Public Bill Committees
Financial Services Bill

• Financial Services Bill, 1st sitting (6 speeches)
  [Mr Edward Leigh in the Chair]
  • Clause 1 - Deputy Governors (61 speeches)
    I beg to move amendment 1, in clause 1, page 1, leave out line 5 and insert ‘(1), (2) and (2A) substitute— ‘(1) There shall continue to be a court of...
  • Clause 2 - The Bank’s financial stability objective (16 speeches)
    I beg to move amendment 4, in clause 2, page 2, line 7, at end insert ‘(2A) The Bank shall also be under a duty to minimise, as far as possible, the use of...
• Financial Services Bill, 2nd sitting (59 speeches)
  [Mr George Howarth in the Chair] Written evidence to be reported to the House FS 01 Aviva FS 02 Payplan
  • Clause 3 - Financial stability strategy and Financial Policy Committee (30 speeches)
    I beg to move amendment 37, in clause 3, page 2, line 21, aft er ‘strategy’, insert ‘including the proposed range of macro-prudential measures...
• Financial Services Bill, 3rd sitting (0 speeches)
  [Mr George Howarth in the Chair] Written evidence to be reported to the House FS 03 Association of Independent Financial Advisers
  • Clause 3 - Financial stability strategy and Financial Policy Committee (32 speeches)
    Amendment proposed (21 February): 9, in clause 3, page 3, line 14, leave out ‘4’ and insert ‘6’.—(Chris Leslie.)
• Financial Services Bill, 4th sitting (0 speeches)
  [Mr George Howarthin the Chair]
  • Clause 3 - Financial Stability Strategy and Financial Policy Committee (138 speeches)
    Amendment moved (this day): 5, in clause 3, page 3, line 34, after ‘functions’, insert ‘having regard to the Government’s growth, employment and...
• Financial Services Bill, 5th sitting (0 speeches)
  [Mr Edward Leigh in the Chair] Written evidence to be reported to the House FS 04 Intellect FS 05 Association of British Insurers FS 06 Fidelity Worldwide Investment FS 07 Age UK
  • Clause 3 - Financial stability strategy and Financial Policy Committee (116 speeches)
    I beg to move amendment 29, in clause 3, page 6, line 27, lea ve out from ‘may’ to first ‘the’ in line 29 and insert ‘require or...
• Financial Services Bill, 6th sitting (0 speeches)
  [Mr George Howarth in the Chair]
  • Financial stability strategy and Financial Policy Committee (37 speeches)
    Amendment moved (this day): 33, in clause 3, page 11, line 35, leave out ‘two’ and insert ‘four’.—(Chris Leslie.)
  • Schedule 1 - Bank of England Financial Policy Committee (34 speeches)
    I beg to move amendment 24, in schedule 1, page 168, line 11, at end insert ‘but shall not exceed the terms and conditions and remuneration arrangements available to external...
  • Clause 4 - Further amendments relating to Bank of England (7 speeches)
    I beg to move amendment 23, in clause 4, page 14, line 36, at end add— ‘Within a year of commencement of this Act the Bank of England shall publish a review...
  • Schedule 2 - Further amendments relating to Bank of England (11 speeches)
    I beg to move amendment 27, in schedule 2, page 171, leave out lines 26 to 28. The amendment, which is probing, proposes the omission of what is intended to replace paragraph 6(1) of...
• Financial Services Bill, 7th sitting (1 speech)
  [Mr James Gray in the Chair] Written evidence to be reported to the House FS 08 British Bankers Association FS 09 Association for Financial Markets in Europe
  • Clause 5 - The new Regulators (41 speeches)
    I beg to move amendment 51, in clause 5, page 15, line 34, at end insert ‘, fairly, efficiently and transparently.’.
• Financial Services Bill, 8th sitting (0 speeches)
  [Mr George Howarth in the Chair]
  • Clause 5 - The new Regulators (119 speeches)
    Amendment moved (this day): 72, in clause 5, page 16, line 7, at end insert— ‘(5) The FCA must, so far as is compatible with acting in a way which advances its operational objectives,...
