New Clause 21 - Duty of care specification

Financial Services Bill – in the House of Commons at 6:00 pm on 13th January 2021.

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Votes in this debate

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) After Section 1C insert—

“1CA Duty of care specification

(1) In securing an appropriate degree of protection for consumers, the FCA must ensure authorised persons carrying out regulated activities are acting with a duty of care to all consumers.

(2) Matters the FCA should consider when drafting duty of care rules include, but are not limited to—

(a) the duties of authorised persons to act honestly, fairly and professionally in accordance with the best interest of their consumers;

(b) the duties of authorised persons to manage conflicts of interest fairly, both between themselves and their clients, and between clients;

(c) the extent to which the duties of authorised persons entail an ethical commitment not merely compliance with rules;

(d) that the duties must be owned by senior managers who would be accountable for their individual firm’s approach.””—(Alison Thewliss.)

Brought up and read the First time.

Question put, That the clause be added to the Bill.

Division number 195 Financial Services Bill — New Clause 21 - Duty of care specification

Aye: 267 MPs

No: 355 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

The House divided: Ayes 267, Noes 355.

Question accordingly negatived.

The list of Members currently certified as eligible for a proxy vote, and of the Members nominated as their proxy, is published at the end of today’s debates.