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  Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill - Clause 1 - Report on Compensation Payments to Customers of London Capital & Finance PLC
  
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  @ MP voted aye to require a report on the impact of the payment of compensation to the customers of London Capital & Finance PLC and also covering some wider related considerations.
  @ MP voted no not to require a report on the impact of the payment of compensation to the customers of London Capital & Finance PLC and also covering some wider related considerations.
  
  The majority of MPs voted not to require a report on the impact of the payment of compensation to the customers of London Capital & Finance PLC and also covering some wider related considerations.
  
  MPs were considering the Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill.[1][2][3]
  
  The Bill provided for publicly funded compensation for:
  
  * investors in London Capital & Finance PLC's "minibonds" (following the firm going into administration in January 2019).
  * occupational pension schemes whose assets have been reduced as a consequence of an offence involving dishonesty and where the scheme employer is insolvent and unable to make good the shortfall.
  
  The amendment rejected in this vote was:
  
  : page 1, line 18, at end insertâ
  
  :â(5) Within six months of this Act coming into force, the Secretary of State must lay before Parliament a report that assesses the impact of the payment of compensation to the customers of London Capital & Finance plc under this section, and in the light of that assessment, sets out the followingâ
  
  :(a) an assessment of the regulatory failures that gave rise to the need to compensate the customers of London Capital & Finance plc;
  
  :(b) measures the Government is taking to prevent such regulatory failures in the future;
  
  :(c) the reasons why the Government is providing compensation to the customers of London Capital & Finance plc but not the customers of other failed investment firms;
  
  :(d) criteria for when the Government should be expected to provide compensation following the collapse of investment firms; and
  
  :(e) the reasons for the capping of compensation payments under this section at 80% of what customers of London Capital & Finance would have been entitled to under the Financial Services Compensation Scheme.â
  
  The rejected amendment was accompanied by the following explanatory statement from its proposer:
  
  :This amendment would require the Secretary of State to lay a report before Parliament that assesses the impact of the Government compensating the customers of London Capital & Finance plc, as well as broader issues relevant to the mis-selling scandal.
  
  The rejected amendment would have added an additional subclause to clause one of the Bill. 
  
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  * [1] [https://bills.parliament.uk/bills/2863 Parliament's webpage on the Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill ], Parliament.uk
  * [2] [https://bills.parliament.uk/publications/41483/documents/210 Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill, as introduced 12 May 2021], Parliament.uk
  * [3] [https://bills.parliament.uk/publications/41484/documents/211 Explanatory notes to the Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill, as introduced 12 May 2021], Parliament.uk
  
  
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  (put thoughts and notes for other researchers here)
  