• Financial Services Bill, 9th sitting (0 speeches)
  [Mr Edward Leigh in the Chair] Written evidence to be reported to the House FS 10 Bates Wells and Braithwaite London LLP
  • Clause 5 - The new Regulators (85 speeches)
    I beg to move amendment 136, in clause 5, page 21, line 17, at end insert— ‘(c) persons who issue financial instruments, (d) sponsors, as defined in section...
• Financial Services Bill, 10th sitting, part 1 (0 speeches)
  [Mr George Howarth in the Chair]
  • Clause 5 - The new Regulators (36 speeches)
    Amendment proposed (this day): 80, in clause 5, page 37, line 34, after ‘supply’, insert ‘and consumption’.—(Chris Leslie.)
  • Schedule 3 - Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000 (17 speeches)
    I beg to move amendment 43, page 174, line 44, leave out from ‘expenses’ to end of line 46 and insert ‘to the Bank of England in respect of the services of the...
  • Clause 6 - Extension of scope of regulation (4 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 7 - Orders under section 22 of FSMA 2000 (5 speeches)
    Question proposed,That the clause stand part of the Bill.
  • Clause 8 - Designation of activities requiring prudential regulation by PRA (14 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 9 - Permission to carry on regulated activities (14 speeches)
    I call Cathy Jamieson to move amendment 141. [Hon. Members: “Hear, hear.”]
  • Clause 10 - Passporting: exercise of EEA rights and Treaty rights (18 speeches)
    I beg to move amendment 143, in clause 10, page 59, line 18, a t end insert— ‘(1B) In seeking to ensure an appropriate degree of protection for...
  • Clause 11 - Prohibition Orders (5 speeches)
    I beg to move amendment 145, in clause 11, page 61, line 7, at end insert— ‘(8A) In the event of a prohibition order being made, the FCA or PRA...
• Financial Services Bill, 10th sitting, part 2 (5 speeches)
  [Mr George Howarth in the Chair] [Continuation from column 384]
  • Clause 12 - Approval for particular arrangements (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 13 - Further amendments relating to performance of regulated activities (7 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 14 - FCA to exercise functions under part 6 of FSMA 2000 (95 speeches)
    I beg to move amendment 92, in clause 14, page 63, line 38, after ‘authority”’ insert ‘or “the Authority”’.
  • Clause 15 - Discontinuance or suspension at the request of the issuer: procedure (3 speeches)
    Question proposed, That the clause stand part of the Bill.
• Financial Services Bill, 11th sitting (0 speeches)
  [Mr Edward Leigh in the Chair] Written evidence to be reported to the House FS 11 HSBC Bank plc
  • Clause 15 - Discontinuance or suspension at the request of the issuer: procedure (2 speeches)
    Question (6 March) again proposed, That the clause stand part of the Bill.
  • Clause 16 - Listing rules: disciplinary powers in relation to sponsors (7 speeches)
    I beg to move amendment 147, in clause 16, page 68, line 37, at end insert— ‘(9) The Treasury must lay before Parliament a copy of any statement published...
  • Clause 17 - Primary information providers (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 18 - Penalties for breach of part 6 rules (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 19 - Repeal of competition scrutiny power (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 20 - Control of business transfers (14 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 21 - Proceedings before Tribunal (0 speeches)
    Amendment made: 94, in clause 21, page 77, line 29, a t end insert— ‘( ) a decision to take action under section 249;’.— (Mr Hoban.)
  • Clause 22 - Rules and guidance (26 speeches)
    Amendment proposed: 87, in clause 22, page 80, line 2, at end insert— ‘(2A) The FCA may make rules or apply a sanction to authorised persons who offer...
• Financial Services Bill, 12th sitting (1 speech)
  [George Howarth in the Chair]
  • Clause 22 - Rules and Guidance (58 speeches)
    Amendment moved (this day): 149, in clause 22, page 82, line 10, at end insert— ‘(c) provide for a legal sanction based approach introducing a strict...
  • Clause 23 - Short selling rules (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 24 - Control over authorised persons (5 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 25 - Powers of regulators in relation to parent undertakings (14 speeches)
    I beg to move amendment 156, in clause 25, page 108, leave out lines 29 and 30.
  • Clause 26 - Exemption for recognised investment exchanges and clearing houses (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 27 - Powers in relation to recognised investment exchanges and clearing houses (4 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 7 - Application of provisions of FSMA 2000 to Bank of England etc (5 speeches)
    Question proposed, That the schedule be the Seventh schedule to the Bill.
