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Financial Services and Markets Bill

Moved by

Baroness Penn

20: Clause 27, page 40, line 6, at end insert—

“(1A) The statement must provide information about—

(a) how representations (including by a statutory panel) can be made to each regulator with respect to its review of rules under section 3RA, and

(b) the arrangements to ensure that those representations are considered.

(1B) In this section “statutory panel” has the meaning given by section 1RB(5).”

Member’s explanatory statement

This amendment would impose a duty on the FCA and PRA to ensure that those regulators include in their statements of policy about the review of rules (required by section 3RB of the Financial Services and Markets Act 2000, as inserted by Clause 27) information about how representations (including by statutory panels) can be made and considered.

21: Clause 27, page 41, line 13, at end insert “and

(iii) advance the competitiveness and growth objective;”

Member’s explanatory statement

This amendment would ensure that new section 3RD of the Financial Services and Markets Act 2000, as inserted by Clause 27 of the Bill, includes, for the purposes of the FCA’s report, a reference to the competitiveness and growth objective, as inserted by Clause 24 of the Bill.

22: Clause 27, page 41, line 15, at end insert “and

(ii) advance the PRA’s competition objective and the PRA’s competitiveness and growth objective;”

Member’s explanatory statement

This amendment would ensure that new section 3RD of the Financial Services and Markets Act 2000, as inserted by Clause 27 of the Bill, includes, for the purposes of the PRA’s report, a reference to the competition objective and the competitiveness and growth objective, as inserted by Clause 24 of the Bill. (The words after “review” in section 3RD(2)(b) would become sub-paragraph (i)).