after “occupational” insert “, state”
Bill texts 5
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Amendments 60
Committee stage — Lords 20
at end insert “and to individuals who may be expected to be contemplating major financial commitments, such as, but not limited to, mortgages, pensions and vehicle finance plans,”
at end insert— The money guidance function must include, but is not limited to—
at end insert “including by means of provision to the public of a pensions dashboard.”
at end insert— financial inclusion,”
at end insert— “that must remain free at the point of use for members of the public.”
at end insert— As soon as is practical after the completion of the transfer schemes referred to in subsection (7), the single financial guidance body must produce a business plan which must—
at end insert— In relation to the strategic function, such advice to the Secretary of State may include advocating for the introduction of a period of up to 12 months during which time interest and other charges on an individual’s debts may be frozen, and enforcement action halted, in order to allow them time to seek and act upon debt advice.”
at end insert— Under this Act, providing information, guidance and advice to members of the public includes providing information to self-employed members of the public.”
leave out subsection (5) and insert— The debt advice function is to commission the provision of sufficient debt advice services, which are to be free at the point of use, to meet the needs of people in financial crisis in England.”
at end insert— The single financial guidance body must commission the provision of debt advice services on the basis of consultation with relevant bodies involved in the provision of information, guidance and advice on personal debt.”
at end insert— the awareness of scams and frauds relating to financial products,”
leave out “young people” and insert “adults”
at end insert— public understanding of how to access information and guidance,
leave out “advice” and insert “counselling”
leave out “and advice” and insert “, guidance and counselling”
at end insert— the debt solutions function.”
leave out “provide” and insert “ensure provision of”
leave out “provide” and insert “ensure provision of”
after “children” insert “, care leavers”
Report stage — Lords 20
at end insert “including by means of provision to the public of a pensions dashboard.”
after “public,” insert “free and impartial”
after “England,” insert “free and impartial”
after “public,” insert “free and impartial”
at end insert— access to financial services for people in vulnerable circumstances,”
at end insert— the consumer protection function;”
at end insert— In exercising its functions the single financial guidance body must have regard to the effect of cold-calling on consumer protection and must make and publish an annual assessment of any consumer detriment.
at end insert— The consumer protection function includes the obligation for the single financial guidance body to pass on casework from consumers to the FCA relating to—
after “support” insert “financial inclusion and to support”
at end insert— to contribute to the reduction and elimination of financial exclusion, in particular for vulnerable individuals, families and communities.”
after “children” insert “, care leavers”
at end insert “and to individuals who may be expected to be contemplating major financial commitments, such as, but not limited to, mortgages, pensions and vehicle finance plans,”
at end insert— the awareness of scams and frauds relating to financial products,”
at end insert— The single financial guidance body must produce a report advising the Secretary of State on how government departments might best assess the impact on financial inclusion, financial capability and household debt of any proposals for a change to public expenditure, administration or policy.
at end insert— In seeking to improve the provision of financial education to children and young people, the single financial guidance body may advise the Secretary of State that—
at end insert— As part of undertaking its strategic function to improve the financial capability of members of the public, the single financial guidance body must carry out research on a periodic basis, in collaboration with other bodies with an interest in debt issues, to determine—
after “organisations,” insert “and prioritising the allocation of resources to front line advice and guidance delivery”
at end insert— The single financial guidance body must ensure that sufficient funds are allocated towards the discharging of its debt advice function to meet the reasonable needs of members of the public in England.”
at end insert— In order to support working across the money guidance, pensions guidance and debt advice sectors, the single financial guidance body must work collaboratively with—
Leave out clause 2 and insert the following new clause— “Objectives and functions
3rd reading — Lords 20
Insert the following new Clause— “Objectives
at end insert— Where the single financial guidance body provides information, guidance or advice to a person in pursuance of one of the functions mentioned in subsection (1)(a) to (c), it must consider whether the person would benefit from receiving information, guidance or advice in pursuance of any other of those functions (and it must ensure that SFGB delivery partners are under a similar duty).”
leave out “support and co-ordinate the development of” and insert “develop and co-ordinate”
leave out lines 21 and 22 and insert— In developing and co-ordinating the national strategy, the single financial guidance body must work with others, such as those in the financial services industry, the devolved authorities and the public and voluntary sectors.”
leave out subsection (14)
leave out subsection (15)
Divide clause 2 into two clauses, the first (Functions) consisting of subsections (1) to (3) and (9) to (13A) and the second (Cold-calling) consisting of subsections (4) to (8)
leave out from “In” to “insert” in line 2 and insert “section 137FB of the Financial Services and Markets Act 2000 (FCA general rules: disclosure of information about the availability of pensions guidance), after subsection (3)”
leave out subsection (9)
at end insert— “the “devolved authorities” means—
leave out “England or Wales” and insert “Great Britain”
leave out “England or Wales” and insert “Great Britain”
leave out “England and Wales” and insert “Great Britain”
leave out “England and Wales” and insert “Great Britain”
leave out “England and Wales” and insert “Great Britain”
leave out “England and Wales” and insert “Great Britain”
leave out “England and Wales” and insert “Great Britain”
at end insert “, and advice to the Secretary of State on the establishment of a debt respite scheme (see section (Debt respite scheme: advice to the Secretary of State)).”
Insert the following new Clause— “Debt respite scheme: advice to the Secretary of State
Insert the following new Clause— “Debt respite scheme: regulations