Financial Services Bill. Lords committee stage third day. Clauses 5 to 7, 9 to 18, 26 to 39 agreed to, with clauses 6, 9, 12, 13, 16, 17, 26, 29, 30 and 38 agreed to as amended. Clauses 8 and 19 to 25 disagreed. Schedule 2 agreed to as amended. Bill reported with amendments (HL Bill 51).
Financial Services Bill
Committee of the Whole House (HL)
and
Debate on bills on Wednesday, 7 April 2010,
in the House of Lords.
About these Parliamentary proceedings
Reference
718 c1504-40Session
2009-10Legislative stage
Committee stageChamber / Committee
House of Lords chamberRelated items
Financial Services Bill. Brought from the Commons. Explanatory Notes HL Bill 26-EN also published.
Tuesday, 26 January 2010
Bills
House of Lords
Tuesday, 26 January 2010
Bills
House of Lords
Proceeding contributions
Lord Myners | 718 c1511 (Link to this contribution)
68A: Schedule 1, page 54, line 28, at end insert—
"(ab) how the extent to which each of those object...
Lord Myners | 718 c1511 (Link to this contribution)
59: Schedule 1, page 52, line 31, at end insert—
"( ) The Authority may appoint a person to be a mem...
Show all contributions (79)
Lord Davies of Oldham | 718 c1511 (Link to this contribution)
39: Clause 6, page 4, line 14, at end insert ", and
(b) in subsection (3) (matters to which FSA must...
Lord Davies of Oldham | 718 c1510-1 (Link to this contribution)
We are in danger of indulging in an English language hierarchy, which I would hesitate to speak on w...
Lord Oakeshott of Seagrove Bay | 718 c1510 (Link to this contribution)
I am not sure I understand the difference between "consumer" and "customer". In our business we like...
Lord Davies of Oldham | 718 c1510 (Link to this contribution)
That may be, but we ought not to be governed by these contemporary fads and fancies. I have known th...
Lord Davies of Oldham | 718 c1509-10 (Link to this contribution)
My Lords, I am grateful for the contributions to this short debate and I note that the noble Barones...
Lord Hodgson of Astley Abbotts | 718 c1506-9 (Link to this contribution)
I shall say a few words about Clause 6 stand part and Schedule 1 stand part. Even at this late stage...
Baroness Noakes | 718 c1505-6 (Link to this contribution)
My Lords, we have said from the outset that we support the work that is planned for the consumer fin...
Lord Davies of Oldham | 718 c1504-5 (Link to this contribution)
My Lords, it will be appreciated that this Bill has been the subject of considerable discussion and ...
Lord Davies of Oldham | 718 c1504 (Link to this contribution)
38: Clause 6, page 4, line 13, leave out "2(2)" and insert "2 (the FSA’s general duties)—
(a) in sub...
Lord Oakeshott of Seagrove Bay | 718 c1506 (Link to this contribution)
My Lords, I rise from the substitutes’ bench to lead for the Liberal Democrats on the remaining stag...
Lord Myners | 718 c1540 (Link to this contribution)
332B: Clause 38, page 50, line 20, leave out "8 to" and insert "9 and"
332C: Clause 38, page 50, l...
Lord Myners | 718 c1539 (Link to this contribution)
322A: Clause 30, page 46, leave out lines 18 to 20 and insert—
"(5) In this section "the financial s...
Lord Myners | 718 c1539 (Link to this contribution)
330: Schedule 2, page 63, line 31, at end insert—
"25A In section 348(5)(d) (restrictions on disclos...
Lord Myners | 718 c1539 (Link to this contribution)
332A: Clause 38, page 50, line 16, leave out "sections 1 to 5" and insert "section 5"
Lord Myners | 718 c1539-40 (Link to this contribution)
As I explained earlier the Government, following discussions with the Opposition via the usual chann...
Lord Myners | 718 c1538-9 (Link to this contribution)
Clause 29 inserts new sections into the FSMA Act 2000 to allow the FSCS to act on behalf of another ...
Baroness Noakes | 718 c1515 (Link to this contribution)
109: Clause 9, page 7, line 13, leave out subsections (7) and (8)
Amendment 109 agreed.
Clause 9, ...
Lord Myners | 718 c1515 (Link to this contribution)
155: Clause 12, page 12, line 30, at end insert—
"( ) An authorised person may provide information (...
Baroness Noakes | 718 c1516 (Link to this contribution)
My Lords, we shall not oppose the Minister's amendments, although we are always wary about statutes ...
Lord Oakeshott of Seagrove Bay | 718 c1516-7 (Link to this contribution)
My Lords, we on these Benches have no objections to the clause. However, following the remarks of th...
