A Bill To amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.
A Bill To amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.
To make provisions about disclosure and representations in connection with consumer insurance contracts.
Second reading and all remaining stages - took place on Wednesday 9 March. The Bill received Royal Assent on 16 March. The Bill is now an Act of Parliament (law).This Bill is known as a "Money Bill". The House of Lords cannot amend Money Bills so committee stage, report stage and third reading are just formalities.
Following agreement by both Houses on the text of the Bill it received Royal Assent on 22 March. The Bill is now an Act of Parliament (law).
The Bill provides the authority for a payments scheme for eligible former and current Equitable Life policyholders in respect of the consequences of maladministration by regulatory bodies as identified by the Ombudsman and accepted by government. Although the precise shape of the payments scheme is as yet unknown, the Bill provides the authority for money to be paid once the scheme is set up and clarifies the tax treatment of future payments.