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

back to previous amendments
 
  
Clause 4
 
  
BY THE BARONESS UDDIN
 
58*     Page 2, line 39, leave out ("understanding of the") and insert ("confidence in the monetary and") 
  
Clause 5
 
  
BY THE LORD BORRIE
THE BARONESS WILCOX
 
59     Page 3, line 14, after ("take") insert ("reasonable") 
  
BY THE BARONESS TURNER OF CAMDEN
 
60     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")
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
61*     Page 3, line 15, at end insert ("; and
    (e)  the interests of--
          (i)  individuals who are disabled or chronically sick;
          (ii)  individuals who are of pensionable age;
          (iii)  individuals with low incomes; and
          (iv)  individuals residing in rural areas,
but that is not to be taken as implying that regard may not be had to the interests of other descriptions of consumer")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
62     Page 3, line 16, leave out from ("persons") to end of line 21 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 6
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
63     Page 3, line 22, after ("crime") insert ("and market abuse") 
64     Page 3, line 26, at end insert ("or market abuse") 
65     Page 3, line 30, at end insert ("or market abuse") 
66     Page 3, line 33, leave out ("prevent") and insert ("reduce the risk of their businesses being used for") 
67     Page 3, line 33, at end insert ("or market abuse") 
68     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.")
 
  
BY THE BARONESS UDDIN
 
69*     Page 3, line 41, at end insert ("; or
    (d) improperly obtaining a pecuniary advantage by delaying or failing to clear bills of exchange in an expeditious manner")
 
  
Clause 7
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
70*     Page 4, line 5, leave out ("practitioners and consumers") and insert ("authorised persons, consumers and other practitioners") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
71     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 TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
72*     Page 4, line 16, leave out subsection (5) and insert--
 
    ("(5) The Authority must appoint to the Practitioner Panel persons including those individuals who are--
    (a)  authorised persons;
    (b)  approved persons;
    (c)  persons representing the interests of authorised persons through trade associations or trade bodies or other similar bodies;
    (d)  persons representing the interests of recognised investment exchanges;
    (e)  persons representing recognised clearing houses; and
    (f)  such other persons as the Authority may from time to time consider appropriate.")
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
73     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
 
74     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 McINTOSH OF HARINGEY
 
75     Page 4, line 35, after ("or") insert ("are or may be") 
76     Page 4, line 37, leave out from second ("persons") to end of line 39 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
77     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.")
 
  
After Clause 9
 
  
BY THE BARONESS WILCOX
 
78*     Insert the following new Clause-- 
     ("  .--(1)  The Authority shall, subject to subsection (2), publish or disclose information to any person on request with a view to enabling members of the public to make informed judgements about the way in which it is carrying out its functions.
 
    (2)  Before deciding not to publish or disclose information, the Authority must decide that the public interest is outweighed by any considerations of confidentiality attaching to it.")
Publication of information by the authority.
  
Clause 10
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
79     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
 
80     Page 4, line 41, leave out ("an independent person") and insert ("the Comptroller and Auditor General") 
81     Page 4, line 43, at end insert ("in the previous two-year period") 
82     Page 5, line 1, leave out subsections (2) and (3) 
  
BY THE LORD McINTOSH OF HARINGEY
 
83     Page 5, line 5, at end insert ("or in exercising functions under Part VI") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
84     Page 5, line 6, leave out ("person conducting it") and insert ("Comptroller and Auditor General") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
85     Page 5, line 15, leave out subsection (7) 
  
Clause 11
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
86     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
 
87     Page 5, line 40, leave out ("serious") 
  
BY THE LORD McINTOSH OF HARINGEY
 
88     Page 6, line 11, leave out from ("persons") to end of line 16 and insert ("--
    (a)  who are consumers for the purposes of section 129; or
    (b)  who, in relation to regulated activities carried on otherwise than by authorised persons, would be consumers for those purposes if the activities were carried on by authorised persons.")
 
  
Clause 14
 
  
BY THE LORD McINTOSH OF HARINGEY
 
89*     Page 7, line 8, leave out subsection (4) 
  
Clause 15
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
90     Page 7, line 18, leave out ("may publish the whole, or any part,") and insert ("shall publish the whole") 
91     Page 7, line 20, leave out from ("applies") to ("contains") in line 21 and insert ("to a report which the Treasury consider") 
92     Page 7, line 22, after ("person") insert ("(other than the Authority)") 
93     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
 
94     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") 
95     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") 
  
BY THE LORD McINTOSH OF HARINGEY
 
96     Page 8, line 38, at end insert--
 
    ("(5A)  An order under subsection (5) may, in particular, provide that subsection (1) does not apply in relation to communications--
    (a)  of a specified description;
    (b)  originating in a specified country or territory outside the United Kingdom;
    (c)  originating in a country or territory which falls within a specified description of country or territory outside the United Kingdom; or
    (d)  originating outside the United Kingdom.
    (5B)  The Treasury may by order repeal subsection (3).")
 
  
Clause 20
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
97*     Page 9, line 16, leave out subsection (1) and insert--
 
    ("(1)  An activity is a regulated activity for the purposes of this Act if it is--
    (a)  an activity of a specified kind which is carried on by business and--
          (i)  relates to an investment of a specified kind; or
          (ii)  in the case of an activity of a kind which is also specified for the purposes of this paragraph, is carried on in relation to property of any kind;
    (b) an activity which is carried on by business and relates to loans secured on land or any other property.")
 
  
BY THE BARONESS UDDIN
 
98*     Page 9, line 17, at end insert--
    ("(  )  relates to any monetary activity or transaction carried on in relation to money of any kind;")
 
  
BY THE LORD LIPSEY
THE LORD BURNS
THE LORD PHILLIPS OF SUDBURY
 
99     Page 9, line 25, at end insert--
 
    ("(  )  The Treasury shall within 28 days of the passing of this Act make provision under subsection (1) in respect of buying, selling, subscribing for, carrying out or underwriting contracts of insurance against the provision of long-term care or offering to do so, either as a principal or as an agent.")
 
  
BY THE LORD TAVERENE
THE LORD NEWBY
THE LORD SHARMAN
 
100*     Page 9, line 25, at end insert--
    ("(  )  Subsection (1)(b) above applies only in respect of those activities described in general terms in Part 1 of Schedule 2.
     
        (  )  Loans secured on land or any other property" means rights under any contract under which--
    (a)  one person provides another with credit; and
    (b)  the obligation of the borrower to repay is secured on land or any other property.
    (  )  Credit" includes any cash loan or other financial accommodation.
 
    (  )  Cash" includes any money form.")
 
  
Schedule 2
 
  
BY THE BARONESS TURNER OF CAMDEN
 
101     Page 223, line 38, at end insert-- 
 ("Mortgage advice 
     .  Giving or offering advice on the provision of mortgages to persons.") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
102*     Page 226, line 1, leave out paragraph 23 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
103     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 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.")
 
 
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