Financial Services (Banking Reform) Bill — Daily Information Exchange With Credit Reference Agencies by Those Offering High-Cost Short-Term Credit — 11 Dec 2013 at 16:30

The majority of MPs voted against requiring the Financial Conduct Authority to set rules, by 1 October 2013, to require those offering high-cost short-term credit to make daily updates of credit reference agency records and to use information received daily from the agencies to assess their customers' creditworthiness.

MPs were considering the Financial Services (Banking Reform) Bill[1]. The amendment rejected in this vote was:

  • Amendment (a) proposed to Lords amendment 155.

Amendment 155[2][3] sought to introduce a new clause titled Duty of FCA to make rules restricting charges for high-cost short-term credit, which sought to do as the title describes with a view to securing an appropriate degree of protection for borrowers against excessive charges.

Amendment (a)[4] sought to add the following at the end of the clause:

  • ‘(1BB) In order to assist in securing an appropriate degree of protection against excessive charges, the FCA must make rules in relation to data sharing for high-cost short- term credit, requiring in particular that—
  • (a) authorised persons providing high-cost short-term credit shall supply to credit reference agencies on a daily basis such information about loans as the FCA specifies;
  • (b) authorised persons providing credit reference services shall ensure that they are able to receive data on a daily basis and make this available to their subscribers by the end of the working day following the day on which they receive it from their subscribers; and
  • (c) authorised persons providing high-cost short-term credit shall, in assessing the creditworthiness of their customers, use such information in ways that the FCA shall specify.
  • (1BC) The FCA must ensure that it has made rules under paragraph (1BB) by no later than 1 October 2014.’


Debate in Parliament | Source |

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Party Summary

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.

PartyMajority (No)Minority (Aye)BothTurnout
Con252 (+2 tell) 0083.3%
DUP0 4050.0%
Lab0 212 (+2 tell)082.9%
LDem37 0066.1%
PC0 2066.7%
SDLP0 2066.7%
SNP0 5083.3%
Total:289 225081.1%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

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no rebellions

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