Moved by
Lord Turnbull
176: After Clause 119, insert the following new Clause—
“Other provisions about the FCA and the PRA
Abolition of strategic objective of the FCA
In FSMA 2000—
(a) In section 1B, omit—
(i) in subsection (1), paragraph (a) (and the “and” following it)
and, in paragraph (b), “operational”,
(ii) subsection (2),
(iii) in subsection (3), “operational”,
(b) omit section 1F,
(c) in subsection (1K), omit “operational”,
(d) omit section 3B(3),
(e) omit section 3D(4),
(f) in section 55B(4), for the words after “advance” substitute “any of its objectives”,
(g) in section 55H(4), omit “operational”,
(h) in section 55I(5), omit “operational”,
(i) in section 55J(1)(c), for the words after “advance” substitute “any of its objectives”,
(j) in section 55L(6), omit “operational”,
(k) in section 55T, omit “operational”,
(l) in section 88E, in subsection (1) and in the heading, omit “operational”,
(m) in section 89U, in subsection (1) and in the heading, omit “operational”,
(n) in section 137A(1), omit “operational”,
(o) in section 138A(5), omit “operational”,
(p) in section 192C(2), for the words after “advance” substitute “any of its objectives”,
(q) in section 194(1)(c), for the words after “advance” substitute “any of its objectives”,
(r) in section 232A, omit “operational”,
(s) in section 314(1), omit “operational”,
(t) in section 316(1A)(a), omit “operational”,
(u) in section 318(3A)(a), omit “operational”,
(v) in section 340(8), for the words after “expedient” substitute “for the purpose of advancing any of its objectives”,
(w) in section 395(3), for the words after “procedure and” substitute “the regulator considers that, in the particular case, it is necessary in order to advance any of its objectives.”,
(x) in paragraph 11(1)(b) of Schedule 1ZA, omit “operational”,
(y) in paragraphs 6 and 6B of Schedule 1A, omit “operational”, and
(z) in paragraphs 3C(1) and 3D(1) of Schedule 6, omit “operational”.”