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Lords concludes examination of Critical Benchmarks (References and Administrators' Liability) Bill

1 November 2021

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The Critical Benchmarks (References and Administrators' Liability) Bill had its third reading, a chance to make sure the eventual law is effective, workable and without loopholes, in the House of Lords on Tuesday 2 November.

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.

Final checks

Third reading is the chance for members to ‘tidy up' a bill and make any final changes to ensure it is effective as law. 

No changes to the wording of the bill were put forward ahead of third reading. Members briefly discussed the progress of the bill through the House at the conclusion of Lords stages.  

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

Following completion of third reading, the bill now passes to the Commons for their consideration.

What's happened so far?

Order of commitment discharged: Wednesday 27 October

Committee stage, the first chance to check the bill in detail and make changes, was due to take place on Wednesday 27 October.

However, as no amendments were put forward ahead of committee stage, the order of commitment was discharged, meaning there was no debate at committee stage and the bill now goes straight to third reading, which is due to take place on Tuesday 2 November.

Catch up on Parliament TV. Read a transcript in Lords Hansard.  

Second reading: Wednesday Monday 13 October

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.

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

Image: Creative Commons