Lord Myners | 718 c1517 (Link to this contribution)
My Lords, I am grateful to the noble Baroness, Lady Noakes, and to the noble Lord, Lord Oakeshott, f...
Lord Myners | 718 c1517 (Link to this contribution)
167A: Clause 13, page 14, line 25, at end insert—
"( ) The Authority must, when making short selling...
Lord Myners | 718 c1517 (Link to this contribution)
Amendment 167A will require the Financial Services Authority to have regard to any internationally a...
Lord Myners | 718 c1518 (Link to this contribution)
179A: Clause 13, page 16, line 32, at end insert—
"131EA Power to require information: supplementary...
Baroness Noakes | 718 c1517-8 (Link to this contribution)
My Lords, we welcome Amendment 167A, which deals with the need to have regard to international confo...
Lord Myners | 718 c1512 (Link to this contribution)
80: Schedule 1, page 56, line 15, at end insert—
"( ) "Payment service provider" means a person who ...
Lord Myners | 718 c1511-2 (Link to this contribution)
75: Schedule 1, page 56, line 1, at end insert "or payment service providers"
76: Schedule 1, page...
Baroness Noakes | 718 c1513-4 (Link to this contribution)
My Lords, I will speak to the remuneration clauses together. The noble Lord has spoken to Amendment ...
Baroness Valentine | 718 c1514 (Link to this contribution)
I speak to Amendment 336 which would apply sunset clauses to the clauses of the Bill relating to rem...
Lord Myners | 718 c1513 (Link to this contribution)
108: Clause 9, page 7, line 11, leave out "The first"
Lord Myners | 718 c1513 (Link to this contribution)
It is clearly appropriate for full parliamentary scrutiny to apply in instances where the regulation...
Lord Myners | 718 c1515 (Link to this contribution)
My Lords, I express appreciation from these Benches for the gracious approach of the noble Baroness,...
Lord Hodgson of Astley Abbotts | 718 c1514-5 (Link to this contribution)
I support the noble Baroness, Lady Valentine. She made some extremely sensible points about the need...
Lord Oakeshott of Seagrove Bay | 718 c1514 (Link to this contribution)
My Lords, we have some sympathy with the arguments of the noble Baroness, Lady Valentine, on sunset ...
Lord Marlesford | 718 c1532-3 (Link to this contribution)
I shall speak also to Amendments 303, 304 and 305. These amendments insert new clauses that come qui...
Lord Marlesford | 718 c1531 (Link to this contribution)
302: After Clause 27, insert the following new Clause—
"Central register of credit card holders
(1) ...
Lord Oakeshott of Seagrove Bay | 718 c1533-4 (Link to this contribution)
The noble Lord makes good points about the dangers of credit card debt. In many cases, credit cards ...
Baroness Noakes | 718 c1533 (Link to this contribution)
My Lords, my noble friend is aware that his amendments will not be accepted this evening and I am gr...
Lord Myners | 718 c1534-7 (Link to this contribution)
My Lords, one of the great strengths of the House is the expertise that Members bring to issues eith...
Lord James of Blackheath | 718 c1534 (Link to this contribution)
My Lords, I support my noble friend Lord Marlesford, whose concerns I share, but I have a few commen...
Lord Myners | 718 c1537 (Link to this contribution)
The noble Lord, Lord Oakeshott, referred to the fact that his children were being inundated with off...
Lord Oakeshott of Seagrove Bay | 718 c1537 (Link to this contribution)
Perhaps the noble Lord might like to apply for a Liberal Democrat credit card, as I have here. It is...
Lord Myners | 718 c1538 (Link to this contribution)
311: Clause 29, page 40, line 29, at end insert—
"(9) This Part applies to cases where the manager o...
Lord Marlesford | 718 c1538 (Link to this contribution)
I am most grateful to the noble Lord for his very full answer, which I shall study carefully. I beg ...
Lord Whitty | 718 c1527-8 (Link to this contribution)
My Lords, as my last intervention indicated, I regret the removal of substantial parts of this Bill ...
Lord Whitty | 718 c1527 (Link to this contribution)
301: After Clause 27, insert the following new Clause—
"Restrictions on appropriation of payments
(1...
Baroness Noakes | 718 c1526 (Link to this contribution)
My Lords, Clause 26 radically changes the existing FSMA powers for consumer redress and gives the FS...
Lord Myners | 718 c1529-30 (Link to this contribution)
My Lords, it will come as no surprise to the House that my noble friend Lord Whitty has made such a ...