  • Clause 28 - Recognition requirements: power of FCA and Bank to make rules (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 29 - Recognised bodies: procedure for giving directions under s.296 etc (3 speeches)
    Question proposed,That the clause stand part of the Bill.
  • Clause 30 - Power to take disciplinary measures against recognised bodies (14 speeches)
    I beg to move amendment 131, in clause 30, page 117, line 37,  at end insert— ‘(2) If a statement is published and further investigation does not result...
• Financial Services Bill, 13th sitting (0 speeches)
  [Mr Edward Leigh in the Chair] Written evidence to be reported to the House FS 12 MK Money Lifeline
  • Clause 31 - Repeal of special competiton regime (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 32 - Sections 26 to 31: minor and consequential amendments (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 8 - Sections 26 to 31: minor and consequential amendments (3 speeches)
    I beg to move amendment 103, page 218, line 31 [Schedule 8], leave out paragraph 3 and insert— ‘3 (1) Section 287 (application by an investment exchange) is amended as...
  • Clause 33 - Suspension and removal of financial instruments from trading (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 9 - Discipline and enforcement (1 speech)
    Amendment proposed: 159, in schedule 9, page 230, line 39 leave out from ‘(c)’ to ‘the’ in line 40.—(Chris Leslie.)
  • Clause 35 - The Financial Services Compensation Scheme (7 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 10 - The Financial Services Compensation Scheme (0 speeches)
    Amendment proposed: 160, in schedule 10, page 239, line 36, at end insert— ‘(14) The regulators shall bring forward recommendations within six months of Royal Assent of this Act...
  • Clause 36 - The financial ombudsman service (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 11 - The financial ombudsman service (7 speeches)
    I beg to move amendment 191, in schedule 11, page 241, line 8, at end insert— ‘In section 234(1), after “or any class of authorised person”, insert “or any claims...
• Financial Services Bill, 14th sitting (0 speeches)
  [Mr Edward Leigh in the Chair]
  • Schedule 11 - The financial ombudsman service (8 speeches)
    Amendment proposed (this day): 191, in schedule 11, page 241, line 8, at end insert— ‘In section 234(1), after “or any class of authorised person”, insert “or any...
  • Clause 37 - Lloyd’s (7 speeches)
    I beg to move amendment 97, in clause 37, page 122, line 49,  leave out ‘PRA-authorised persons’ and insert ‘the Society, and the members of the...
  • Schedule 12 - Amendments of Parts 11 and 23 of FSMA 2000 (18 speeches)
    I beg to move amendment 88, in schedule 12, page 244, line 40, at end insert— ‘In section 165A after subsection (10) at end insert— ‘(11) Data...
  • Clause 39 - Auditors and actuaries (1 speech)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 13 - Auditors and actuaries (10 speeches)
    Question proposed, That this schedule be the thirteenth schedule to the Bill.
  • Clause 40 - Provisions about consumer protection and competition (25 speeches)
    I beg to move amendment 169, in clause 40, page 124, line 31, at end insert— ‘(2) A designated consumer body may make a complaint to the PRA that a feature, or combination of...
  • Schedule 14 - Amendments of Part 24 of FSMA 2000: insolvency (3 speeches)
    Question proposed,That the schedule be the Fourteenth schedule to the Bill.
  • Clause 42 - The consumer financial education body (19 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Schedule 15 - The consumer financial education body (6 speeches)
    Amendment made: 111, page 270, line 37, schedule 15, leave out ‘to the Treasury’.—(Mr Hoban.)
  • Schedule 16 - Provision of financial services by members of the professions (4 speeches)
    Question proposed, That this schedule be the Sixteenth schedule to the Bill.
  • Clause 44 - International obligations (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 45 - Interpretation of FSMA 2000 (4 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 46 - Parliamentary control of statutory instruments (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 47 - Mutual societies: power to transfer functions (11 speeches)
    I beg to move amendment 162, in clause 47, page 130, line 36,  at end insert— ‘(f) providing for any function of the FSA in respect of the Registry of...
