 14 and insert ‘either

(a)    

(i)	did not know, and

(ii)	could not reasonably be expected to have known,

  that P was at that time performing a controlled function without approval,

or

(b)	was instructed to undertake these activities by an authorised person or

where the authorised person was a company director or officer, who was

an approved person.’.

Mr Mark Hoban

16

Clause  16,  page  20,  line  24,  after ‘the’, insert ‘authorised’.

Mr Mark Hoban

6

Clause  16,  page  20,  line  25,  leave out ‘four years’ and insert ‘one year’.

Mr Mark Hoban

17

Clause  16,  page  20,  line  34,  leave out second ‘a’ and insert ‘an authorised’.

Mr Mark Hoban

18

Clause  16,  page  20,  line  37,  leave out second ‘a’ and insert ‘an authorised’.

Mr Mark Hoban

19

Clause  16,  page  20,  line  40,  leave out second ‘a’ and insert ‘an authorised’.

Mr Mark Hoban

7

Clause  16,  page  21,  line  18,  leave out subsection (5).

Mr Mark Hoban

8

Clause  16,  page  21,  line  23,  leave out subsection (7).

Public Bill Committee: 15 December 2009

17

Financial Services Bill, continued

Mr Mark Hoban

13

Clause  16,  page  21,  line  26,  leave out from ‘must’ to ‘any’ in line 27 and insert

‘comply with’.

Mr Mark Hoban

9

Clause  28,  page  37,  line  14,  at end insert—

‘(5A)

The scheme manager may request the Treasury to appoint an auditor in

accordance with the regulations set out in 214D(6) to confirm that the expenses

have been incurred as a consequence of the exercise of a stabilisation power.’.

Mr Mark Hoban

12

Clause  30,  page  46,  line  8,  at end insert—

‘( )	The powers in section (1) can only be exercised where the overseas regulator is

also able to provide the Authority with corresponding information.

( )	“Corresponding information” means information the overseas regulator can

obtain in respect of financial stability from a person operating in the country or

territory of the overseas regulator.’.

Mr Mark Hoban

11

Clause  30,  page  46,  line  20,  at end add—

‘( )	In pursuit of these powers, the Authority will have regard to section 348.’.

Mr Mark Hoban

10

Clause  31,  page  47,  line  4,  at end add—

‘(10)

The Treasury will lay before Parliament a report on the losses incurred by the

person participating in the scheme which are included within the qualifying

scheme.

(11)	The first report will be laid for the period from 26 February 2009 to 30 June 2009

and will be laid six monthly thereafter until the relevant scheme agreement has

expired.’.

Public Bill Committee: 15 December 2009

18

Financial Services Bill, continued

New Clause

Disclosure of enforcement actions

Mr Mark Hoban

NC1

To move the following Clause:—

‘In the Financial Services and Markets Act 2000, after section 349 insert—

“349A

Disclosure of enforcement actions

(1)	Section 348 does not prevent the disclosure by the Authority of

information that—

(a)	an authorised person is subject to actions taken under Part 14 of

the Act; or

(b)	an approved person is subject to actions taken under section 66

of the Act.

(2)	Prior to a public statement that action is being taken under Part 14 or

section 66 of the Act, the Authority must notify the person subject to the

action seven days prior to any disclosure of its intended course of

action.”.’.

Order of the House [30 November 2009]

That the following provisions shall apply to the Financial Services Bill:

Committal

1.	The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2.	Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Thursday 14 January 2010.

3.	The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

Consideration and Third Reading

4.	Proceedings on consideration shall (so far as not previously concluded) be

brought to a conclusion one hour before the moment of interruption on the

day on which those proceedings are commenced.

5.	Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at the moment of interruption on that day.

6.	Standing Order No. 83B (Programming committees) shall not apply to

proceedings on consideration and Third Reading.

Other proceedings

7.	Any other proceedings on the Bill (including any proceedings on

consideration of Lords Amendments or on any further messages from the

Lords) may be programmed.

Public Bill Committee: 15 December 2009

19

Financial Services Bill, continued

Order of the Committee [8 December 2009]

That—

(1)	the Committee shall (in addition to its first meeting at 10.30 am on Tuesday

8 December) meet—

(a)	at 4.00 pm on Tuesday 8 December;

(b)	at 9.00 am and 1.00 pm on Thursday 10 December;

(c)	at 10.30 am and 4.00 pm on Tuesday 15 December;

(d)	at 10.30 am and 4.00 pm on Tuesday 5 January;

(e)	at 9.00 am and 1.00 pm on Thursday 7 January;

(f)	at 10.30 am and 4.00 pm on Tuesday 12 January;

(g)	at 9.00 am and 1.00 pm on Thursday 14 January;

(2)	the Committee shall hear oral evidence in accordance with the following

Table:

TABLE

	Date	Time	Witness
	Tuesday 8	Until no later	The Treasury
	December	than 12.30 pm
	Tuesday 8	Until no later	The Bank of England, the Financial
	December	than 5.30 pm	Services Authority, Financial Services
			Compensation Scheme Limited, and
			Financial Ombudsman Service Limited
	Tuesday 8	Until no later	Which?, Age Concern, Citizen’s Advice,
	December	than 7.00 pm	and the Financial Services Consumer
			Panel
	Thursday 10	Until no later	The British Bankers Association, the
	December	than 10.25 am	Building Societies Association, and the
			Confederation of British Industry
	Thursday 10	Until no later	The City of London Law Society, Simon
	December	than 2.30 pm	Gleeson (Clifford Chance), and the
			Investment Management Association

(3)	proceedings on consideration of the Bill in Committee shall be taken in the

following order: Clauses 14 to 17; Clauses 27 to 34; Clauses 1 to 6; Schedule

1; Clauses 7 to 13; Clauses 18 to 26; Clauses 35 and 36; Schedule 2; Clauses

37 to 39; new Clauses; new Schedules; remaining proceedings on the Bill;

(4)	the proceedings shall (so far as not previously concluded) be brought to a

conclusion at 5.00 pm on Thursday 14 January.

---

Revised 15 December 2009