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Amendments to the Financial Services and Markets Bill

Financial Services and Markets Bill -
Amendments to be debated in the House of Lords

Here you can browse the Amendments to the Financial Services and Markets Bill to be moved in Committee in the House of Lords.

  
Schedule 1
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 216, line 32, at end insert-- 
 (Director General of the Authority 
     .  The person holding the office of Chief Executive shall be called the "Director General of the Financial Services Authority".") 
     Page 216, line 34, leave out sub-paragraph (1) and insert--
 
    ("(1)  The Treasury must secure, after consulting the Authority, that the majority of the members of the Authority's governing body are non-executive members.
 
    (1A)  The Authority must secure that a committee of its governing body, consisting solely of the non-executive members, is set up and maintained for the purposes of discharging the functions conferred by paragraph 4.")
 
     Page 216, line 40, after ("committee") insert ("referred to in sub-paragraph (1A)") 
     Page 216, line 42, after ("committee") insert ("referred to in sub-paragraph (1A)") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 216, line 43, at end insert--
 
    ("(4)  Sub-paragraph (1A) does not affect the power of the governing body to set up and maintain other committees of the governing body for purposes other than those referred to in sub-paragraph (1A) consisting solely of or of a majority of non-executive members of the governing body.
 
    (5)  The Authority must make arrangements, at its own cost, for the non-executive members of its governing body to obtain independent legal advice in relation to their responsibilities and the performance of their duties as members of the Authority's governing body.")
 
     Page 217, line 2, at end insert ("referred to in paragraph 3(1A)") 
     Page 217, line 3, leave out ("non-executive") and insert ("committee's") 
     Page 217, line 5, leave out ("non-executive") and insert ("committee's") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 217, line 25, leave out ("The Authority") and insert ("In discharging its functions the Authority may act through its governing body, but it") 
     Page 217, line 28, leave out ("But") 
     Page 218, line 40, leave out ("Authority") and insert ("investigator") 
     Page 218, line 41, leave out ("it") and insert ("he") 
     Page 218, line 45, leave out ("which the Authority is investigating") and insert ("received by the Authority") 
     Page 219, line 6, leave out sub-paragraph (3) and insert--
 
    ("(3)  If the investigator decides not to investigate a complaint he must notify the complainant.")
 
     Page 219, line 8, leave out sub-paragraph (4) and insert--
 
    ("(4)  In a case where the investigator--
    (a)  has reported that a complaint is well-founded, or
    (b)  has criticised the Authority in his report,
the investigator may include in his report a recommendation to the Authority that it takes steps to remedy the matter complained of including, where appropriate, by making an ex-gratia payment.")
 
     Page 219, line 22, leave out sub-paragraph (8) 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 219, line 34, after ("2(3);") insert--
    ("(  )  the costs and expenses incurred by the Authority in the period covered by the report, a break-down of those costs and expenses and a comparison with the corresponding costs and expenses incurred in the previous year;
    (  )  the fees paid to the Authority under rules made under paragraph 7 in the period covered by the report and a comparison with the fees paid in the previous year;
    (  )  a review of the costs incurred by the Authority in the period covered by the report in comparison with the costs incurred by regulators in other jurisdictions;
    (  )  the work of the investigator and any action taken by the Authority in response to criticisms of the Authority's conduct made by the investigator;
    (  )  the operation of the penalties scheme referred to in paragraph 16 in the period covered by the report and a comparison with the operation of the penalties scheme in the previous year;")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 219, line 37, at end insert--
    ("(  )  any report prepared by the Practitioner Panel or the Consumer Panel which the relevant Panel requests the Authority to include with its report;
    (  )  a report by the investigator on the operation of the complaints scheme in the period covered by the Authority's report;")
 
     Page 219, line 42, at end insert--
 
    ("(  )  In exercising its powers and discretions under this Act, the Treasury shall have regard to any representations made and, in particular, to any resolution or report of, or of any committee of, either House of Parliament with regard to any report made by the Authority.")
 
     Page 221, line 43, leave out ("incidental purpose") and insert ("purpose which is necessary or desirable for carrying out its functions") 
     Page 222, line 26, after ("faith") insert ("or reckless") 
     Page 222, line 29, at the end insert ("or was in breach of Community law") 
  
Clause 2
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 1, line 19, at end insert ("; and
 
    ("(  )  which does not unnecessarily impair the competitive position of the United Kingdom")
 
     Page 2, line 2, at end insert ("and market abuse") 
     Page 2, line 14, leave out from ("markets") to end of line 16 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Page 2, line 20, at end insert--
 
    (h)  the desirability of facilitating as far as possible access to financial services for disadvantaged consumers.")
 
  
Clause 3
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 2, line 32, at the end insert ("and minimising risks to the stability of the financial system") 
     Page 2, line 37, at end insert--
 
    ("(  )  Regulated activities" includes authorised persons in so far as they engage in regulated activites.")
 