• Financial Services Bill, 15th sitting, part 1 (1 speech)
  [Mr James Gray in the Chair]
  • Clause 48 - Further provision that may be included in orders under section 47 (7 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 49 - Evidence (14 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 50 - Repeals in Part 21 of FSMA 2000 (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 51 - Building societies: creation of floating charges (5 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 52 - Power to direct transfer of building society’s business (32 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 53 - Interpretation of Part 3 (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 54 - Duty of Bank to notify Treasury of possible need for public funds (44 speeches)
    I beg to move amendment 173, in clause 54, page 134, line 2, a t end insert— ‘(3) The first case requires the Bank of England, FPC, FCA or PRA to provide...
• Financial Services Bill, 15th sitting, part 2 (5 speeches)
  [Mr Edward Leigh in the Chair] [Continuation from column 580]
  • Clause 55 - Duty of Bank to notify Treasury of changes (15 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 56 - Circumstances in which Treasury power of direction exercisable (2 speeches)
    Amendment made: 100, in clause 56, page 135, line 14, after ‘PRA’ insert ‘, the FCA’.—(Mr Hoban.)
  • Clause 57 - Treasury power of direction (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 58 - Directions under section 57: supplementary provisions (14 speeches)
    I beg to move amendment 192, in clause 58, page 136, line 22, leave out from ‘Bank’ to ‘give’ and insert ‘must’. The amendment relates to...
  • Clause 59 - Duty to lay direction etc before Parliament (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 60 - Duty of Treasury, Bank and PRA to co-ordinate discharge of functions (7 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 61 - Memorandum of understanding: crisis management (22 speeches)
    I beg to move amendment 181, in clause 61, page 137, line 23, after ‘PRA’, insert ‘and the FCA’.
  • Clause 62 - Memorandum of understanding: international organisations (9 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 63 - Interpretation of Part 4 (1 speech)
    Question proposed,That the clause stand part of the Bill.
  • Clause 64 - Cases in which Treasury may arrange independent inquiries (3 speeches)
    Question proposed,That the clause stand part of the Bill.
  • Clause 65 - Power to appoint person to hold an inquiry (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 66 - Powers of appointed person and procedure (3 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 67 - Conclusion of inquiry (4 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 69 - Duty of FCA to investigate and report on possible regulatory failure (7 speeches)
    I beg to move amendment 193, in clause 69, page 142, line 34,  at end insert— ‘(4A) Any direction under subsection (4) must be laid before Parliament and...
  • Clause 70 - Duty of PRA to investigate and report on possible regulatory failure (1 speech)
    Question proposed, That the clause stand part of the Bill.
  • Clause 72 - Modification of section 70 in relation to Lloyd’s (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 73 - Power of Treasury to require FCA or PRA to undertake investigation (2 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 74 - Conduct of investigation (4 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 75 - Conclusion of investigation (2 speeches)
    Question proposed, That the clause stand part of the Bill.
• Financial Services Bill, 16th sitting (0 speeches)
  [Mr Edward Leigh in the Chair] Written evidence to be reported to the House FS 13 City of London
  • Clause 79 - Arrangements for the investigation of complaints (27 speeches)
    Question proposed, That the clause stand part of the Bill.
  • Clause 80 - Relevant functions in relation to complaints scheme (0 speeches)
    Amendment made: 101, in clause 80, page 148, line 37, leave out ‘312J or 345D of FSMA 2000, or’ and insert ‘or 312J of FSMA 2000, (0) section 345D of FSMA...
  • Schedule 18 - Further minor and consequential amendments (0 speeches)
    Amendments made: 112, in schedule 18, page 284, line 7, at end insert— 8A (1) Section 249 (disqualification of auditor for breach of trust scheme rules) is amended as...
  • Schedule 20 - Transitional provisions (0 speeches)
    Amendment made: 114, in schedule 20, page 311, line 22, leave out paragraphs 6 and 7 and insert— ‘5A In relation to the first order under section 9K of the Bank of...
  • New Clause 1 - Debt management fees (0 speeches)
    ‘The FCA shall bring forward recommendations within a year of the commencement of this Act to phase out the practice of directly charging consumers fees or charges for the provision of debt...
  • New Clause 2 - Depositor preference in insolvency (7 speeches)
    ‘The Treasury shall bring forward regulations to ensure FSCS insured deposits are moved above other unsecured creditors and above floating charge holders in the creditor hierarchy in the...