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

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Clause 272
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255F     Page 140, line 7, leave out subsection (3) 
  
After Clause 273
 
  
BY THE LORD McINTOSH OF HARINGEY
 
255G     Insert the following new Clause-- 
     ("  .--(1)  A direction takes effect--
    (a)  immediately, if the notice given under subsection (3) states that that is the case;
    (b)  on such date as may be specified in the notice; or
    (c)  if no date is specified in the notice, when the matter to which it relates is no longer open to review.
    (2)  A direction may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power under section 273, considers that it is necessary for the direction to take effect immediately (or on that date).
 
    (3)  If the Authority proposes to give a direction under section 273, or gives such a direction with immediate effect, it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
 
    (4)  The notice must--
    (a)  give details of the direction;
    (b)  inform the person to whom it is given of when the direction takes effect;
    (c)  state the Authority's reasons for giving the direction and for its determination as to when the direction takes effect;
    (d)  inform the person to whom it is given that he may make representations to the Authority within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
    (e)  inform him of his right to refer the matter to the Tribunal.
    (5)  The Authority may extend the period allowed under the notice for making representations.
 
    (6)  If, having considered any representations made by a person to whom the notice was given, the Authority decides--
    (a)  to give the direction in the way proposed, or
    (b)  if it has been given, not to revoke the direction,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
 
    (7)  If, having considered any representations made by a person to whom the notice was given, the Authority decides--
    (a)  not to give the direction in the way proposed,
    (b)  to give the direction in a way other than that proposed, or
    (c)  to revoke a direction which has effect,
it must give separate written notice to the operator and (if any) the trustee or depositary of the scheme concerned.
 
    (8)  A notice given under subsection (6) must inform the person to whom it is given of his right to refer the matter to the Tribunal.
 
    (9)  A notice under subsection (7)(b) must comply with subsection (4).
 
    (10)  If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
 
    (11)  This section applies to the variation of a direction on the Authority's own initiative as it applies to the giving of a direction.")
Procedure on giving directions under section 273 and varying them otherwise than as requested.
  
Clause 274
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 274 stand part of the Bill. 
  
Clause 275
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     The Lord McIntosh of Haringey gives notice of his intention to oppose the Question that Clause 275 stand part of the Bill. 
  
Clause 277
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
255H     Page 142, line 21, leave out ("a person") and insert ("one or more competent inspectors") 
255J     Page 143, line 24, at end insert--
 
    ("(  )  Section 167 has effect as if a requirement imposed by a person appointed to conduct an investigation under this section were an information requirement within the meaning of that section.")
 
255K     Page 143, line 33, at end insert--
 
("or unless the imposing on him of a requirement with respect to such information or document has been specifically authorised by the investigating authority".)
 
  
Clause 282
 
  
BY THE LORD McINTOSH OF HARINGEY
 
256     Page 145, line 43, leave out ("additional information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 284
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
256A     Page 146, line 33, at end insert (", reckless or negligent") 
256B     Page 146, line 36, at end insert ("or was in breach of Community law") 
  
Clause 290
 
  
BY THE LORD McINTOSH OF HARINGEY
 
257     Page 150, line 2, after first ("it") insert ("reasonably") 
  
Clause 292
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257A     Page 151, line 12, at end insert--
 
    ("(  )  During the period for making representations, the recognised body shall be given access to the information and documents which the Authority has relied on in deciding on its proposed action.")
 
  
Clause 293
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257B     Page 151, line 41, leave out ("of any relevant complaint") and insert ("by an independent person of complaints") 
257C     Page 151, line 43, leave out subsection (2) and insert--
 
    ("(  )  The arrangements made by the Authority must provide for the investigator to report to the Authority on the result of his investigation and, if he considers a complaint to be well-founded, to make recommendations to the Authority on the steps (if any) which the recognised body should take to remedy the matter complained of.
 
    (  )  If the investigator reports to the Authority that a complaint is well-founded, the Authority may direct the recognised body to take specified steps in response to the investigator's report.
 
    (  )  Specified steps may include the payment by the recognised body of a specified sum or specified sums to a specified person or specified persons.
 
    (  )  Independent" means appearing to the Authority to be independent of the recognised body.
 
    (  )  Specified" means specified by the Authority.")
 
