Financial Services Bill — Clause 22 — Powers of Financial Conduct Authority — Credit Offered on Terms Causing Consumer Detriment — 22 May 2012 at 18:00

Nigel Adams MP, Selby and Ainsty voted against empowering the Financial Conduct Authority to make rules, or apply sanctions, to regulated individuals who offer credit on terms the authority deems cause consumer detriment.

The majority of MPs voted against empowering the Financial Conduct Authority to make rules, or apply sanctions, to regulated individuals who offer credit on terms the authority deems cause consumer detriment.

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

  • Amendment 40, page 80, line 2, at end insert—
  • ‘(2A) The FCA may make rules or apply a sanction to authorised persons who offer credit on terms that the FCA judge to cause consumer detriment. This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer.’.

Had it not been rejected the above new subclause would have been added to Clause 22 of the Bill[2] which provided for a new part to be added to the Financial Services and Markets Act 2000 replacing the chapter on Rule-making Powers with a new version. The chapter replaced sets out the powers of the Financial Conduct Authority and the Prudential Regulation Authority to make rules as part of their regulatory roles.

Debate in Parliament | Source |

Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.

What is Turnout? This is measured against the total membership of the party at the time of the vote.

PartyMajority (No)Minority (Aye)BothTurnout
Alliance0 10100.0%
Con229 (+1 tell) 3076.1%
DUP0 5062.5%
Green0 10100.0%
Lab0 205 (+2 tell)080.5%
LDem37 (+1 tell) 0066.7%
PC0 30100.0%
Res0 10100.0%
SDLP0 1033.3%
SNP0 5083.3%
Total:266 225077.0%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

NameConstituencyPartyVote
Zac GoldsmithRichmond ParkConaye
Philip HolloboneKetteringConaye
Mark RecklessRochester and StroodConaye

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