House of Commons Public Bill Committee Proceedings

House of Commons

Session 2009 - 10
Internet Publications
Other Bills before Parliament

9

House of Commons

Tuesday 5 January 2010

Public Bill Committee Proceedings

Financial Services Bill

[seventh and eighth SittingS]

Mr Mark Hoban

Withdrawn  37

Clause  1,  page  1,  line  12,  at end add—

‘(c)
where appropriate, direct the relevant authorities to act in accordance

with the powers available to them under the relevant legislation.’.

Mr Colin Breed

Dr Vincent Cable

Withdrawn  20

Clause  1,  page  2,  line  1,  leave out ‘may’ and insert ‘must’.

Mr Colin Breed

Dr Vincent Cable

Not called  21

Clause  1,  page  2,  line  3,  leave out ‘may’ and insert ‘should inter alia’.

Mr Mark Hoban

Negatived on division  36

Clause  1,  page  2,  line  8,  after ‘Council’, insert—

‘( )
specify the responsibilities of each member of the Council in protecting

or enhancing the stability of the UK financial system;

( )
specify the powers each member of the Council is able to exercise in

protecting or enhancing the stability of the system;’.

Mr Colin Breed

Dr Vincent Cable

Withdrawn  22

Clause  1,  page  2,  line  9,  leave out ‘Treasury’ and insert ‘Council’.

Public Bill Committee Proceedings: 5 January 2010
10

Financial Services Bill, continued

Mr Colin Breed

Dr Vincent Cable

Not called  23

Clause  1,  page  2,  line  10,  leave out ‘by the Council’.

Clause Agreed to on division.

Mr Colin Breed

Dr Vincent Cable

Withdrawn  24

Clause  2,  page  2,  line  22,  leave out ‘quarterly’.

Mr Mark Hoban

Withdrawn  35

Clause  2,  page  2,  line  22,  at end insert ‘and publish its response to those risks in its

minutes.’.

Mr Colin Breed

Dr Vincent Cable

Not called  25

Clause  2,  page  2,  line  24,  leave out ‘quarterly’.

Mr Colin Breed

Dr Vincent Cable

Not called  26

Clause  2,  page  2,  line  25,  leave out ‘quarterly’.

Mr Colin Breed

Dr Vincent Cable

Not moved  27

Clause  2,  page  2,  line  25,  after ‘meetings’, insert ‘within 40 days of the meeting.’.

Mr Colin Breed

Dr Vincent Cable

Withdrawn  28

Clause  2,  page  2,  line  36,  leave out ‘someone else’ and insert ‘an approved

nominee’.

Mr Mark Hoban

Withdrawn  39

Clause  2,  page  2,  line  39,  at end add—

‘(9)
Where the Council is unable to reach agreement on the exercise of its functions,

the Chancellor of the Exchequer can take reasonable steps in pursuit of its

function.’.

Clause Agreed to.

Public Bill Committee Proceedings: 5 January 2010
11

Financial Services Bill, continued

Mr Colin Breed

Dr Vincent Cable

Withdrawn  29

Clause  3,  page  2,  line  41,  leave out ‘Treasury’ and insert ‘Council’.

Mr Colin Breed

Dr Vincent Cable

Not called  30

Clause  3,  page  3,  line  3,  leave out ‘Treasury’ and insert ‘Council’.

Mr Colin Breed

Dr Vincent Cable

Not called  31

Clause  3,  page  3,  line  5,  leave out ‘Treasury’ and insert ‘Council’.

Mr Colin Breed

Dr Vincent Cable

Not called  32

Clause  3,  page  3,  line  5,  leave out ‘lay’ and insert ‘publish’.

Mr Colin Breed

Dr Vincent Cable

Not called  33

Clause  3,  page  3,  line  6,  leave out ‘before Parliament’.

Mr Colin Breed

Dr Vincent Cable

Not called  34

Clause  3,  page  3,  line  7,  leave out ‘laid before Parliament’.

Clause Agreed to.

Mr Mark Hoban

Not called  38

Clause  4,  page  3,  line  31,  at end add ‘“the relevant legislation” means for the

Financial Services Authority, the Financial Services and Markets Act 2000 and for the

Bank of England, the Banking Act 2009.’.

Clause Agreed to.

Mr Mark Hoban

Withdrawn  41

Clause  5,  page  4,  line  10,  at end add—

‘( )
The Financial Services and Markets Act 2000 is amended as follows.

( )
In section 2, insert after subsection (2)—

Public Bill Committee Proceedings: 5 January 2010
12

Financial Services Bill, continued

“(2A)
In discharging its general functions the Authority must, so far as is

reasonably possible, act in a way that ensures that financial stability takes

precedence over its other regulatory objectives.”’.

[Adjourned until Thursday 7 January at 9.00 am



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