Session 2015-16
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1

 

House of Commons

 
 

Notices of Amendments

 

given up to and including

 

Tuesday 9 February 2016

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Public Bill Committee


 

Bank of England and Financial Services Bill


 

[Lords]


 

Note

 

This document includes all amendments tabled to date and includes any

 

withdrawn amendments at the end. The amendments have been arranged in

 

accordance with the Order of the Committee [9 February 2016].

 


 

Richard Burgon

 

Rob Marris

 

29

 

Page  11,  line  35,  leave out Clause 12

 


 

Richard Burgon

 

Rob Marris

 

22

 

Page  12,  line  26,  leave out Clause 13

 



 
 

Notices of Amendments: 9 February 2016                  

2

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

Richard Burgon

 

Rob Marris

 

30

 

Page  34,  line  2,  leave out Schedule 1

 


 

Richard Burgon

 

Rob Marris

 

23

 

Page  14,  line  14,  leave out Clause 14

 


 

Richard Burgon

 

Rob Marris

 

24

 

Page  15,  line  1,  leave out Clause 15

 


 

Richard Burgon

 

Rob Marris

 

25

 

Page  15,  line  20,  leave out Clause 16

 


 

Richard Burgon

 

Rob Marris

 

36

 

Parliamentary Star - white    

Schedule  2,  page  40,  line  14,  at end insert—

 

“(1A)    

In the heading to section 1, for “Court of Directors” substitute “Board of

 

Directors”.

 

(1B)    

In section 1, for subsection (1) substitute—

 

“(1)    

There shall be a Board of Directors of the Bank.””

 

Richard Burgon

 

Rob Marris

 

27

 

Page  40,  line  10,  leave out Schedule 2

 



 
 

Notices of Amendments: 9 February 2016                  

3

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

Richard Burgon

 

Rob Marris

 

26

 

Page  15,  line  22,  leave out Clause 17

 


 

Richard Burgon

 

Rob Marris

 

28

 

Page  52,  line  18,  leave out Schedule 3

 


 

Richard Burgon

 

Rob Marris

 

37

 

Parliamentary Star - white    

Clause  18,  page  16,  line  12,  leave out paragraph (a) and insert—

 

“(a)    

publish any notice under subsection (1) within one month of giving such

 

a notice, and”

 

Richard Burgon

 

Rob Marris

 

38

 

Parliamentary Star - white    

Clause  18,  page  16,  line  14,  after “before”, insert “and make a statement to both

 

Houses of”

 


 

Richard Burgon

 

Rob Marris

 

33

 

Parliamentary Star - white    

Schedule  4,  page  58,  line  2,  leave out paragraph 18

 


 

George Kerevan

 

Roger Mullin

 

34

 

Parliamentary Star - white    

Clause  24,  page  19,  leave out lines 29 to 34

 

Richard Burgon

 

Rob Marris

 

31

 

Parliamentary Star - white    

Clause  24,  page  19,  line  34,  at end insert “and insert new subsections (6), (7) and

 

(8)—

 

“(6)    

Where the authorised person mentioned in subsection (5) is a relevant authorised

 

person, as defined under section 71A of the Financial Services and Markets Act

 

2000, subsection (5)(d) does not apply and subsections (7) and (8) do apply.


 
 

Notices of Amendments: 9 February 2016                  

4

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

(7)    

If the FCA satisfies itself that a person (P), who is a senior manager in relation to

 

a relevant authorised person, is guilty of misconduct by virtue of subsection

 

(5)(a)-(c), then P shall be guilty of misconduct, subject only to subsection (8).

 

(8)    

But P is not guilty of misconduct by virtue of subsections (5)(a)-(c) and (7) if P

 

satisfies the FCA that P had taken such steps as a person in P’s position could

 

reasonably be expected to take to avoid the contravention occurring (or

 

continuing).””

