acthub.beta
EnactedRoyal Assentc. 29

Financial Services and Markets Act 2023

Bill 3326Commons originatingintroduced 20 Jul 2022
This bill became lawView the statute on acthub →c. 29 · 29 Jun 2023

Bill texts 9

  • Bill 146 2022-23 (as introduced) - large printBill · 20 Jul 2022download soon
  • Bill 146 2022-23 (as introduced)Bill · 20 Jul 2022download soon
  • Bill 181 2022-23 (as amended in Public Bill Committee)Bill · 04 Nov 2022download soon
  • Bill 181 2022-23 (as amended in Public Bill Committee) - large printBill · 04 Nov 2022download soon
  • HL Bill 80 (as brought from the Commons)Bill · 08 Dec 2022 · 1 file · 2.2 MBdownload soon
  • HL Bill 124 (as amended in Grand Committee)Bill · 23 Mar 2023 · 1 file · 1.4 MBdownload soon
  • HL Bill 146 (as amended on Report)Bill · 13 Jun 2023 · 1 file · 1.5 MBdownload soon
  • Bill 326 2022-23 (Lords Amendments)Bill · 19 Jun 2023download soon
  • HL Bill 154 Commons Disagreement and ReasonBill · 26 Jun 2023 · 1 file · 103 KBdownload soon

Amendments 40

Committee stage — Lords 20

WithdrawnClause 1EditBillBody

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

Moved: Lord Sharkey#94077
NotMovedClause 23AddClauseOrSchedule

Insert the following new Clause— “Persons carrying out both regulated and unregulated activities

Moved: Baroness Bowles of BerkhamstedSponsor: Lord Naseby#94117
WithdrawnClause 23AddClauseOrSchedule

Insert the following new Clause— “FCA powers beyond designated activities

Moved: Baroness Bowles of BerkhamstedSponsor: Lord Naseby#94128
WithdrawnClause 23AddClauseOrSchedule

Insert the following new Clause— “Regulation of commercial lending to SMEs

Moved: Lord SharkeySponsor: Baroness Bennett of Manor Castle#94152
WithdrawnClause 24EditBillBody

leave out from “facilitating” to end of line 23

Moved: Baroness NoakesSponsor: Viscount Trenchard, Baroness Lawlor#94265
WithdrawnClause 18EditBillBody

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.”

Moved: Baroness NoakesSponsor: Viscount Trenchard#94267
WithdrawnClause 12EditBillBody

at end insert— Omit subsections (3), (6) and (7).”

Moved: Baroness Noakes#94268
NotMovedClause 8EditBillBody

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).”

Moved: Baroness Noakes#94269
WithdrawnClause 8EditBillBody

at beginning insert “If the condition specified in subsection (1A) is met,”

Moved: Baroness NoakesSponsor: Viscount Trenchard#94270
AgreedClause 8EditBillBody

after “provided” insert “by designated activity regulations under section 71Q or”

Moved: Baroness Penn#94361
AgreedClause 6EditBillBody

at end insert “, and the Bank’s duties under section 30D(1)(a) of that Act;”

Moved: Baroness Penn#94362
AgreedClause 3EditBillBody

at end insert— authorise the making of subordinate legislation by the Treasury;”

Moved: Baroness Penn#94363
NotMovedClause 8EditBillBody

at end insert— financial products made under a bill of sale to which any of the following apply—

Moved: Lord Stevenson of Balmacara#94417
DisagreedClause 24DeleteClauseOrSchedule

The above-named Lords give notice of their intention to oppose the Question that Clause 24 stand part of the Bill.

Moved: Lord SikkaSponsor: Baroness Bennett of Manor Castle#94440
WithdrawnClause 23AddClauseOrSchedule

Insert the following new Clause— “Vote reporting

Moved: Baroness SheehanSponsor: Baroness Hayman, Baroness Wheatcroft#94442
WithdrawnClause 24EditBillBody

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—

Moved: The Earl of KinnoullSponsor: Lord Naseby#94445
WithdrawnClause 24EditBillBody

at end insert “and the climate and nature objective (see section 1EC).”

