Saving Gateway Accounts Bill
MARSHALLED
LIST OF AMENDMENTS
TO BE MOVED
IN GRAND COMMITTEE
The amendments have been marshalled in accordance with the Instruction of 21st July 2008, as follows—
[Amendments marked * are new or have been altered]
Amendment
No.
| 1 | Page 1, line 12, leave out subsection (2) |
| 2 | Page 1, line 17, leave out paragraph (b) |
| 3 | Page 2, line 2, after "issue" insert "or cause to be issued" |
| 4 | Page 2, line 4, at end insert "no later than one month after that person becomes an eligible person" |
| 5 | Page 2, line 8, at end insert— |
| "( ) | The expiry date must be no later than the date that a person ceases to satisfy the definition of an eligible person as set out in section 3." |
| | LORD OAKESHOTT OF SEAGROVE BAY |
| 6 | Page 2, line 11, after "person," insert— |
| "(aa) | the eligible person after a prescribed period has not opened a Saving Gateway account," |
| 7 | Page 2, line 15, after "to" insert "claim" |
| 8 | Page 2, line 16, after "(2)" insert "or the person satisfies the conditions set out in regulations made under subsection (2A)" |
| 9 | Page 2, line 17, leave out from "person" to end of line 18 and insert "is— |
| (i) | ordinarily resident in the United Kingdom, or |
| (ii) | is or has been resident in the United Kingdom and is treated as ordinarily resident by regulations" |
| 10 | Page 2, line 24, at end insert— |
| "( ) | a carer's allowance under section 70 of the Social Security Contributions and Benefits Act 1992 (c. 4) (but this is subject to subsection (3A));" |
| | BARONESS HOLLIS OF HEIGHAM |
| 11* | Page 2, line 28, at end insert— |
| "( ) | pension credit (but this is subject to any regulations made under subsection (4))" |
| 12 | Page 2, line 28, at end insert— |
| "(2A) | Regulations may provide that a person of a prescribed description is an eligible person if that person's annual income is less than an amount which is prescribed." |
| 13 | Page 2, line 31, at end insert— |
| "(3A) | A person is not an eligible person by reason of entitlement to a carer's allowance unless— |
| (a) | such an allowance is payable to the person; and |
| (b) | the amount payable has not, by reason of the person's receipt of other benefits, been reduced to nil under regulations made under section 73 of the Social Security Administration Act 1992 (c. 5)." |
| 14 | Page 2, line 32, leave out "may" and insert "shall" |
| | BARONESS HOLLIS OF HEIGHAM |
| 15* | Page 2, line 33, after "credit" insert ", pension credit" |
| 16 | Page 2, line 35, leave out "may" and insert "shall" |
| 17 | Page 2, line 38, at end insert "and may" |
| 18 | Page 3, line 1, leave out subsection (7) |
| 19 | Page 3, line 8, at end insert— |
| "( ) | In approving account providers, the Commissioners shall have regard to the desirability of choice being available to persons who wish to open a Saving Gateway account." |
| 20 | Page 3, line 8, at end insert— |
| "( ) | In approving account holders, the Commissioners shall have regard to the desirability of eligible persons having access to financial information concerning savings." |
| 21 | Page 3, line 10, after "period" insert "of not less than 12 months" |
| 22 | Page 3, line 20, at end insert— |
| "( ) | Regulations may not require an account provider to pay interest on a Saving Gateway account." |
| 23 | Page 3, line 20, at end insert— |
| "( ) | Regulations may prohibit the account provider from making any charges in connection with a Saving Gateway account." |
| 24 | Page 3, line 21, after "the" insert "minimum and maximum" |
| 25 | Page 3, line 28, at end insert— |
| "( ) | Regulations made under subsections (2) and (3) may not be made unless a draft of the statutory instrument containing the regulations has been laid before, and approved by, a resolution of each House of Parliament." |
| 26 | Page 3, line 36, at end insert— |
| "( ) | Regulations under section 4(1) may require account holders to be eligible for compensation from the Financial Services Compensation Scheme and access to the ombudsman scheme under the Financial Services and Markets Act 2000 (c. 8)." |
| 27 | Page 4, line 3, leave out "true" |
| 28 | Page 4, line 9, leave out subsection (4) |
| 29 | Page 4, line 13, leave out "at the same time" and insert "during his lifetime" |
| 30 | Page 4, line 14, leave out paragraphs (b) and (c) |
| | LORD OAKESHOTT OF SEAGROVE BAY |
| 31 | Page 4, line 17, leave out paragraph (c) |
| 32 | Page 4, line 19, at end insert— |
| "( ) | Regulations made under subsection (5) may not be made unless a draft of the statutory instrument containing the regulations has been laid before, and approved by, a resolution of each House of Parliament." |
| 33 | Page 4, line 20, at end insert— |
| "( ) | A Saving Gateway account held with one account provider may be transferred to another account provider only where— |