 

George Kerevan

 

Roger Mullin

 

35

 

Parliamentary Star - white    

Clause  24,  page  20,  leave out lines 1 to 6

 

Richard Burgon

 

Rob Marris

 

32

 

Parliamentary Star - white    

Clause  24,  page  20,  line  6,  at end insert “and insert new subsections (6), (7) and

 

(8)—

 

“(6)    

Where the PRA-authorised person mentioned in subsection (5) is a relevant

 

authorised person, as defined under section 71A of the Financial Services and

 

Markets Act 2000, subsection (5)(d) does not apply and subsections (7) and (8)

 

do apply.

 

(7)    

If the PRA satisfies itself that a person (P) who is a senior manager in relation to

 

a relevant PRA-authorised person is guilty of misconduct by virtue of subsection

 

(5)(a)-(c), then P shall be guilty of misconduct, subject only to subsection (8).

 

(8)    

But P is not guilty of misconduct by virtue of subsections (5)(a)-(c) and (7) if P

 

satisfies the PRA that P had taken such steps as a person in P’s position could

 

reasonably be expected to take to avoid the contravention occurring (or

 

continuing).””

 


 

Harriett Baldwin

 

7

 

Clause  38,  page  33,  line  25,  leave out subsection (2)

 

Member’s explanatory statement

 

This amendment removes the privilege amendment inserted by the Lords.

 



 
 

Notices of Amendments: 9 February 2016                  

5

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

New Clauses

 

Harriett Baldwin

 

NC1

 

To move the following Clause—

 

         

“Illegal money lending

 

(1)    

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

 

(2)    

After Part 20A insert—

 

Part 20B

 

Illegal Money Lending

 

333S  

Financial assistance for action against illegal money lending

 

(1)    

The Treasury may make grants or loans, or give any other form of

 

financial assistance, to any person for the purpose of taking action against

 

illegal money lending.

 

(2)    

Taking action against illegal money lending includes—

 

(a)    

investigating illegal money lending and offences connected with

 

illegal money lending;

 

(b)    

prosecuting, or taking other enforcement action in respect of,

 

illegal money lending and offences connected with illegal money

 

lending;

 

(c)    

providing education, information and advice about illegal money

 

lending, and providing support to victims of illegal money

 

lending;

 

(d)    

undertaking or commissioning research into the effectiveness of

 

activities of the kind described in paragraphs (a) to (c);

 

(e)    

providing advice, assistance and support (including financial

 

support) to, and oversight of, persons engaged in activities of the

 

kind described in paragraphs (a) to (c).

 

(3)    

A grant, loan or other form of financial assistance under subsection (1)

 

may be made or given on such terms as the Treasury consider

 

appropriate.

 

(4)    

“Illegal money lending” means carrying on a regulated activity within

 

Article 60B of the Financial Services and Markets Act 2000 (Regulated

 

Activities) Order 2001 (S.I. 2001/544) (regulated credit agreements) in

 

circumstances which constitute an authorisation offence.

 

333T  

Funding of action against illegal money lending

 

(1)    

The Treasury must, from time to time, notify the FCA of the amount of

 

the Treasury’s illegal money lending costs.

 

(2)    

The FCA must make rules requiring authorised persons, or any specified

 

class of authorised person, to pay to the FCA specified amounts, or

 

amounts calculated in a specified way, with a view to recovering the

 

amount notified under subsection (1).

 

(3)    

The amounts to be paid under the rules may include a component to

 

recover the expenses of the FCA in collecting the payments (“collection

 

costs”).


 
 

Notices of Amendments: 9 February 2016                  

6

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

(4)    

Before the FCA publishes a draft of the rules it must consult the Treasury.

 

(5)    

The rules may be made only with the consent of the Treasury.

 

(6)    

The Treasury may notify the FCA of matters that they will take into

 

account when deciding whether or not to give consent for the purposes of

 

subsection (5).

 

(7)    

The FCA must have regard to any matters notified under subsection (6)

 

before publishing a draft of rules to be made under this section.

 

(8)    

The FCA must pay to the Treasury the amounts that it receives under

 

rules made under this section apart from amounts in respect of its

 

collection costs (which it may keep).

 

(9)    

The Treasury must pay into the Consolidated Fund the amounts received

 

by them under subsection (8).

