Line by line examination of the Bank of England and Financial Services Bill 2015-16 took place during the final day of the committee stage on 11 November. Amendments discussed covered clauses 12, 18, 20, 21 and 29 of the Bill.
In particular the Committee, agreed amendments to the Financial Services and Markets Act 2000 (FSMA) to correct technical oversights. The first amends section 26A of FSMA (agreements relating to credit) to clarify who can enforce a credit agreement on behalf of the lender, either by administering the agreement or collecting debts. The second amendment relates to section 27 of FSMA which deals with agreements made through unauthorised persons. The amendment provides that the unenforceability sanction in relation to unauthorised third parties, will only apply to the agreement where the lender has some knowledge of the participation of an unauthorised broker in the process.
The report stage (further line by line examination of the Bill) is yet to be scheduled.