Chancellor of the Exchequer, George Osborne, introduced the second reading of the Financial Services Bill in the House of Commons on Monday 6 February 2012.
The Bill passed without a vote. The Bill will now be considered by a Public Bill Committee. Shadow Chancellor of the Exchequer, Ed Balls, responded on behalf of the Opposition.
Watch and read the second reading debate and the views expressed by MPs on Parliament TV and in Commons Hansard.
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.
Keep up to date with all the proceedings and documentation on the Financial Services Bill and 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 a briefing paper for second reading.
Second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place no sooner than two weekends after first reading.
What happens at second reading?
The Government minister, spokesperson or MP responsible for the Bill opens the second reading debate. The official Opposition spokesperson responds with their views on the Bill.
The debate continues with other Opposition parties and backbench MPs giving their opinions. At the end of the debate, the Commons decides whether the Bill should be given its second reading by voting, meaning it can proceed to the next stage.
What happens after second reading?
The Bill proceeds to committee stage and will be considered in a Public Bill Committee. Each clause (part) and any amendments (proposals for change) to the Bill may be debated.