MPs consider Lords amendments to Financial Services Bill

11 December 2013

MPs debated amendments by the House of Lords to the Financial Services (Banking Reform) Bill on 11 December 2013

Lords Amendment 41 was disagreed to on division (Ayes 299 votes, Noes 222 votes, Division 157).

The Commons disagreed to Lords Amendment 41 for the following Reason which will be communicated to the Lords for their consideration:

"Because Lords Amendments Nos. 42 to 57 make more appropriate provision about the standards of those working in the financial services sector, and Lords Amendment No. 41 is incompatible with the provision made by those Lords Amendments"

All other Lords Amendments were agreed to.

Related Information

Summary of the Bill

To make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; and for connected purposes.

Progress of the Bill

The Bill was introduced in the House of Commons in the 2012-13 session on 4 February 2013. The Bill was one of five carried over into the 2013-14 session.

This Bill completed all its stages in the House of Commons on the 9 July 2013. 

The Bill then went to the House of Lords for consideration. The Bill had its first reading in the Lords on the 10 July 2013 and completed its remaining stages on the 9 December 2013.

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

House of Commons Library Analysis

The House of Commons Library produces briefing papers to inform MPs of key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial. The Library has prepared the following papers:

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).

Watching proceedings from the public gallery

UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.

This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.

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