Schedule 9 - Discipline and enforcement

Financial Services Bill – in a Public Bill Committee at 9:45 am on 15th March 2012.

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Amendment proposed: 159, in schedule 9, page 230, line 39 leave out from ‘(c)’ to ‘the’ in line 40.—(Chris Leslie.)

Question put, That the amendment be made.

The Committee divided: Ayes 7, Noes 10.

Division number 32 Decision Time — Schedule 9 - Discipline and enforcement

Aye: 7 MPs

No: 10 MPs

Ayes: A-Z by last name

Nos: A-Z by last name

Question accordingly negatived.

Amendment made: 110, in schedule 9, page 231, line 17, after ‘345B’ insert ‘(whether as a result of section 345(2) or 345A(3) or section 249(1))’.—(Mr Hoban.)

Question proposed, That the schedule, as amended, be the Ninth schedule to the Bill.

Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

As we have heard, schedule 9 makes a variety of amendments to the Financial Services and Markets Act 2000 on disciplinary measures and the enforcement thereof. The Committee’s discussion of that has been reasonably good.

Again, we want clarity on some points, because schedule 9 addresses a range of issues, including disciplinary procedures for regulated persons, penalties for market abuse and disciplinary measures, injunctions and restitutions. Paragraph 14 amends section 381 of FSMA, which sets out the FSA’s powers and functions. The schedule also addresses warnings, decisions and discontinuations, so it is an important schedule.

I am disappointed that the Government have not seen fit to accept our amendments. Once again, we are trying to improve the Bill, and it is disappointing that we have not been able to persuade the Government. Given that the schedule addresses important issues, particularly discipline and enforcement, I am not suggesting that we do not adopt it. I want to put on record, however, that we will return to some of those issues.

Question put and agreed to.

Schedule 9, as amended,accordingly agreed to.