Financial Services Bill — Report (1st Day) — Amendment 1 — 24 Mar 2021 at 15:15
Moved by Lord Stevenson of Balmacara
1: Before Clause 1, insert the following new Clause-“Duty of care for financial service providers(1) The Financial Services and Markets Act 2000 is amended as follows.(2) In section 1C, after subsection (2)(e) insert-“(ea) the general principle that firms should not profit from exploiting a consumer’s vulnerability, behavioural biases or constrained choices;”.(3) After section 137C insert-“137CA FCA general rules: duty of care (1) The power of the FCA to make general rules includes power to introduce a duty of care owed by authorised persons to consumers in carrying out regulated activities under this Act.(2) The FCA must make rules in accordance with subsection (1) which come into force no later than 6 April 2022.””Member’s explanatory statementThis new Clause would strengthen the FCA’s consumer protection objective and introduce requirements for the FCA to make rules for financial services firms that amount to a statutory duty of care.
Ayes 296, Noes 255.
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 is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Content)||Minority (Not-Content)||Turnout|
|Lord Holmes of Richmond||Con (front bench)||aye|
|Lord Butler of Brockwell||Crossbench (front bench)||no|
|Lord Cameron of Dillington||Crossbench (front bench)||no|
|Lord Carlile of Berriew||Crossbench||no|
|Lord Chartres||Crossbench (front bench)||no|
|The Earl of Cork and Orrery||Crossbench (front bench)||no|
|Lord Craig of Radley||Crossbench||no|
|The Earl of Devon||Crossbench (front bench)||no|
|Lord Evans of Weardale||Crossbench||no|
|Baroness Hunt of Bethnal Green||Crossbench||no|
|Lord Laming||Crossbench (front bench)||no|
|Lord McDonald of Salford||Crossbench||no|
|Lord Patel||Crossbench (front bench)||no|
|Lord Stevens of Kirkwhelpington||Crossbench||no|
|Lord Stirrup||Crossbench (front bench)||no|
|Lord Walker of Aldringham||Crossbench||no|
|Lord Hay of Ballyore||DUP||no|
|Lord Brown of Eaton-under-Heywood||Judge (front bench)||no|
|Lord Faulks||Non-affiliated (front bench)||no|
|Lord Moore of Etchingham||Non-affiliated||no|
|Baroness Stuart of Edgbaston||Non-affiliated||no|
|Lord Taylor of Warwick||Non-affiliated||no|