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.