Financial Services Bill — Clause 22 — Powers of Financial Conduct Authority — Credit Offered on Terms Causing Consumer Detriment — 22 May 2012 at 18:00
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. 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 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.
-  Parliament's webpage on the Financial Services Bill (now an Act)
-  Clause 22 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||229 (+1 tell)||3||0||76.1%|
|Lab||0||205 (+2 tell)||0||80.5%|
|LDem||37 (+1 tell)||0||0||66.7%|
|Zac Goldsmith||Richmond Park||Con (front bench)||aye|
|Philip Hollobone||Kettering||Con (front bench)||aye|
|Mark Reckless||Rochester and Strood||Con (front bench)||aye|