Financial Services and Markets Act 2000

Section 432(1).

SCHEDULE 20 Minor and Consequential Amendments

The House of Commons Disqualification Act 1975 (c. 24)

1 In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)—

(a) omit—

“Any member of the Financial Services Tribunal in receipt of remuneration”; and

(b) at the appropriate place, insert—

“Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal”.

The Northern Ireland Assembly Disqualification Act 1975 (c. 25)

2 In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)—

(a) omit—

“Any member of the Financial Services Tribunal in receipt of remuneration”; and

(b) at the appropriate place, insert—

“Any member, in receipt of remuneration, of a panel of persons who may be selected to act as members of the Financial Services and Markets Tribunal”.

The Civil Jurisdiction and Judgments Act 1982 (c. 27)

3 In paragraph 10 of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from the operation of Schedule 4 to that Act), for “section 188 of the Financial Services Act 1986” substitute “section 415 of the Financial Services and Markets Act 2000”.

The Income and Corporation Taxes Act 1988 (c. 1)

4 (1) The Income and Corporation Taxes Act 1988 is amended as follows.

(2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of—

• “the 1986 Act”;

• “authorised person”;

• “investment business”;

• “investor”;

• “investor protection scheme”;

• “prescribed”; and

• “recognised self-regulating organisation”.

(3) In section 468 (authorised unit trusts), in subsections (6) and (8), for “78 of the Financial Services Act 1986” substitute “ 243 of the Financial Services and Markets Act 2000”.

(4) In section 469(7) (other unit trust schemes), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

(5) In section 728 (information in relation to transfers of securities), in subsection (7)(a), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

(6) In section 841(3) (power to apply certain provisions of the Tax Acts to recognised investment exchange), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Finance Act 1991 (c. 31)

5 (1) The Finance Act 1991 is amended as follows.

(2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).

(3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for “Financial Services Act 1986” substitute “Financial Services and Markets Act 2000”.

The Tribunals and Inquiries Act 1992 (c. 53)

6 (1) The Tribunals and Inquiries Act 1992 is amended as follows.

(2) In Schedule 1 (tribunals under supervision of the Council on Tribunals), for the entry relating to financial services and paragraph 18, substitute—

“Financial services and markets

18. The Financial Services and Markets Tribunal.”

The Judicial Pensions and Retirement Act 1993 (c. 8)

7 (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.

(2) In Schedule 1 (offices which may be qualifying offices), in Part II, after the entry relating to the President or chairman of the Transport Tribunal insert—

“President or Deputy President of the Financial Services and Markets Tribunal”

(3) In Schedule 5 (relevant offices in relation to retirement provisions)—

(a) omit the entry—

“Member of the Financial Services Tribunal appointed by the Lord Chancellor”; and

(b) at the end insert—

“Member of the Financial Services and Markets Tribunal”.