| (a) | the Commissioners have withdrawn approval of an account provider, |
| (b) | an account provider is the subject of the special resolution regime provided by the Banking Act 2009 (c. 1)." |
| 34 | Page 4, line 22, leave out paragraph (a) |
| 35 | Page 4, line 31, after "pence)" insert "not exceeding 100 pence" |
| 36 | Page 5, line 8, leave out paragraph (c) and insert— |
| "( ) | Regulations must provide that account providers must provide statements at intervals of no less than 6 months except in respect of the final statement where the Saving Gateway account is closed whether by transfer or otherwise." |
| 37 | Page 5, line 8, at end insert— |
| "( ) | Regulations must provide that statements are available in hard copy form unless the holders of a Saving Gateway account consents to statements being provided electronically or in some other way." |
| 38 | Page 5, line 12, at end insert— |
| "( ) | An account ceases to be a Saving Gateway account if it is sold, transferred or charged as security by the account holder." |
| 39 | Insert the following new Clause— |
| (1) | The Treasury will each year lay a report before Parliament setting out information about the operation of Saving Gateway accounts. |
| (2) | The report must contain information for the year about the— |
| (a) | number of people who were eligible persons, |
| (b) | number of people to whom notices of eligibility were issued, |
| (c) | number of Saving Gateway accounts opened, |
| (d) | number of Saving Gateway accounts closed prior to maturity, |
| (e) | number of Saving Gateway accounts in respect of which maturity payments were made and the aggregate amount of those payments, |
| (f) | number of approved account providers. |
| (3) | The first report will cover the period from the date that the first Saving Gateway accounts may be opened to the following 31 March and subsequent reports will cover successive periods of 12 months." |
| 40* | Insert the following new Clause— |
| | "Report on effectiveness of Saving Gateway accounts |
| (1) | The Treasury shall appoint an independent person to carry out a review of the effectiveness of Saving Gateway accounts and to prepare a report as a result of that review. |
| (2) | The review shall consider in particular— |
| (a) | the take up of Saving Gateway accounts, |
| (b) | the extent to which Saving Gateway accounts resulted in regular savings both before and after the maturity of those accounts, |
| (c) | any barriers to the wide use of Saving Gateway accounts, |
| (d) | the provision of and need for financial education for Saving Gateway account holders, |
| (e) | any other matters which the independent reviewer considers relevant to a consideration of the effectiveness of Saving Gateway accounts. |
| (3) | A review must be carried out after the fourth anniversary of the issue of the first notice of eligibility under section 2 and the report following the review must be delivered to the Treasury before the fifth anniversary of that issue. |
| (4) | The Treasury shall lay the report received under this section before each House of Parliament and shall publish it in such manner as it thinks appropriate. |
| (5) | In this section "independent" means independent of the Treasury and of any providers of Saving Gateway accounts." |
| 41 | Page 5, line 40, at end insert— |
| "( ) | Regulations made under this section may only make provision in respect of amounts paid due to an error or mistake by an office of Her Majesty's Revenue and Customs if the person required to account to the Commissioners materially contributed to the error or mistake." |
| 42 | Page 5, line 40, at end insert— |
| "( ) | Regulations made under this section may not provide for an account provider to account to the Commissioners for an amount which it has paid in good faith to an account holder or other person entitled in law to receive that amount." |
| 43* | Page 6, line 25, leave out "may" and insert "shall" |
| 44 | Page 7, line 9, at end insert— |
| "( ) | Regulations may make provision about the transfer of funds from an account when it ceases to be a Saving Gateway account if the account holder has not given instructions to the account provider as to the disposition of the funds." |
| 45 | Page 8, line 7, at end insert— |
| "( ) | Information obtained by Her Majesty's Customs and Revenue as a consequence of the amendents made by this section may be used only for the purposes of administering Saving Gateway accounts." |
| 46 | Page 8, line 10, after "deliberately" insert "or carelessly" |
| 47 | Page 12, line 29, leave out "three" and insert "two" |
| 48 | Page 13, line 7, leave out "The first" |
| 49 | Page 13, line 10, leave out subsection (6) |
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