Financial Services Bill — Clause 5 — New Regulators for Financial Service and Insurance Industries — 23 Apr 2012 at 22:12
The majority of MPs voted in favour of new regulators for the financial services and insurance industries.
MPs were considering the Financial Services Bill. The amendment rejected in this vote was:
- Amendment 28, page 15, line 4, leave out clause 5.
Clause 5 of the Bill titled The new Regulators provided for the creation of The Financial Conduct Authority and the Prudential Regulation Authority.
Specifically the Bill provided the Financial Services Authority is renamed as the Financial Conduct Authority and the Prudential Regulation Authority Limited is renamed as the Prudential Regulation Authority.
The duties, functions and objectives of the bodies are set out in the Bill. The Financial Services Authority's objectives relate to consumer protection objective, integrity, and competition. The Prudential Regulation Authority is an insurance industry regulator tasked with contributing to the securing of an appropriate degree of protection for those who are or may become policyholders; its objective is promoting the safety and soundness of those authorised by the authority.
-  Parliament's webpage on the Financial Services Bill (now an Act)
-  Clause 5 of the Financial Services Bill as at the time of the vote
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.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||245 (+1 tell)||0||0||80.4%|
|Lab||0||205 (+2 tell)||0||80.5%|
|LDem||46 (+1 tell)||0||0||82.5%|