Financial Services and Markets Bill — Report (3rd Day) — Amendment 106 — 13 Jun 2023 at 18:45
Moved by Baroness Kramer
106: After Clause 71, insert the following new Clause-“Protection of banking reform: ring-fencing and SMCR(1) Parts 1 (ring-fencing) and 4 (conduct of persons working in financial services sector) of the Financial Services (Banking Reform) Act 2013 and amendments made by them to FSMA 2000 may not be modified or revoked except by an Act of Parliament.(2) No change or revocation may be made by secondary legislation, including by the PRA and FCA, to-(a) the requirements for ring-fenced bodies, and(b) the senior managers and certification regime, or other rules for the conduct of persons working in the financial services sector,that departs from the principles set out in the final report of the Parliamentary Commission on Banking Standards.(3) For the avoidance of doubt, subsection (2) includes secondary legislation that would allow ring-fenced bodies permanently to carry out excluded activities.(4) This section may not be amended except by an Act of Parliament.”Member’s explanatory statementThis amendment would prevent the Government from making substantive changes to the policy on ring-fencing and SMCR by statutory instrument, and would prevent policy from being amended in a way that departs from the report from the Parliamentary Commission on Banking Standards.
Ayes 184, Noes 188.
All Votes Cast - sorted by party
Lords for which their vote in this division differed from the majority vote of their party are marked in red. Also shows which lords were ministers at the time of this vote. You can also see every eligible lord including those who did not vote in this division.