acthub.

EnactedFinancial Services and Markets Act 2023

OverviewTimeline142Debates32Amendments40

Proposed amendments

40 amendments across 11 provisions

Clause 1 2

Amendment #94077#94077WithdrawnAmends text
Amendment text
leave out subsection (1) and insert—
The Treasury may by regulations revoke any legislation referred to in Schedule 1 provided that—

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
Committee stage
Type
EditBillBody
Clause
1
Lord Sharkey
Amendment #95366#95366WithdrawnAmends text
Amendment text
leave out subsection (1) and insert—
A Minister of the Crown may by regulation revoke or replace any legislation referred to in Schedule 1 provided that—

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
1
Lord Sharkey

Clause 3 1

Amendment #94363#94363AgreedAmends text
Amendment text
at end insert—
authorise the making of subordinate legislation by the Treasury;”
Stage
Committee stage
Type
EditBillBody
Clause
3
Baroness Penn

Clause 6 3

Amendment #94362#94362AgreedAmends text
Amendment text
at end insert “, and
the Bank’s duties under section 30D(1)(a) of that Act;”
Stage
Committee stage
Type
EditBillBody
Clause
6
Baroness Penn
Amendment #95473#95473AgreedAmends text
Amendment text
after “section 1B(1)” insert “, (4A)”
Stage
Report stage
Type
EditBillBody
Clause
6
Baroness Penn
Amendment #95493#95493WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Report on retained EU law

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
6
Viscount Trenchard

Clause 8 5

Amendment #94269#94269Not movedAmends text
Amendment text
at end insert—
The condition is that the Treasury considers that it is necessary for the FCA to regulate the designated activities in order to meet its operational objectives in section 1B(3).”
Stage
Committee stage
Type
EditBillBody
Clause
8
Baroness Noakes
Amendment #94270#94270WithdrawnAmends text
Amendment text
at beginning insert “If the condition specified in subsection (1A) is met,”
Stage
Committee stage
Type
EditBillBody
Clause
8
Baroness Noakes
Amendment #94361#94361AgreedAmends text
Amendment text
after “provided” insert “by designated activity regulations under section 71Q or”
Stage
Committee stage
Type
EditBillBody
Clause
8
Baroness Penn
Amendment #94417#94417Not movedAmends text
Amendment text
at end insert—
financial products made under a bill of sale to which any of the following apply—

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
Committee stage
Type
EditBillBody
Clause
8
Lord Stevenson of Balmacara
Amendment #95494#95494Not movedAmends text
Amendment text
at end insert—
Before making designated activity regulations the Treasury must consult persons who may be affected by the regulations unless the regulations contain a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the regulations without carrying out consultation.”
Stage
Report stage
Type
EditBillBody
Clause
8
Viscount Trenchard

Clause 12 1

Amendment #94268#94268WithdrawnAmends text
Amendment text
at end insert—
Omit subsections (3), (6) and (7).”
Stage
Committee stage
Type
EditBillBody
Clause
12
Baroness Noakes

Clause 18 1

Amendment #94267#94267WithdrawnAmends text
Amendment text
leave out lines 34 to 36 and insert—
In complying with the duty in subsection (1) the relevant regulators must ensure that any information or other requirements imposed on a critical third party minimise, so far as is reasonably practicable, the burden placed on the critical third party.”
Stage
Committee stage
Type
EditBillBody
Clause
18
Baroness Noakes

Clause 20 1

Amendment #95472#95472AgreedNew clause / schedule
Amendment text
Insert the following new Clause—
“Sustainability disclosure 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
Report stage
Type
AddClauseOrSchedule
Clause
20
Baroness Penn

Clause 23 8

Amendment #94117#94117Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Persons carrying out both regulated and unregulated activities

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
23
Baroness Bowles of Berkhamsted
Amendment #94128#94128WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“FCA powers beyond designated activities

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
23
Baroness Bowles of Berkhamsted
Amendment #94152#94152WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Regulation of commercial lending to SMEs

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
23
Lord Sharkey
Amendment #94442#94442WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Vote reporting

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
23
Baroness Sheehan
Amendment #94461#94461Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Reporting of revenue from derivative trading

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
23
Baroness Worthington
Amendment #94465#94465WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Regulation of consumer credit

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
23
Baroness Noakes
Amendment #95367#95367Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Vote reporting

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
23
Baroness Wheatcroft
Amendment #95481#95481WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Regulatory Decisions Committee

