Report stage of Financial Services Bill, day two

23 May 2012

The House of Commons held the second day of the report stage of the Financial Services Bill. The Bill will now be considered by the House of Lords.

Summary of the Bill

The Bill amends the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; makes other provision about financial services and markets; makes provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; amends section 785 of the Companies Act 2006; makes provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.

Progress of the Bill

The Financial Services Bill was introduced into the House of Commons on 26 January 2012 and received second reading on 6 February 2012. The Bill was considered in a Public Bill Committee between 21 February to 22 March 2012.

The first day of the report stage was held on 23 April 2012. A carry over motion was agreed to on 6 February 2012 and second day of the report stage was held on 22 May in the 2012-13 session of Parliament.

Keep up to date with all the proceedings and documentation, including amendment papers, on the Financial Services Bill. Also find out how a bill becomes an Act of Parliament.

House of Commons Library analysis

The House of Commons Library produce briefing papers to inform MPs of key issues. The Library published briefing papers for second reading and a report on the committee stage.

Report stage proceedings

23 April 2012: Day one

MPs considered in the following order; New Clauses 4, 1, 10 and Amendments 22, 12, 28 and 1-3.

New Clause 4, which relates to Power to make further provision about regulation of consumer credit, was added to the Bill.

New Clause 1, which relates to Retrospective reviews of Bank performance by court of directors an dpublication of court minutes, was by leave, withdrawn.

New Clause 10, which relates to Mortgage rate forewarning, was defeated on a division (Ayes 215; Noes 290).

Amendment 22 [Clause 3] was defeated on a division (Ayes 216; Noes 290).

Amendment 12 [Schedule 1] was agreed to.

Amendment 28 [Clause 5] was defeated on a division (Ayes 205; Noes 301).

Amendments 1-3 [Clause 5] were agreed to.

Watch and read the proceedings on the first day of the report stage and the views expressed by MPs on Parliament TV and in Commons Hansard.

22 May 2012: Day two

MPs considered in the following order; Amendments 4, 75, 40, 38, 5-9, 72, 10, 11 and 13-21.

Amendment 4 [Clause 7] was agreed  to.

Amendment 75 [Clause 9] was withdrawn.

Amendment 40 [Clause 22] was defeated on a division (Ayes 225; Noes 266).

Amendment 38 [Clause 22] was defeated on a division (Ayes 224; Noes 285).

Amendments 5-9 were agreed to.

Amendment 72 [Clause 47] was defeated on a division (Ayes 218; Noes 271).

Amendments 10, 11 and 13-21 were agreed to.

The Bill was given a third reading without a division.

Watch and read the proceedings on the second day of the report stage and third reading on Parliament TV and in Commons Hansard.

Report stage and third reading

The report stage gives MPs an opportunity, on the floor of the House, to consider further amendments (proposals for change) to a Bill which has been examined in committee.

There is no set time period between the end of committee stage and the start of the report stage.

What happens at report stage?

All MPs may speak and vote, for lengthy or complex Bills the debates may be spread over several days. All MPs can suggest amendments to the Bill or new clauses (parts) they think should be added.

What happens after report stage?

Report stage is usually followed immediately by debate on the Bill's third reading.

What happens at third reading?

Debate on the Bill is usually short, and limited to what is actually in the Bill, rather than, as at second reading, what might have been included.

Amendments (proposals for change) cannot be made to a Bill at third reading in the Commons.

At the end of the debate, the House decides (votes on) whether to approve the third reading of the Bill.

What happens after third reading?

If the Bill started in the Commons it goes to the House of Lords for its first reading. If the Bill started in the Lords it will return to the House of Lords for consideration of any amendments the Commons have made.

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