|
|
| |
| |
|
| | (2) | After section 60, insert— |
|
| | “60A | Form and content of retail credit-token agreements |
|
| | (1) | The Secretary of State may make regulations as to the form and content |
|
| | of documents embodying retail credit-token agreements, and the |
|
| | regulations shall contain such provisions as appear to him appropriate |
|
| | including requirements to ensure that— |
|
| | (a) | the rate of interest on the credit to be provided under the |
|
| | agreement for credit (or all the rates on a per annum basis where |
|
| | there is more than one rate of interest) does not prejudice the |
|
| | |
| | (b) | the agreement for credit includes a seven day cooling off period |
|
| | during which credit would not be available to the debtor. |
|
| | (2) | ‘Retail credit-token’ means a credit-token (which has the meaning given |
|
| | by section 14(1)) which results in the provision of credit under a credit- |
|
| | token agreement provided by a retailer or group of retailers which can |
|
| | only be used for purchases from the retailers concerned. |
|
| | (3) | A ‘retailer’ means a person or business providing goods and services to |
|
| | |
| | (4) | Accordingly, a ‘retail credit-token agreement’ is a regulated agreement.”. |
|
| | (3) | For section 67, substitute— |
|
| | “67 | Cancellable Agreements |
|
| | (1) | A regulated agreement that is not a retail credit-token agreement may be |
|
| | cancelled by the debtor or hirer in accordance with this Part if the |
|
| | antecedent negotiations included oral representations made when in the |
|
| | presence of the debtor or hirer by an individual acting as, or on behalf of |
|
| | |
| | (a) | the agreement is secured on land, or is a restricted-use credit |
|
| | agreement to finance the purchase of land or is an agreement for |
|
| | a bridging loan in connection with the purchase of land, or |
|
| | (b) | the unexecuted agreement is signed by the debtor or hirer at |
|
| | premises at which any of the following is carrying on any |
|
| | business (whether on a permanent or temporary basis)— |
|
| | (i) | the creditor or owner; |
|
| | (ii) | any party to a linked transaction (other than the debtor or |
|
| | hirer or a relative of his); |
|
| | (iii) | the negotiator in any in any antecedent negotiations. |
|
| | (2) | A retail credit-token agreement may be cancelled by the debtor in |
|
| | accordance with this Part.”. |
|
| | (4) | For section 68, substitute— |
|
| | |
| | The debtor or hirer may serve notice of cancellation of a cancellable |
|
| | agreement between his signing of the unexecuted agreement and— |
|
| | (a) | the end of the fifth day following the day on which he received a |
|
| | copy under section 63(2) or a notice under section 64(1)(b), or |
|
| | (b) | if (by virtue of regulations made under section 64(4)) section |
|
| | 64(1)(b) does not apply, the end of the fourteenth day following |
|
| | the day on which he signed the unexecuted agreement, or |
|
|
|
| |
| |
|
| | (c) | if the cancellable agreement is a retail credit-token agreement, |
|
| | the end of the seventh day following the day on which he signed |
|
| | the unexecuted agreement.”.’. |
|
| |
| | |
| |
| | |
| To move the following Clause:— |
|
| | ‘(1) | The Unfair Terms in Consumer Contract Regulations 1999 (S.I. 1999/2083) is |
|
| | |
| | (2) | After Regulation 6(1), insert— |
|
| | “(1A) | Paragraph 2 shall not apply to contracts for the supply of financial |
|
| | |
| | (3) | After Regulation 6(2) insert— |
|
| | “(3) | In so far as it is in plain and intelligible language, the assessment of a term |
|
| | in a contract for financial services shall not relate— |
|
| | (a) | to the definition of the main subject matter of the contract, or |
|
| | (b) | to the adequacy of the main price or remuneration, as against the |
|
| | goods or services supplied in exchange. |
|
| | (4) | Where a term of a contract provides for the charging of a consumer and |
|
| | the circumstances in which that charge can be imposed need not arise |
|
| | during the term of the contract, then such price or remuneration shall not |
