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Financial Services (Banking Reform) Act 2013

Minor Amendments

Section 141: Minor amendments

343.This section introduces Schedule 10, which makes a number of minor and technical amendments.

344.Paragraph 1 of Schedule 10 repeals a redundant provision in the information disclosure provisions of the Companies Act 1985.

345.Paragraph 2 amends section 376(11B) of the Financial Services and Markets Act 2000 (continuation of contracts of long-term insurance where insurer in liquidation) to change the references to “PRA-authorised person” to “PRA-regulated person”.

346.Paragraph 3 extends the definition of “relevant requirement” in sections 380, 382 and 384 of FSMA to include the offences created under Part 7 of the Financial Services Act 2012, which deal with misleading statements, misleading impressions, and misleading statements in relation to benchmarks such as LIBOR. This enables the regulators to exercise the powers conferred by sections 380, 382 and 384 to seek an injunction or restitution in relation to these offences.

347.Paragraph 4 makes consequential amendments to Schedule 1ZA to FSMA to ensure that the costs the FCA incurs in enforcing the concurrent competition powers given to it in the new Schedule are “enforcement costs” for the purposes of Part 3 of Schedule 1ZA, and may therefore be deducted from the penalty receipts the FCA is required to pay to the Treasury.

348.Paragraph 5 amends paragraph 10(1)(j) of Schedule 17A to FSMA (application of provisions of FSMA in relation to the Bank of England) so that the reference to “subsections (1) and (3)” is replaced with a reference to “subsection (1)”.

349.Paragraph 6 amends section 991 of the Income Tax Act 2007 so that it refers to “Part 4A” of FSMA instead of “Part 4” of that Act.

350.Paragraph 7 amends section 81B(2) of the Banking Act 2009 as applied to recognised central counterparties by section 89B of that Act, so that it refers to the Bank of England instead of the PRA.

351.Paragraph 8 amends section 191 of the Banking Act 2009 to add the word “payment” after “inter-bank”.

352.Paragraph 9 makes minor changes to the scope of section 73(1)(b)(i) of the Financial Services Act 2012 which covers the duty of the FCA to investigate and report on possible regulatory failure.

353.Paragraph 10 amends section 85 of the Financial Services Act 2012, which sets out which functions of the PRA and the FCA (in subsection (2)) and of the Bank of England (in subsection (3)) come within the scope of the complaints scheme established by Part 6 of the Financial Services Act 2012 (in that Act referred to as “relevant functions”). The effect of the amendments is that the relevant functions of the FCA and PRA are confined to functions under FSMA. However, the Treasury is given power to extend the complaints scheme by providing, by order, that other functions of the FCA, PRA and the Bank of England are to be relevant functions.

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