Moved by
Lord Newby
64: Schedule 3, page 216, leave out line 13
64A: Schedule 3, page 216, line 14, at end insert “and of the matter mentioned in section 2H(1)(b)”
65: Schedule 3, page 216, line 16, after “3I” insert “or 3IA”
65A: Schedule 3, page 216, line 45, at end insert “and the matter mentioned in section 2H(1)(b)”
66: Schedule 3, page 218, leave out lines 23 to 26 and insert—
“27A (1) The PRA must in respect of each of its financial years pay to the Treasury its penalty receipts after deducting its enforcement costs.
(2) The PRA’s “penalty receipts” in respect of a financial year are any amounts received by it during the year by way of penalties imposed under this Act.
(3) The PRA’s “enforcement costs” in respect of a financial year are the expenses incurred by it during the year in connection with—
(a) the exercise, or consideration of the possible exercise, of any of its enforcement powers in particular cases, or
(b) the recovery of penalties imposed under this Act.
(4) For this purpose the PRA’s enforcement powers are—
(a) its powers under any of the provisions mentioned in section 133(7A),
(b) its powers under section 56 (prohibition orders),
(c) its powers under Part 25 of this Act (injunctions and restitution),
(d) its powers under any other enactment specified by the Treasury by order,
(e) its powers in relation to the investigation of relevant offences, and
(f) its powers in England and Wales or Northern Ireland in relation to the prosecution of relevant offences.
(5) “Relevant offences” are—
(a) offences under FSMA 2000,
(b) offences under subordinate legislation made under that Act, and
(c) any other offences specified by the Treasury by order.
(6) The Treasury may give directions to the PRA as to how the PRA is to comply with its duty under sub-paragraph (1).
(7) The directions may in particular—
(a) specify descriptions of expenditure that are, or are not, to be regarded as incurred in connection with either of the matters mentioned in sub-paragraph (3),
(b) relate to the calculation and timing of the deduction in respect of the PRA’s enforcement costs, and
(c) specify the time when any payment is required to be made to the Treasury.
(8) The directions may also require the PRA to provide the Treasury at specified times with information relating to—
(a) penalties that the PRA has imposed under FSMA 2000, or
(b) the PRA’s enforcement costs.
(9) The Treasury must pay into the Consolidated Fund any sums received by them under this paragraph.
27B The PRA must prepare and operate a scheme (“the financial penalty scheme”) for ensuring that the amounts that, as a result of the deduction for which paragraph 27A(1) provides, are retained by the PRA in respect of amounts paid to it by way of penalties imposed under this Act are applied for the benefit of PRA-authorised persons.”
67: Schedule 3, page 218, line 28, leave out “authorised” and insert “PRA-authorised”
68: Schedule 3, page 218, line 28, at end insert—
“( ) The financial penalty scheme must ensure that those who have become liable to pay a penalty to the PRA in any financial year of the PRA do not receive any benefit under the scheme in the following financial year.”
69: Schedule 3, page 220, line 38, at end insert—
“(1A) Anything done or omitted by a person mentioned in sub-paragraph (1)(a) or (b) while acting, or purporting to act, as a result of an appointment under any of sections 97, 166 to 169 and 284 is to be taken for the purposes of sub-paragraph (1) to have been done or omitted in the discharge, or as the case may be purported discharge, of the PRA’s functions.”