Financial Services and Markets Bill — The Authority's general duties — 9 Feb 2000

As amended in the Standing Committee, further considered.

(2) The activities referred to in subsection (1) are the following--

(a) providing advice to a consumer on the choice of a manager;

(b) providing advice to a consumer on the performance of assets under the management of a manager;

(c) providing advice to a consumer on asset mix or allocation for a fund;

(d) advising on the structuring or reorganisation of a fund.

(3) References in this section to advice and advising do not include the provision of legal advice.

(4) "Consumer" means a person who uses, or may be contemplating using, the services provided by a manager.

(5) "Manager" means a person who performs the regulated activity of managing investments in the United Kingdom.

(6) "Fund" means an occupational pension scheme, or other assets held under trust.

(7) "Occupational pension scheme" means any scheme or arrangement which is comprised in one or more instruments or agreements and which has, or is capable of having, effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions or otherwise, payable on termination of service, or on death or retirement, to or in respect of earners with qualifying service in an employment of any such description or category.".-- [Mr. Flight.]

Brought up, and read the First time.

I beg to move, That the clause be read a Second time.

Madam Speaker:

With this it will be convenient to discuss new clause 34-- Transfer to Financial Services Ombudsman of functions of Pensions Ombudsman --

Question put and negatived.

Amendment made: No. 240, in page 2, line 17, leave out paragraph (f) and insert--

"(f) the need to minimise the adverse effects on competition that may arise from any exercise of its general functions;

(g) the desirability of facilitating competition between those who are subject to any form of regulation by the Authority.".-- [Miss Melanie Johnson.]

I beg to move amendment No. 456, in page 2, line 18, at end insert--

"(g) the need to facilitate access to appropriate financial services for disadvantaged consumers.".

Question put, That the amendment be made:--

The House divided: Ayes 38, Noes 305.

Historical Hansard | Online Hansard |