PARLIAMENTARY DEBATES

HOUSE OF COMMONS

OFFICIAL REPORT

Second Standing Committee on Delegated Legislation

DRAFT FINANCIAL SERVICES ACT 1986 (RESTRICTION OF EXEMPTIONS) ORDER 1999

Tuesday 20 July 1999

LONDON: THE STATIONERY OFFICE

£2·50

Members who wish to have copies of the Official Report of Proceedings in Standing Committees sent to them are requested to give notice to that effect at the Vote Office.

No proofs can be supplied. Corrigenda slips may be published with Bound Volume editions. Corrigenda that Members suggest should be clearly marked in a copy of the report—not telephoned—and must be received in the Editor's Room, House of Commons,

not later than

Saturday 24 July 1999

STRICT ADHERENCE TO THIS ARRANGEMENT WILL GREATLY FACILITATE THE PROMPT PUBLICATION OF THE BOUND VOLUMES OF PROCEEDINGS IN STANDING COMMITTEES

© Parliamentary copyright House of Commons 1999

Applications for reproduction should be made in writing to the Copyright Unit,

Her Majesty's Stationery Office, St. Clements House, 2–16 Colegate,

Norwich, NR3 1BQ — Fax 01603 723000

Her Majesty's Stationery Office is independent of and separate from the company now

trading as The Stationery Office Ltd., which is responsible for printing and publishing

House publications.

Published by The Stationery Office Limited and available from:
The Publications Centre The Stationery Office Bookshops The Parliamentary Bookshop
(Mail, telephone and fax orders only) 123 Kingsway, London WC2B 6PQ 12 Bridge Street, Parliament Square
0171 242 6393 Fax 0171 242 6394 London SW1A 2JX
PO Box 276, London SW8 5DT 68–69 Bull Street, Birmingham B4 6AD 0121 236 9696 Fax 0121 236 9699 Telephone orders 0171 219 3890
General enquiries 33 Wine Street, Bristol BS1 2BQ 0117 9264306 Fax 0117 9294515 General enquiries 0171 219 3890
Lo-call 0345 58 54 63 9–21 Princess Street, Manchester M60 8AS 0161 834 7201 Fax 0161 833 0634 Fax orders 0171 219 3866
Telephone orders 16 Arthur Street, Belfast BT1 4GD 01232 238451 Fax 01232 235401
Lo-call 0345 02 34 74 The Stationery Office Oriel Bookshop 18–19 High Street, Cardiff CF1 2BZ Accredited Agents
Fax orders 0171 873 8200 01222 395548 Fax 01222 384347 (see Yellow Pages)
71 Lothian Road, Edinburgh EH3 9AZ 0870 606 55 66 Fax 0870 606 55 88 and through good booksellers
Printed in the United Kingdom by The Stationery Office Limited

1

The Committee consisted of the following Members:

Chairman: Mr. Joe Benton

Beresford, Sir Paul (Mole Valley)

Bruce, Mr. Ian (South Dorset)

Clapham, Mr. Michael (Barnsley, West and Penistone)

Cox, Mr. Tom (Tooting)

Cryer, Mrs. Ann (Keighley)

Davey, Mr. Edward (Kingston and Surbiton)

Davies, Mr. Denzil (Llanelli)

Dismore, Mr. Andrew (Hendon)

Flight, Mr. Howard (Arundel and South Downs)

Hall, Mr. Mike (Weaver Vale)

Hewitt, Ms Patricia (Economic Secretary to the Treasury)

Hopkins, Mr. Kelvin (Luton, North)

Simpson, Mr. Keith (Mid-Norfolk)

Smyth, Rev. Martin (Belfast, South)

Stewart, Mr. David (Inverness, East Nairn and Lochaber)

Touhig, Mr. Don (Islwyn)

Mr. S. J. Priestley, Committee Clerk

2
3 Second Standing Committee on Delegated Legislation Tuesday 20 July 1999

[MR. JOE BENTON in the Chair]

Draft Financial Services Act 1986 (Restriction of Exemptions) Order 1999

10.30 am

The Economic Secretary to the Treasury (Ms Patricia Hewitt): I beg to move, That the Committee do now adjourn. I apologise to you, Mr. Benton, and to members of the Committee because we discovered earlier this morning that the draft statutory instrument contains an unfortunate technical defect. The only way to remedy it is not to proceed with the draft order, to 4 correct the drafting and to lay a fresh draft order. We shall do that extremely promptly. I am sure that hon. Members have read the draft order carefully and will have spotted the problem. Article (3) refers to the "manager of a relevant fund", but should refer to the manager of a fund other than a relevant fund. The need to withdraw the draft order will not affect its proposed implementation, although I understand that the hon. Member for Arundel and South Downs (Mr. Flight) might want us to consider a slightly later starting date. I shall, of course, be happy to consider suggestions along those lines. Again, I apologise to you, Mr. Benton, and to members of the Committee for the inconvenience.

Mr. Howard Flight (Arundel and South Downs): I confirm that it is sensible for the Committee to adjourn, and I support the motion.

Question put and agreed to.

Committee rose at twenty-nine minutes to Eleven o 'clock.

THE FOLLOWING MEMBERS ATTENDED THE COMMITTEE:

Benton, Mr. Joe (Chairman)

Bruce, Mr. Ian

Clapham, Mr.

Cox, Mr.

Cryer, Mrs. Ann

Davey, Mr. Edward

Dismore, Mr.

Flight, Mr.

Hall, Mr. Mike

Hewitt, Ms

Hopkins, Mr.

Simpson, Mr. Keith

Stewart, Mr. David

Touhig, Mr.