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
23
Lord Tyrie

Clause 24 13

Amendment #94265#94265WithdrawnAmends text
Amendment text
leave out from “facilitating” to end of line 23
Stage
Committee stage
Type
EditBillBody
Clause
24
Baroness Noakes
Amendment #94440#94440DisagreedRemoves provision
Amendment text
The above-named Lords give notice of their intention to oppose the Question that Clause 24 stand part of the Bill.
Stage
Committee stage
Type
DeleteClauseOrSchedule
Clause
24
Lord Sikka
Amendment #94445#94445WithdrawnAmends text
Amendment text
at end insert—
The FCA must monitor and measure to what extent it has advanced the competitiveness and growth objective in various ways, including but not limited to—

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
Committee stage
Type
EditBillBody
Clause
24
The Earl of Kinnoull
Amendment #94459#94459WithdrawnAmends text
Amendment text
at end insert “and the climate and nature objective (see section 1EC).”
Stage
Committee stage
Type
EditBillBody
Clause
24
Baroness Hayman
Amendment #94500#94500WithdrawnAmends text
Amendment text
at end insert—
When discharging its general functions in the way mentioned in subsection (1) the FCA must, so far as reasonably possible, act in a way which, as a secondary objective, advances the predictability and consistency objective (see section 1EC).”
Stage
Committee stage
Type
EditBillBody
Clause
24
Lord Lilley
Amendment #94893#94893Not movedRemoves provision
Amendment text
Leave out Clause 24
Stage
Report stage
Type
DeleteClauseOrSchedule
Clause
24
Baroness Bennett of Manor Castle
Amendment #95380#95380Not movedAmends text
Amendment text
leave out “including in particular” and insert “through fair and efficient operation of”
Stage
Report stage
Type
EditBillBody
Clause
24
Baroness Bowles of Berkhamsted
Amendment #95408#95408Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Regulators’ duty to report on competitiveness and growth 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
Report stage
Type
AddClauseOrSchedule
Clause
24
Lord Holmes of Richmond
Amendment #95471#95471AgreedNew clause / schedule
Amendment text
Insert the following new Clause—
“Competitiveness and growth objective: reporting 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
Report stage
Type
AddClauseOrSchedule
Clause
24
Baroness Penn
Amendment #95480#95480WithdrawnNew clause / schedule
Amendment text
Insert the following new Clause—
“Financial Inclusion Objective for the FCA

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
24
Lord Holmes of Richmond
Amendment #95483#95483Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Consumer protection objective: mental health

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
24
Lord Davies of Brixton
Amendment #95491#95491Not movedAmends text
Amendment text
leave out “aligning with” and insert “having regard to”
Stage
Report stage
Type
EditBillBody
Clause
24
Viscount Trenchard
Amendment #95492#95492WithdrawnAmends text
Amendment text
leave out “aligning with” and insert “having regard to”
Stage
Report stage
Type
EditBillBody
Clause
24
Viscount Trenchard

Clause 25 1

Amendment #95272#95272AgreedAmends text
Amendment text
leave out lines 11 to 13 and insert—
the need to contribute towards achieving compliance with sections 1 (the target for 2050) and 4(1)(b) (net UK carbon account) of the Climate Change Act 2008, and the conservation and enhancement of the natural environment, including compliance with relevant targets approved by Parliament, the Scottish Parliament, Senedd Cymru, and the Northern Ireland Assembly.”
Stage
Report stage
Type
EditBillBody
Clause
25
Baroness Hayman

Clause 26 4

Amendment #95346#95346AgreedNew clause / schedule
Amendment text
Insert the following new Clause—
“FCA to have regard to financial inclusion within consumer protection 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
Report stage
Type
AddClauseOrSchedule
Clause
26
Baroness Chapman of Darlington
Amendment #95409#95409Not movedNew clause / schedule
Amendment text
Insert the following new Clause—
“Regulatory principles to be applied by both regulators: proportionality principle

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
26
Lord Holmes of Richmond
Amendment #95470#95470AgreedAmends text
Amendment text
at end insert—
In section 232A (scheme operator’s duty to provide information to FCA)—

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
26
Baroness Penn
Amendment #95477#95477AgreedAmends text
Amendment text
at end insert—
In section 1JA (Treasury recommendations in connection with general duties), after subsection (1)(c) insert—

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
26
Baroness Penn