Amendments — Financial Services Act 2021

Proposed amendments

40 amendments across 10 provisions

Clause 1 10

Amendment #86791#86791WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Duty of the FCA to make rules introducing a duty of care

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86812#86812WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Competitiveness as an FCA and PRA objective

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86838#86838Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Duty of care for financial service providers

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86853#86853WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Non-exploitation of consumers or small businesses

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86862#86862WithdrawnNew clause / schedule

Amendment text

At end insert—
“High market standards” means—

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86901#86901Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Competitiveness as an objective of the Bank of England

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86902#86902Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Competitiveness as an objective of the FCA and PRA

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86970#86970Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“FCA objective to promote financial inclusion in financial services

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #86983#86983WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Duty of the FCA to make rules promoting financial wellbeing

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 1

Amendment #87285#87285AgreedNew clause / schedule

Amendment text

Insert the following new Clause—
“Duty of care for financial service providers

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 1

Clause 2 1

Amendment #86781#86781WithdrawnAmends text

Amendment text

at end insert—
Schedule 2 does not come into effect until each House of Parliament has approved accountability arrangements for the powers conferred on the FCA in that Schedule.

Stage: Committee stage
Type: EditBillBody
Clause: 2

Clause 3 5

Amendment #86790#86790Not movedAmends text

Amendment text

after “provision” insert “if the regulations contain the full text of the replacing general rules, unless paragraph (b) applies, and”

Stage: Committee stage
Type: EditBillBody
Clause: 3

Amendment #86798#86798Not movedAmends text

Amendment text

after “that” insert “the effect of the regulation is compliant with the net zero target of the Climate Change Act 2008 as amended by the Climate Change Act 2008 (2050 Target Amendment) Order 2019 (S.I. 2019/1056), and”

Stage: Committee stage
Type: EditBillBody
Clause: 3

Amendment #86836#86836Not movedAmends text

Amendment text

at end insert—
Where the Treasury makes regulations in reliance on subsection (4)(b), the Treasury must, when laying a draft of the regulations before Parliament, also lay before Parliament a statement explaining why, in the Treasury’s opinion, there are good reasons for revoking the provision.”

Stage: Committee stage
Type: EditBillBody
Clause: 3

Amendment #86837#86837WithdrawnAmends text

Amendment text

leave out “adequately replaced by” and insert “replicated or otherwise reflected in”

Stage: Committee stage
Type: EditBillBody
Clause: 3

Amendment #86980#86980DisagreedRemoves provision

Amendment text

Baroness Bennett of Manor Castle gives notice of her intention to oppose the Question that Clause 3 stand part of the Bill.

Stage: Committee stage
Type: DeleteClauseOrSchedule
Clause: 3

Clause 5 7

Amendment #86779#86779Not movedAmends text

Amendment text

at end insert—
Schedule 3 does not come into effect until each House of Parliament has approved accountability arrangements for the powers conferred on the PRA in that Schedule.

Stage: Committee stage
Type: EditBillBody
Clause: 5

Amendment #86785#86785WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Skilled person review of supervisory bodies

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 5

Amendment #86786#86786WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Further matters for regulators to take into account

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 5

Amendment #86787#86787WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Considerations in setting capital adequacy requirements

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 5

Amendment #86788#86788Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Parliamentary oversight

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Committee stage
Type: AddClauseOrSchedule
Clause: 5

Amendment #87331#87331DisagreedNew clause / schedule

Amendment text

Insert the following new Clause—
“Review of capital adequacy requirements risk weights

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 5

Amendment #87332#87332WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Periodic independent review of regulators

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 5

Clause 15 3

Amendment #87329#87329Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Safe harbour for use of benchmarks

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 15

Amendment #87330#87330WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Continuity of contract

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 15

Amendment #87341#87341Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Tough legacy contracts

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 15

Clause 22 1

Amendment #87357#87357WithdrawnAmends text

Amendment text

at end insert—
Gibraltar-based persons: reporting requirements

Stage: Report stage
Type: EditBillBody
Clause: 22

Clause 34 6

Amendment #87284#87284WithdrawnAmends text

Amendment text

at end insert—
The regulations may also include the following as part of the scheme—

The Bills API publishes only the tabling instruction here, not the inserted text itself — the full wording is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: EditBillBody
Clause: 34

Amendment #87316#87316AgreedAmends text

Amendment text

leave out “subsection (5)” and insert “section 7(5) of that Act”

Stage: Report stage
Type: EditBillBody
Clause: 34

Amendment #87317#87317AgreedAmends text

Amendment text

at end insert “so far as it applies in England and Wales”

Stage: Report stage
Type: EditBillBody
Clause: 34

Amendment #87318#87318AgreedAmends text

Amendment text

at beginning insert “In section 7 of that Act (debt respite scheme: regulations),”

Stage: Report stage
Type: EditBillBody
Clause: 34

Amendment #87319#87319AgreedAmends text

Amendment text

leave out subsection (2)

Stage: Report stage
Type: EditBillBody
Clause: 34

Amendment #87349#87349Not movedAmends text

Amendment text

at end insert—
The regulations may also include the following as part of the scheme—

The Bills API publishes only the tabling instruction here, not the inserted text itself — the full wording is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: EditBillBody
Clause: 34

Clause 35 1

Amendment #87315#87315AgreedNew clause / schedule

Amendment text

Insert the following new Clause—
“Regulated activities and application of Consumer Credit Act 1974

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 35

Clause 36 1

Amendment #87390#87390AgreedNew clause / schedule

Amendment text

Insert the following new Clause—
“Retention of personal data under the Market Abuse Regulation

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 36

Clause 40 5

Amendment #87286#87286DisagreedNew clause / schedule

Amendment text

Insert the following new Clause—
“Access to Sharia-compliant financial services including student finance

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 40

Amendment #87321#87321Not movedNew clause / schedule

Amendment text

Insert the following new Clause—
“Undertakings from regulators (No. 2)

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 40

Amendment #87322#87322WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Undertakings from regulators

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 40

Amendment #87324#87324WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Bills of Sale Act 1878 and Bills of Sale Act (1878) Amendment Act 1882

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 40

Amendment #87328#87328WithdrawnNew clause / schedule

Amendment text

Insert the following new Clause—
“Regulation of bailiffs and bailiff firms for the purpose of taking control of goods

Only the heading is published via the Bills API — the full text of this new clause/schedule is set out in the marshalled Amendment Paper.

Stage: Report stage
Type: AddClauseOrSchedule
Clause: 40

EnactedFinancial Services Act 2021

Clause 1 10

Clause 2 1

Clause 3 5

Clause 5 7

Clause 15 3

Clause 22 1

Clause 34 6

Clause 35 1

Clause 36 1

Clause 40 5