Financial Services Bill: MPs consider Lords amendments

10 December 2012

The Financial Services Bill returned to the House of Commons on Monday 10 December for consideration of Lords amendments

Consideration of Lords amendments on the Financial Services Bill took place in the House of Commons on 10 December 2012. All Lords amendments were agreed to. Commons financial privilege was waived in respect of Lords amendments 122, 125 to 128, 138 to 140, 182 and 203. Consideration of Lords amendments was preceded by a money resolution, a ways and means resolution and a programme motion.

Summary of the Financial Services Bill

The Bill will amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009 to make provisions about financial services and markets. It will also exercise certain statutory functions relating to building societies, friendly societies and other mutual societies.
 
The Bill will amend section 785 of the Companies Act 2006, enabling the Director of Savings to provide services to other public bodies.

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.

The Bill was considered in a Public Bill Committee between 21 February to 22 March.

The first day of the report stage was held on 23 April 2012. A carry over motion was agreed to on 6 February 2012 allowing the Bill to resume its progress in the next Parliamentary session without having to start from the beginning. A second day of the report stage, along with the third reading, was held on 22 May in the 2012-13 session of Parliament.

The Bill was sent to the House of Lords for consideration and the proposal of amendments.

Following agreement to the Lords amendments the Bill will be sent back to the House of Lords to await Royal Assent.

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

Lords Amendments

When a Bill has passed through third reading in both Houses it is returned to the first House (where it started) for the second House's amendments (proposals for change) to be considered.

Both Houses must agree on the exact wording of the Bill. There is no set time period between the third reading of a Bill and consideration of any Commons or Lords amendments.

What happens after consideration of amendments?

Once the Commons and Lords agree on the final version of the Bill, it can receive Royal Assent and become an Act of Parliament (the proposals of the Bill now become law).

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