 

(10)    

In this section the “Treasury’s illegal money lending costs” means the

 

expenses incurred, or expected to be incurred, by the Treasury—

 

(a)    

in connection with providing grants, loans, or other financial

 

assistance to any person (under section 333S or otherwise) for

 

the purpose of taking action against illegal money lending;

 

(b)    

in undertaking or commissioning research relating to taking

 

action against illegal money lending.

 

(11)    

The Treasury may by regulations amend the definition of the “Treasury’s

 

illegal money lending costs”.

 

(12)    

In this section “illegal money lending” and “taking action against illegal

 

money lending” have the same meaning as in section 333S.”

 

(3)    

In section 138F (notification of rules), for “or 333R” substitute “, 333R or 333T”.

 

(4)    

In section 138I (consultation by FCA)—

 

(a)    

in subsection (6), after paragraph (cb) insert—

 

“(cc)    

section 333T;”;

 

(b)    

in subsection (10)(a), for “or 333R” substitute “, 333R or 333T”.

 

(5)    

In section 429(2) (regulations subject to affirmative procedure), for “or 333R”

 

substitute “, 333R or 333T”.

 

(6)    

In paragraph 23 of Schedule 1ZA (FCA fees rules)—

 

(a)    

in sub-paragraph (1) for “and 333R” substitute “, 333R and 333T”;

 

(b)    

in sub-paragraph (2ZA)(b) for “section 333R” substitute “sections 333R

 

and 333T”.”

 

Member’s explanatory statement

 

This new Clause gives the Treasury power to make grants and loans, and provide other financial

 

assistance, for the purpose of taking action against illegal money lending. It provides for certain

 

Treasury costs relating to illegal money lending to be recovered from authorised persons by a new

 

levy, administered by the FCA.

 



 
 

Notices of Amendments: 9 February 2016                  

7

 

Bank of England and Financial Services Bill-[Lords], continued

 
 

Harriett Baldwin

 

NC7

 

Parliamentary Star - white    

To move the following Clause—

 

         

“Early exit pension charges

 

(1)    

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

 

(2)    

After section 137FBA (as inserted by section 30) insert—

 

“137FBB 

FCA general rules: early exit pension charges

 

(1)    

The FCA must make general rules prohibiting authorised persons from—

 

(a)    

imposing specified early exit charges on members of relevant

 

pension schemes, and

 

(b)    

including in relevant pension schemes provision for the

 

imposition of specified early exit charges on members of such

 

schemes.

 

(2)    

The rules must be made with a view to securing, so far as is reasonably

 

possible, an appropriate degree of protection for members of relevant

 

pension schemes against early exit charges being a deterrent on taking,

 

converting or transferring benefits under the schemes.

 

(3)    

The rules may specify early exit charges by reference to charges of a

 

specified class or description, or by reference to charges which exceed a

 

specified amount.

 

(4)    

The rules made by virtue of subsection (1)(a) must prohibit the

 

imposition of the charges after those rules come into force, whether the

 

relevant pension scheme was established before or after those rules (or

 

this section) came into force.

 

(5)    

In relation to a charge which is imposed, or provision for the imposition

 

of a charge which is included in a pension scheme, in contravention of

 

the rules, the rules may (amongst other things)—

 

(a)    

provide for the obligation to pay the charge to be unenforceable

 

or unenforceable to a specified extent;

 

(b)    

provide for the recovery of amounts paid in respect of the charge;

 

(c)    

provide for the payment of compensation for any losses incurred

 

as a result of paying amounts in respect of the charge.

 

(6)    

Subject to subsection (8) an early exit charge, in relation to a member of

 

a pension scheme, is a charge which—

 

(a)    

is imposed under the scheme when a member who has reached

 

normal minimum pension age takes the action mentioned in

 

subsection (7), but

 

(b)    

is only imposed, or only imposed to that extent, if the member

 

takes that action before the member’s expected retirement date.

 

(7)    

The action is the member taking benefits under the scheme, converting

 

benefits under the scheme into different benefits or transferring benefits

 

under the scheme to another pension scheme.

 

(8)    

The Treasury may by regulations specify matters that are not to be treated

 

as early exit charges for the purposes of this section.


 
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Revised 09 February 2016