Financial Services Bill — Clause 47 — Power for Treasury to Change Law on Mutual Societies by Order To Promote Such Societies, Collect Statistics on Them and Diversify the Financial Sector — 22 May 2012 at 20:00

The majority of MPs voted against allowing the Treasury to change a series of laws on mutual societies to provide for increased diversity in the financial services sector, the promotion of mutual societies and to make arrangements to collect statistics on mutual societies.

MPs were considering the Financial Services Bill^[1]. The amendment rejected in this vote was:

• Amendment 72, page 130, line 38, at end insert—
• ‘(g) making provision for the increased diversity of the financial services sector and promotion of mutual societies, including arrangements to measure the number of members of mutual societies, and the market share for mutual societies as a proportion of the UK financial services sector.’.

Had it not been rejected the above new subclause would have been added to Clause 47 of the Bill^[2] titled Mutual societies: power to transfer functions. The subclause the amendment sought to introduce would have added a further purpose for which the Treasury may by order amend a series of Acts of Parliament relating to mutual societies.

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• [1] Parliament's webpage on the Financial Services Bill (now an Act)
• [2] Clause 47 of the Financial Services Bill as at the time of the vote

Debate in Parliament | Source |