  
Clause 5
 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Page 3, line 15, at end insert ("; and
 
    (e)  the responsibility of the seller for ensuring that, as far as possible, a proposed product is suitable for the consumer")
 
  
Clause 6
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 3, line 22, after ("crime") insert ("and market abuse") 
     Page 3, line 26, at end insert ("or market abuse") 
     Page 3, line 30, at end insert ("or market abuse") 
     Page 3, line 33, leave out ("prevent") and insert ("reduce the risk of their businesses being used for") 
     Page 3, line 33, at end insert ("or market abuse") 
     Page 3, line 36, at end insert--
 
    ("(  )  In considering that objective the Authority must also, so far as practicable, alert regulated persons to the activities and identities of those engaged in financial crime or market abuse.")
 
  
Clause 7
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 4, line 5, after ("on") insert ("(a) whether any proposed rules, codes, general guidance or statements, or amendments to them, are appropriate in light of the Authority's general duties; and (b)") 
  
Clause 8
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 4, line 21, at end insert--
 
    ("(  )  Before appointing any person to the Practitioner Panel, the Authority must consult such persons representing the interests of practitioners as it considers appropriate, with a view to identifying candidates for appointment to the Practitioner Panel.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 4, line 21, at end insert--
 
    ("(  )  No rule, code, general guidance, statement, scheme or other matter which, under this Act, is required to be published in draft for public consultation shall be so published unless the Practitioner Panel has been given a reasonable opportunity to make representations on the draft rule, code, general guidance, statement, scheme or other matter proposed to be published.")
 
  
Clause 9
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 4, line 39, at end insert--
 
    ("(  )  No rule, code, general guidance, statement, scheme or other matter which, under this Act, is required to be published in draft for public consultation shall be so published unless the Consumer Panel has been given a reasonable opportunity to make representations on the draft rule, code, general guidance, statement, scheme or other matter proposed to be published.")
 
  
Clause 10
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 4, line 41, leave out ("may") and insert ("must on the second anniversary of the day on which section 1 comes into force and every two years thereafter") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
     Page 4, line 41, leave out ("an independent person") and insert ("the Comptroller and Auditor General") 
     Page 4, line 43, at end insert ("in the previous two-year period") 
     Page 5, line 1, leave out subsections (2) and (3) 
     Page 5, line 6, leave out ("person conducting it") and insert ("Comptroller and Auditor General") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 5, line 15, leave out subsection (7) 
  
Clause 11
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 5, line 17, leave out ("A person") and insert ("The Comptroller and Auditor General when") 
  
Clause 12
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 5, line 40, leave out ("serious") 
  
Clause 15
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 7, line 18, leave out ("may publish the whole, or any part,") and insert ("shall publish the whole") 
     Page 7, line 20, leave out from ("applies") to ("contains") in line 21 and insert ("to a report which the Treasury consider") 
     Page 7, line 22, after ("person") insert ("(other than the Authority)") 
     Page 7, line 28, at end insert ("but, in such a case, shall publish a statement that material relating to a particular person has been removed under this subsection") 
  
Clause 19
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 8, line 24, leave out ("or inducement to engage in investment activity") and insert ("to engage in investment activity or information which is intended or might reasonably be presumed to be intended to induce any person to do so") 
     Page 8, line 30, leave out from (1)") to ("in") in line 31 and insert ("does not apply unless the communication is intended or might reasonably be presumed to be intended to be acted on by a person") 
  
Schedule 2
 
  
BY THE BARONESS TURNER OF CAMDEN
 
     Page 223, line 38, at end insert--
 
    ("Mortgage advice. Giving or offering advice on the provision of mortgages to persons.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 226, line 30 at end insert--
 
    ("  .--(1)  The Treasury must publish a draft of any order proposed to be made under section 20(1) in the way appearing to them to be best calculated to bring it to the attention of the public.
 
    (2)  The draft must be accompanied by--
    (a)  an explanation of the purpose of the proposed order; and
    (b)  notice that representations about the proposals may be made to the Treasury within a specified time.
    (3)  Before making the proposed order, the Treasury must publish an account in general terms of--
    (a)  the representations made to them in accordance with sub-paragraph (2)(b); and
    (b)  their response to to them.
    (4)  If the order made by the Treasury differs from the draft published under sub-paragraph (1) in a way which is, in the opinion of the Treasury, significant, the Treasury must (in addition to complying with sub-paragraph (3)) publish details of the difference.
 
    (5)  Sub-paragraphs (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.")
 
  
Clause 23
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 10, line 30, at end insert--
 
    ("(  )  Subsection (1) does not apply in the case of an oral communication which does not constitute an invitation to engage in investment activity.")
 
  
Clause 24
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 10, line 34, leave out ("purchaser")") and insert ("counter-party")") 
     Page 10, line 35, leave out ("purchaser") and insert ("counter-party") 
  
Clause 25
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 11, line 8, leave out ("purchaser")") and insert ("counter-party")") 
     Page 11, line 9, leave out ("purchaser") and insert ("counter-party") 
  
Clause 26
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
     Page 11, line 26, leave out ("conditions are") and insert ("condition is") 
     Page 11, line 31, leave out ("conditions are") and insert ("condition is") 
     Page 11, line 33, leave out from ("retained") to end of line 39 
     Page 11, line 40, leave out ("purchaser") and insert ("counter-party") 
 
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Prepared 14 March 2000