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New Clause 16 - Functions of the FCA

Water Bill – in a Public Bill Committee at 3:30 pm on 12th December 2013.

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‘(1) The Treasury may by regulations provide for the FCA to take action for monitoring and enforcing compliance with—

(a) such of the obligations imposed on relevant insurers by regulations under section (Flood insurance obligations) or (Compliance reports) as may be specified in the regulations;

(b) such description of those obligations as may be specified in the regulations.

(2) The regulations may provide for the FCA to take action for enforcing compliance with—

(a) such of the obligations imposed on insurers by regulations under section (Flood insurance obligations: information) as may be specified in the regulations;

(b) such description of those obligations as may be specified in the regulations.

(3) Regulations under subsection (2) may only provide for the FCA to take action as regards cases where—

(a) the failure to comply, if proved, would consist in or involve providing information that is not true or producing a document that is not correct, or

(b) measures available under section (Flood insurance obligations: further provision) have been taken without securing compliance.

(4) The regulations may apply, or make provision corresponding to, any of the provisions of the Financial Services and Markets Act 2000 or the Financial Services Act 2012, with or without modification.

(5) The provisions of the Financial Services and Markets Act 2000 and the Financial Services Act 2012 referred to in subsection (4) include in particular—

(a) provisions about gathering information and investigating, including provisions as to powers of entry and search;

(b) provisions as to criminal offences and disciplinary measures;

(c) provisions for the grant of an injunction in relation to a contravention or anticipated contravention;

(d) provisions giving the Treasury or the FCA powers to make subordinate legislation;

(e) provisions for the FCA to charge fees;

(f) provisions restricting liability in damages in relation to the discharge of functions of the FCA.

(6) The regulations may make provision enabling the FCA, to such extent as the regulations may prescribe, to make arrangements for the performance of functions on its behalf.’—(Dan Rogerson.)

Brought up, read the First and Second time, and added to the Bill.