Financial Services (Banking Reform) Bill — New Clause 8 — Review Of Competitiveness of Those Providing Core Banking Services in the UK — 9 Jul 2013 at 16:15
The majority of MPs voted against requiring a study into competition between UK financial services institutions involved in the core services of accepting deposits, providing facilities to withdraw money and make payments and the provision of overdraft facilities.
MPs were considering the Financial Services (Banking Reform) Bill. The text of the clause rejected in this vote was:
- (1) The Chancellor of the Exchequer shall instruct the Competition and Markets Authority to begin a full market study, according to its powers under the Enterprise Act 2002, into UK financial services institutions involved in the provision of core services.
- (2) The full market study will consider:
- (a) the level of competition among UK institutions involved in the provision of core services.
- (b) the obstacles to increasing competition for UK institutions involved in the provision of core services.
- (c) possible actions that could be taken to facilitate new UK institutions being competitive in the provision of core services.
- (3) The full market study will be published within a year of Royal Assent of this Act.
- (4) The review must result in a report to the Treasury.
- (5) The Treasury shall lay a copy of the report before both Houses of Parliament.’.
Core services are defined, via clause 4 of the Bill, as
- (a) facilities for the accepting of deposits or other payments into an account which is provided in the course of carrying on the core activity of accepting deposits;
- (b) facilities for withdrawing money or making payments from such an account;
- (c) overdraft facilities in connection with such an account.
-  Parliament's webpage on the Financial Services (Banking Reform) Bill (now an Act)
-  Clause 4 of the Financial Services (Banking Reform) Bill as introduced
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||248 (+1 tell)||0||0||81.6%|
|Lab||0||214 (+2 tell)||0||83.7%|
|LDem||44 (+1 tell)||0||0||80.4%|