Financial Services Bill

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House of Lords

Session 2009 - 10
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Financial Services Bill

Financial Services Bill

EXPLANATORY NOTES
Explanatory notes to the Bill, prepared by the Treasury, are published separately as
HL Bill 26—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Lord Myners has made the following statement under section 19(1)(a) of the Human
Rights Act 1998:
In my view the provisions of the Financial Services Bill are compatible with the
Convention rights.

HL Bill 26 54/5

Financial Services Bill

Contents
Council for Financial Stability
1
Council for Financial Stability
2
Proceedings of the Council
3
Annual report
4
Definitions
Objectives of FSA etc
5
Financial stability objective
6
Enhancing public understanding of financial matters etc
7
Meeting FSA’s regulatory objectives
8
Promotion of international regulation and supervision
Remuneration of executives of authorised persons
9
Executives’ remuneration reports
10
Executives’ remuneration reports: supplementary
11
Rules made by FSA about remuneration
Recovery and resolution plans
12
Rules made by FSA about recovery and resolution plans
Short selling
13
Power of FSA to prohibit, or require disclosure of, short selling
FSA’s disciplinary powers
14
Suspending permission to carry on regulated activities etc
15
Removal of restriction on imposing a penalty and cancelling authorisation
16
Performance of controlled function without approval
17
Approved persons guilty of misconduct
Collective proceedings
18
Collective proceedings orders
19
Collective proceedings: “opt-in” and “opt-out” bases

HL Bill 26
54/5

Financial Services Bill
ii

20
Judgments and orders: effect on represented persons
21
Meaning of “financial services claim”
22
Regulations about collective proceedings
23
Regulations under section 22 (1): damages
24
Rules of court about collective proceedings
25
Definitions
Other measures to protect consumers
26
Consumer redress schemes
27
Restrictions on provision of credit card cheques
Financial Services Compensation Scheme
28
Contribution to costs of special resolution regime
29
Power to require FSCS manager to act in relation to other schemes
Powers to require information
30
Information relating to financial stability
31
Asset protection scheme etc
Banking Act 2009
32
Services forming part of recognised inter-bank payment systems
33
Minor amendments of provision made by Banking Act 2009
Director of Savings
34
Administration of court funds by Director of Savings
General
35
Orders or regulations
36
Minor and consequential amendments
37
Extent
38
Commencement
39
Short title
Schedule 1   —
Further provision about the consumer financial education
body
Schedule 2   —
Minor and consequential amendments
Part 1   —
Amendments of Financial Services and Markets Act 2000
Part 2   —
Amendments of other legislation

© Parliamentary copyright 2010
Revised 27 January 2010