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Lord McIntosh of Haringey moved Amendment No. 140:
- Page 215, line 19, after ("statement") insert (", promise or forecast").
On Question, amendment agreed to.
Clause 397 [Schemes for reviewing past business]:
Lord McIntosh of Haringey moved Amendment No. 141:
- Page 219, line 34, at end insert--
The Deputy Chairman of Committees (Lord Elton): My Lords, Amendment No. 141 has been moved. Amendment No. 142 appears on the Marshalled List as an amendment to Amendment No. 141. Does the noble Lord wish to move Amendment No. 142?
Lord Kingsland: My Lords, not moved.
[Amendment No. 142, as an amendment to Amendment No. 141, not moved.]
The Deputy Chairman of Committees: My Lords, the question is that Amendment No. 141 shall be agreed to.
Lord Donaldson of Lymington: My Lords, I wished to say "no" or "not content", but I got lost! Is it open to me to say a word on Amendment No. 141? Then may I speak on that? If it is a fact that Amendment No. 142 has been lost "in the wash", that is a pity because Amendment No. 141 is open to misconstruction. The problem arises out of the word "treated". "Treated" can be regarded as "deemed" and, if so regarded, then it means, for instance, that a trustee for a limited liability company, or somebody who is not considered to be a private person--which incidentally has yet to be defined by the Treasury--might be treated under this amendment as a loss being suffered by a private person. It is perhaps a tiresome construction and a slightly unnatural one but I would have agreed, had I been able to, with Amendment No. 142, which would have got rid of any latent ambiguity. Indeed, had it been moved and gone through on the nod, a great deal of time would have been saved.
Lord Kingsland: My Lords, if I may respond to what the noble and learned Lord, Lord Donaldson, has just said, I think I spoke to Amendment No. 142 earlier, sharing his concerns about it. The noble Lord the Minister responded in his usual fashion--and there it is!
Lord McIntosh of Haringey: My Lords, "my usual fashion" was obviously entirely convincing to the noble Lord, Lord Kingsland, but not quite so convincing to the noble and learned Lord, Lord Donaldson. Amendment No. 142 has gone, and I do not think I can do very much about Amendment No. 141 except to undertake to write to both noble Lords about the issue and see whether I can put their minds at rest.
On Question, amendment agreed to.
Lord McIntosh of Haringey moved Amendment No. 143:
On Question, amendment agreed to.
Clause 407 [Service of notices]:
Lord McIntosh of Haringey moved Amendment No. 144:
On Question, amendment agreed to.
Lord McIntosh of Haringey moved Amendment No. 145:
("( ) The Treasury may prescribe circumstances in which loss suffered by a person ("A") acting in a fiduciary or other prescribed capacity is to be treated, for the purposes of an authorised scheme, as suffered by a private person in relation to whom A was acting in that capacity.").
Page 222, line 22, leave out ("Authority") and insert ("Treasury").
Page 225, line 17, leave out ("or other document to be given") and insert (", direction or document of any kind to be given or authorises the imposition of a requirement").
After Clause 408, insert the following new clause--
.--(1) The following enactments are to cease to have effect--
(a) the Industrial Assurance Act 1923;
(b) the Industrial Assurance and Friendly Societies Act 1948;
(c) the Insurance Brokers (Registration) Act 1977.
(2) The Industrial Assurance (Northern Ireland) Order 1979 is revoked.
(3) The following bodies are to cease to exist--
(a) the Insurance Brokers Registration Council;
(b) the Policyholders Protection Board;
(c) the Deposit Protection Board;
(d) the Board of Banking Supervision.
(4) If the Treasury consider that, as a consequence of any provision of this section, it is appropriate to do so, they may by order make any provision of a kind that they could make under this Act (and in particular any provision of a kind mentioned in section 332) with respect to anything done by or under any provision of Part XXI.
(5) Subsection (4) is not to be read as affecting in any way any other power conferred on the Treasury by this Act.").
On Question, amendment agreed to.
Clause 411 [Carrying on regulated activities by way of business]:
Lord McIntosh of Haringey moved Amendment No. 146:
On Question, amendment agreed to.
