Financial Services Bill — New Clause 21 — Duty of Care Specification — 13 Jan 2021 at 18:00
The majority of MPs voted against requiring bankers, financial advisors, and others in the financial services industry who carry out activity regulated by the Financial Conduct Authority, to act with a duty of care to consumers.
The proposed new clause which was rejected in this vote was titled: Duty of care specification and stated:
- (1) The Financial Services and Markets Act 2000 is amended as follows.
- (2) After Section 1C insert—
- “1CA Duty of care specification
- (1) In securing an appropriate degree of protection for consumers, the FCA must ensure authorised persons carrying out regulated activities are acting with a duty of care to all consumers.
- (2) Matters the FCA should consider when drafting duty of care rules include, but are not limited to—
- (a) the duties of authorised persons to act honestly, fairly and professionally in accordance with the best interest of their consumers;
- (b) the duties of authorised persons to manage conflicts of interest fairly, both between themselves and their clients, and between clients;
- (c) the extent to which the duties of authorised persons entail an ethical commitment not merely compliance with rules;
- (d) that the duties must be owned by senior managers who would be accountable for their individual firm’s approach.”
FCA is a reference to the Financial Conduct Authority.
-  Parliament's webpage on the Financial Services Bill, Parliament.uk
-  Explanatory notes to the Financial Services Bill, Parliament.uk
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||355 (+2 tell)||0||0||97.8%|
|SNP||0||45 (+2 tell)||0||100.0%|