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Main Lords debate on Critical Benchmarks (References and Administrators' Liability) Bill

14 October 2021

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Members of the Lords considered the key purpose and principles of the Critical Benchmarks (References and Administrators' Liability) Bill during second reading, on Wednesday 13 October.

The Critical Benchmarks (References and Administrators' Liability) Bill aims to support the wind-down of benchmarks and powers granted to the Financial Conduct Authority and provide immunity to critical benchmark administrators.

Debate on the draft law 

Members discussed the main issues in the bill during the second reading debate. 

Members speaking 

Lord Agnew of Oulton (Conservative), Minister for Efficiency and Transformation, opened the debate and responded on behalf of the government. 

Members speaking in the debate included: 

  • Lord Eatwell (Labour), economist
  • Baroness Kramer (Liberal Democrat), chair of the Market Finance Ltd Grant Supervisory Committee
  • Baroness Noakes (Conservative), former board member of the Social Market Foundation.

Get involved 

Watch and read the debate 

Catch up on Parliament TV or read a transcript in Lords Hansard.  

Explore further information 

Read background on the bill in the House of Lords Library Critical Benchmarks (References and Administrators' Liability) Bill briefing. 

Next steps

Committee stage, the first chance for line by line examination of the bill, is yet to be scheduled.

Image: Creative Commons