|
| | fall within the main price or remuneration for the purposes of paragraph |
|
| | |
| | (5) | If, for the purposes of paragraph (3) there is doubt about what represents |
|
| | the main price or remuneration, the interpretation which is most |
|
| | favourable to the consumer shall prevail.”.’. |
|
| |
| |
| | |
| Page 1, line 3, leave out Clause 1. |
|
| |
| |
| | |
| Page 3, line 16 [Clause 3], at end insert— |
|
| | ‘(4) | Where a matter has been omitted from either the annual report or the minutes |
|
| | published under section 2(4), where the action involves financial assistance as |
|
|
|
| |
| |
|
| | defined in section 257 of the Banking Act 2009, a report should be laid before |
|
| | Parliament when the conditions under (3) above no longer apply.’. |
|
| |
| |
| | |
| Page 4, line 9 [Clause 5], at end insert— |
|
| | ‘(d) | proceedings of the Council for Financial Stability as set out in section 2.’. |
|
| |
| | |
| Page 4, line 10 [Clause 5], after ‘Treasury’, insert ‘and the Bank of England’. |
|
| |
| | |
| Page 4 [Clause 6], leave out lines 14 to 16. |
|
| |
| |
| | |
| Page 6, line 17 [Clause 8], at end insert— |
|
| | ‘(3A) | (a) In discharging the duty under subsection (1) the Authority must produce an |
|
| | annual report setting out progress made, and the report should include |
|
| | information about, among other things— |
|
| | (i) | compliance in the UK with the principles set out in (3)(a) above; |
|
| | (ii) | comparable progress made in other countries; and |
|
| | (iii) | the impact of any significant divergence between the information |
|
| | set out in 3A(a)(i) and 3A(a)(ii) above. |
|
| | (b) | The Authority must lay a copy of the report before Parliament.’. |
|
| |
| |
| | |
| Page 7, line 10 [Clause 9], after ‘person’, insert ‘in relation to whom any power |
|
| under Part 1 of the Banking Act 2009 is exercisable’. |
|
| |
| |
| | |
| Page 8, line 21 [Clause 11], after ‘person’, insert ‘in relation to whom any power |
|
| under Part 1 of the Banking Act 2009 is exercisable’. |
|
|
|
| |
| |
|
| |
| | |
| Page 8, line 37 [Clause 11], at end insert— |
|
| | ‘(4A) | The general rules do not include provisions made by the Authority’s |
|
| | |
| |
| | |
| Page 8, line 38 [Clause 11], leave out ‘The Treasury may direct the authority to’ |
|
| and insert ‘The Authority must’. |
|
| |
| | |
| Page 8 [Clause 11], leave out lines 42 and 43. |
|
| |
| |
| | |
| Page 9, line 27 [Clause 11], at end insert— |
|
| | “‘The Authority’s remuneration code” means the code published by the |
|
| | Authority on 12 August 2009’. |
|
| |
| | |
| Page 9, line 37 [Clause 12], after ‘person’, insert ‘in relation to whom any power |
|
| under Part 1 of the Banking Act 2009 is exercisable’. |
|
| |
| |
| | |
| Page 10, line 27 [Clause 12], after ‘person’, insert ‘in relation to whom any power |
|
| under Part 1 of the Banking Act 2009 is exercisable’. |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | |
| Page 13, line 32, leave out Clause 13. |
|
| |
|
|
| |
| |
|
| |
| | |
| Page 25, line 17 [Clause 22], after ‘proceedings’, insert ‘to modify the rules made |
|
| |
| |
| |
| | |
| Page 26, line 10 [Clause 22], leave out ‘negative’ and insert ‘affirmative’. |
|
| |
| |
| | |
| Page 31 [Clause 26], leave out lines 10 to 13. |
|
| |
| | |
| Page 31 [Clause 26], leave out lines 14 and 15 and insert— |
|
| | ‘(8) | The rules must also include provision for—’. |
|
| |
| |
| |
| |
| |
| |
| |
| |
| | |
| Page 50, line 43 [Clause 38], at end insert— |
|
| | ‘(2A) | Section [Financial Services Authority regulation of Northern Ireland credit |
|
| | unions] shall come into force at the end of the period of six months beginning |
|
| | with the day on which this Act is passed.’. |
|
| |
| | Order of the House [30 November 2009] |
|
| | That the following provisions shall apply to the Financial Services Bill: |
|
| | |
| | 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 |
|
|
|
| |
| |
|
| | |
| | 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. |
|
| | |
| | 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. |
|
| |
|