Lord James of Blackheath | 718 c1528-9 (Link to this contribution)
I am happy to support the new clause moved by the noble Lord, Lord Whitty, in all its major respects...
Baroness Noakes | 718 c1528 (Link to this contribution)
My Lords, as the noble Lord’s amendment did not form part of what we expected to pass into the Bill ...
Lord Oakeshott of Seagrove Bay | 718 c1528 (Link to this contribution)
The noble Lord, Lord Whitty, asked opposition parties to indicate whether they supported his amendme...
Lord Whitty | 718 c1531 (Link to this contribution)
I am gratified by the breadth of support for my first amendment. In normal circumstances, I would ex...
Lord Myners | 718 c1531 (Link to this contribution)
I can express with a fairly high degree confidence that it relates to existing agreements. There is ...
Lord Mackay of Clashfern | 718 c1530-1 (Link to this contribution)
In relation to the agreement reached with the credit card industry about the appropriation of paymen...
Lord Myners | 718 c1522 (Link to this contribution)
200: Clause 16, page 21, line 6, after "determining" insert "whether a penalty should be imposed and...
Lord Myners | 718 c1521 (Link to this contribution)
194: Clause 16, page 20, line 25, leave out "four" and insert "three"
Amendment 194 agreed.
Amendm...
Lord Oakeshott of Seagrove Bay | 718 c1524 (Link to this contribution)
My Lords, earlier we had quite a discussion and expressed concern about the carve-up that has taken ...
Lord Myners | 718 c1525-6 (Link to this contribution)
The Government have carefully considered points made in another place and by the industry about the ...
Lord Myners | 718 c1524-5 (Link to this contribution)
285: Clause 26, page 32, line 41, at end insert—
"404CA Applications to Tribunal to quash rules or p...
Lord Myners | 718 c1522-3 (Link to this contribution)
205: After Clause 17, insert the following new Clause—
"Publication of decision notices
(1) Section ...
Lord Myners | 718 c1522 (Link to this contribution)
204: Clause 17, page 22, line 31, leave out ""four" and insert ""three"
Amendment 204 agreed.
Clau...
Lord Myners | 718 c1523 (Link to this contribution)
As mentioned previously, we have agreed to remove certain clauses from the Bill at this stage. This ...
Lord Myners | 718 c1518-9 (Link to this contribution)
180A: Clause 13, page 16, line 38, at end insert "or 131EA"
181: Clause 13, page 17, line 6, leave...
Lord Myners | 718 c1521 (Link to this contribution)
184B: Clause 16, page 20, line 6, after "approval," insert "and
(b) at that time P knew, or could re...
Lord Myners | 718 c1520-1 (Link to this contribution)
My Lords, first, I thank the noble Baroness. Even a half-welcome is warmly appreciated from these Be...
Lord Hodgson of Astley Abbotts | 718 c1520 (Link to this contribution)
I seek information from the Minister. One issue that has concerned some people in the City is where ...
Baroness Noakes | 718 c1520 (Link to this contribution)
My Lords, Clause 16 is not without difficulty. I regret the fact that the wash-up process has preven...
Lord Myners | 718 c1519 (Link to this contribution)
Clause 16 enables the regulator to impose a penalty on a person who is performing a controlled funct...
Lord Myners | 718 c1519 (Link to this contribution)
184A: Clause 16, page 20, line 5, after "that" insert "(a)"
Lord Myners | 718 c1521 (Link to this contribution)
186A: Clause 16, page 20, leave out lines 8 to 14
Amendment 186A agreed.
Amendments 187 to 193 had...
Lord Hodgson of Astley Abbotts | 718 c1510 (Link to this contribution)
I am grateful to the Minister. It is a fact that the rail companies and Tesco use the word "customer...
Lord Myners | 718 c1516 (Link to this contribution)
The amendments in this group are technical and aim to clarify in the Bill the position of an "author...
Lord Whitty | 718 c1523 (Link to this contribution)
My Lords, I wish to register my complete dismay at this whole swathe of the Bill being deleted in th...
Baroness Valentine | 718 c1520 (Link to this contribution)
I speak to Amendment 186. As I set out in respect of Amendment 336, I believe that a time limit on t...
Lord Myners | 718 c1512-3 (Link to this contribution)
My Lords, we seek to remove from the Bill the clauses relating to the FSA’s international remit. The...
Baroness Noakes | 718 c1523-4 (Link to this contribution)
My Lords, I completely understand the unhappiness of the noble Lord, Lord Whitty, with the deletion....
Lord Oakeshott of Seagrove Bay | 718 c1520 (Link to this contribution)
I can give the amendments a warmer welcome than that and say that they seem sensible to us. The idea...
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