  
Clause 301
 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
257D     Page 156, line 29, at beginning insert ("in his view reasonably") 
257E     Page 156, line 32, after ("information") insert ("which in the Director's view reasonably relates to any matter relevant to the investigation") 
  
BY THE LORD McINTOSH OF HARINGEY
 
258     Page 156, line 36, leave out subsection (4) 
  
Clause 308
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259     Page 160, line 41, leave out paragraph (b) 
  
Clause 310
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259NA     Page 162, line 5, after ("XII,") insert ("XIV, XV, XVI,") 
259PA     Page 162, line 5, after ("and") insert (", XXIV, sections 371 to 374 and Part") 
259QA     Page 162, line 8, at end insert--
 
    ("(  )  An insurance market direction may provide that a core provision is to have effect, in relation to persons to whom the provision is applied by the direction, with modifications.")
 
  
Clause 313
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259RA     Page 163, line 39, leave out subsection (1) 
  
Clause 314
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259SA     Page 164, line 24, at end insert--
 
    ("(  )  The Authority may extend the period allowed under the notice for making representations.")
 
259TA     Page 164, line 33, at end insert--
 
    ("(  )  If the Authority decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.")
 
259UA     Page 164, line 36, at beginning insert ("If") 
259VA     Page 164, line 37, leave out from first ("notice") to end of line 38 and insert ("decides to refuse the application, it must give A a decision notice.") 
259WA     Page 164, line 42, at end insert--
 
    ("(  )  If an application for a variation or revocation of the requirement is refused, the applicant may refer the matter to the Tribunal.
 
    (  )  If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.")
 
  
After Clause 314
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259WAA     Insert the following new Clause-- 
     (".--(1) The Authority may make rules imposing such requirements on persons to whom the rules apply as appear to it to be appropriate for protecting policyholders against the risk that those persons may not be able to meet their liabilities.
 
    (2)  The rules may apply to--
    (a)  former underwriting members generally; or
    (b)  to a class of former underwriting member specified in them.
    (3)  Section 312 applies to the making of proposed rules under this section as it applies to the giving of a proposed direction under section 309.
 
    (4)  Part X (except sections 143 to 145) does not apply to rules made under this section.")
Rules applicable to former underwriting members.
  
Clause 315
 
  
BY THE LORD McINTOSH OF HARINGEY
 
259WAB     Page 165, line 4, after ("2;") insert--
    (""former underwriting member" means a person ceasing to be an underwriting member of the Society on, or at any time after, 24 December 1996;")
 
  
Clause 316
 
  
BY THE LORD FRASER OF CARMYLLIE
 
259XA     Page 165, line 30, leave out ("and in other ways") 
259YA     Page 165, line 31, at end insert--
 
    ("(5)  The Authority shall for the purposes of obtaining the information referred to under subsection (4) above apply for an order from the court which will detail the information sought, the person to whom it is to be provided and the timescale in which it should be given.
 
    (6)  A designated professional body which complies with such an order shall not be liable in any court for any damages arising from breach of contract or tort or any obligation in restitution.")
 
  
Clause 317
 
  
BY THE LORD FRASER OF CARMYLLIE
 
259ZA     Page 166, line 16, at end insert--
 
    ("(  )  If a designated professional body wishes to cease to be designated for the purposes of this Act, it may request the Treasury to revoke its designation as a designated professional body and the Treasury shall comply with such a request.")
 
  
Clause 318
 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
259A     Page 166, line 27, leave out ("(7)") and insert ("(6)") 
  
BY THE LORD FRASER OF CARMYLLIE
 
259AA     Page 166, line 37, leave out ("for") 
259AB     Page 166, line 37, leave out ("account") and insert ("disclose") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
259AC     Page 166, line 38, at end insert ("for or on behalf of his client") 
  
BY THE LORD TAVERNE
THE LORD NEWBY
THE LORD SHARMAN
 
259B     Page 166, line 42, leave out from beginning to ("one") in line 43 and insert ("The regulated activity is") 
259C     Page 167, line 4, leave out subsection (7) 
  
Clause 319
 
  
BY THE LORD McINTOSH OF HARINGEY
 
260     Page 167, line 14, at end insert--
 
    ("(  )  A direction under subsection (1) must be published in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
 
    (  )  The Authority may charge a reasonable fee for providing a person with a copy of the direction.
 
    (  )  The Authority must, without delay, give the Treasury a copy of any direction which it gives under this section.")
 
261     Page 167, line 29, after ("use,") insert ("have used or are") 
262     Page 167, line 34, at end insert--
 
    ("(  )  If a member of a profession is carrying on an exempt regulated activity in his capacity as a trustee, the persons who are, have been or may be beneficiaries of the trust are to be treated as persons who use, have used or are or may be contemplating using services provided by that person in his carrying on of that activity.")
 
 
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