Moved: Baroness HaymanSponsor: Baroness Northover, Lord Vaux of Harrowden, Lord Randall of Uxbridge#94459
NotMovedClause 23AddClauseOrSchedule

Insert the following new Clause— “Reporting of revenue from derivative trading

Moved: Baroness WorthingtonSponsor: Baroness Bennett of Manor Castle#94461
WithdrawnClause 23AddClauseOrSchedule

Insert the following new Clause— “Regulation of consumer credit

Moved: Baroness Noakes#94465
WithdrawnClause 24EditBillBody

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).”

Moved: Lord LilleySponsor: Lord Moylan, Viscount Trenchard, Lord Roborough#94500

Report stage — Lords 20

NotMovedClause 24DeleteClauseOrSchedule

Leave out Clause 24

Moved: Baroness Bennett of Manor CastleSponsor: Lord Sikka#94893
AgreedClause 25EditBillBody

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.”

Moved: Baroness HaymanSponsor: Baroness Sheehan, Lord Vaux of Harrowden, The Earl of Caithness#95272
AgreedClause 26AddClauseOrSchedule

Insert the following new Clause— “FCA to have regard to financial inclusion within consumer protection objective

Moved: Baroness Chapman of DarlingtonSponsor: Baroness Tyler of Enfield#95346
WithdrawnClause 1EditBillBody

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—

Moved: Lord SharkeySponsor: Lord Hodgson of Astley Abbotts, Lord Thomas of Cwmgiedd#95366
NotMovedClause 23AddClauseOrSchedule

Insert the following new Clause— “Vote reporting

Moved: Baroness WheatcroftSponsor: Baroness Sheehan#95367
NotMovedClause 24EditBillBody

leave out “including in particular” and insert “through fair and efficient operation of”

Moved: Baroness Bowles of Berkhamsted#95380
NotMovedClause 24AddClauseOrSchedule

Insert the following new Clause— “Regulators’ duty to report on competitiveness and growth objective

Moved: Lord Holmes of Richmond#95408
NotMovedClause 26AddClauseOrSchedule

Insert the following new Clause— “Regulatory principles to be applied by both regulators: proportionality principle

Moved: Lord Holmes of Richmond#95409
AgreedClause 26EditBillBody

at end insert— In section 232A (scheme operator’s duty to provide information to FCA)—

Moved: Baroness Penn#95470
AgreedClause 24AddClauseOrSchedule

Insert the following new Clause— “Competitiveness and growth objective: reporting requirements

Moved: Baroness Penn#95471
AgreedClause 20AddClauseOrSchedule

Insert the following new Clause— “Sustainability disclosure requirements

Moved: Baroness Penn#95472
AgreedClause 6EditBillBody

after “section 1B(1)” insert “, (4A)”

Moved: Baroness Penn#95473
AgreedClause 26EditBillBody

at end insert— In section 1JA (Treasury recommendations in connection with general duties), after subsection (1)(c) insert—

Moved: Baroness Penn#95477
WithdrawnClause 24AddClauseOrSchedule

Insert the following new Clause— “Financial Inclusion Objective for the FCA

Moved: Lord Holmes of Richmond#95480
WithdrawnClause 23AddClauseOrSchedule

Insert the following new Clause— “Regulatory Decisions Committee

Moved: Lord TyrieSponsor: Baroness Kramer, Lord Bridges of Headley, Lord Turnbull#95481
NotMovedClause 24AddClauseOrSchedule

Insert the following new Clause— “Consumer protection objective: mental health

Moved: Lord Davies of BrixtonSponsor: Baroness Bennett of Manor Castle#95483
NotMovedClause 24EditBillBody

leave out “aligning with” and insert “having regard to”

Moved: Viscount Trenchard#95491
WithdrawnClause 24EditBillBody

leave out “aligning with” and insert “having regard to”

Moved: Viscount Trenchard#95492
WithdrawnClause 6AddClauseOrSchedule

Insert the following new Clause— “Report on retained EU law

Moved: Viscount Trenchard#95493
NotMovedClause 8EditBillBody

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.”

Moved: Viscount Trenchard#95494