Clause 412 [Parent and subsidiary undertaking]:
Lord McIntosh of Haringey moved Amendment No. 147:
On Question, amendment agreed to.
Lord McIntosh of Haringey moved Amendment No. 148:
On Question, amendment agreed to.
Lord McIntosh of Haringey moved Amendment No. 149:
Page 229, line 22, leave out (" 420(2)") and insert (" 420(3)").
Page 229, line 41, after ("13(9)(a)") insert ("or (aa)").
Page 230, line 12, after ("13(9)(c)") insert ("or (cc)").
After Clause 415, insert the following new clause--
(" .--(1) In this Act, references to--
(a) contracts of insurance,
(b) reinsurance,
(c) contracts of long-term insurance,
(d) contracts of general insurance,
are to read with section 20 and Schedule 2.
(2) In this Act "policy" and "policyholder", in relation to a contract of insurance, have such meaning as the Treasury may by order specify.
(3) The law applicable to a contract of insurance, the effecting of which constitutes the carrying on of a regulated activity, is to be determined, if it is of a prescribed description, in accordance with regulations made by the Treasury.").
On Question, amendment agreed to.
Clause 416 [Expressions relating to insurance]:
Lord McIntosh of Haringey moved Amendment No. 150:
On Question, amendment agreed to.
Clause 418 [Consequential and supplementary provision]:
Lord McIntosh of Haringey moved Amendments Nos. 151 to 155:
On Question, amendments agreed to.
Clause 420 [Regulations and orders]:
Lord McIntosh of Haringey moved Amendment No. 156:
On Question, amendment agreed to.
Lord Newby moved Amendment No. 157:
Leave out Clause 416.
Page 232, line 31, leave out ("The Treasury") and insert ("A Minister of the Crown").
Page 232, line 32, leave out ("they consider") and insert ("he considers").
Page 232, line 34, leave out ("of its provisions or for giving full effect to it") and insert ("provision made by or under this Act or for giving full effect to this Act or any such provision").
Page 232, line 40, at end insert--
("( ) for applying (with or without modifications) or amending, repealing or revoking any provision of or made under an Act passed before this Act or in the same Session;
( ) dissolving any body corporate established by any Act passed, or instrument made, before the passing of this Act;").
Page 232, line 42, after ("repeal") insert ("or revocation").
Page 233, line 46, leave out ("the Treasury") and insert ("a Minister of the Crown").
After Clause 420, insert the following new clause--
(" .--(1) The Treasury must publish a draft of any regulations or orders proposed to be made under this Act in the way appearing to them to be best calculated to bring it to the attention of the persons likely to be affected by the proposed regulations or order.
(2) The draft must be accompanied by--
(a) an explanation of the purpose of the proposed regulations or order; and
(b) notice that representations about the proposals may be made to the Treasury within a specified time.
(3) Before making the proposed regulations or order, the Treasury must publish an account in general terms of--
(a) the representations made to them in accordance with subsection (2)(b); and
(b) their response to them.
(4) If the regulations or order made by the Treasury differ from the draft published under subsection (1) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with subsection (3)) publish details of the differences.
(5) Subsections (1) to (4) do not apply if the Treasury consider that the delay involved in complying with them would be prejudicial to the interests of consumers.").
The noble Lord said: My Lords, it is with some relief that I stand to move this amendment. Barring some appalling disaster, this will be the last time I shall speak on this Bill, unless something comes back from the other place. This amendment, like the first amendments that were moved what seems like many moons ago, relates to the openness and transparency with which the FSA should do its business. This is a very straightforward amendment and it requires the Treasury, when publishing a draft of regulations or orders, to make sure that the people who are likely to be affected by them have drawn to their attention the fact that the draft is accompanied by an explanation. Having received any representations, the Treasury should publish an account in general terms of the representations that have been made to them, and giving their responses.
In our view, this is completely in line with the government amendment which was agreed earlier today in respect of the consumer and the practitioner panels. In terms of publishing reasons it seems to us to be good practice, and we hope very much that the Government will feel able to accept the proposals put forward. I beg to move.
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