Financial Services (Banking Reform) Bill — Clause 4 — Full Separation of Ring-Fenced Retail Banking Activities — 8 Jul 2013 at 19:00
Oliver Letwin MP, West Dorset voted against requiring retail banking divisions to be completely separated from other bodies, such as investment banks, within five years.
The majority of MPs voted against requiring retail banking divisions to be completely separated from other bodies, such as investment banks, within five years.
MPs were considering the Financial Services (Banking Reform) Bill. The amendment rejected in this vote was Amendment 18. Clause 4 of the Bill sought to introduce new clauses to to the Financial Services and Markets Act 2000; the rejected amendment sought to add an additional new clause titled Full separation introducing a General requirement of separation relating to retail banking elements of a banking group which have been "ring-fenced" in order to isolate banking activities where continuous provision of service is vital to the economy and to the customers of a bank.
The proposed requirement to separate stated:
- Where the members of any group include one or more ring-fenced bodies and one or more other bodies, the members of the group must, before the end of the period of five years beginning with the relevant commencement date, take steps to secure that there are no members of the group that are ring-fenced bodies
The rejected proposed new clause provided for enforcement of the requirement via the removal of regulatory permission to carry on activities for those groups not complying.
-  Parliament's webpage on the Financial Services (Banking Reform) Bill
-  Clause 4 of the Financial Services (Banking Reform) Bill
-  Explanatory notes to the Financial Services (Banking Reform) Bill
Votes by party, red entries are votes against the majority for that party.
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.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||234 (+1 tell)||1||0||77.4%|
|Lab||0||212 (+2 tell)||0||82.9%|
|LDem||40 (+1 tell)||1||0||75.0%|
|Andrew Tyrie||Chichester||Con (front bench)||aye|
|John Thurso||Caithness, Sutherland and Easter Ross||LDem (front bench)||aye|