text_body: --- DIVISION TITLE ---
  
  Financial Services Bill - New Clause 21 - Duty of Care Specification
  
  --- MOTION EFFECT ---
  
  @ MP voted aye to require bankers, financial advisors and others in the regulated financial services industry to act with a duty of care to consumers.
  
  @ MP voted no against requiring bankers, financial advisors and others in the regulated financial services industry to act with a duty of care to consumers.
  
  
  The majority of MPs voted against requiring bankers, financial advisors, and others in the financial services industry who carry out activity regulated by the Financial Conduct Authority, to act with a duty of care to consumers. 
  
  MPs were considering the Financial Services Bill.[1][2]
  
  The proposed new clause which was rejected in this vote was titled: ''Duty of care specification'' and stated:
  
  :(1) The Financial Services and Markets Act 2000 is amended as follows.
  
  :(2) After Section 1C insertâ
  
  :â1CA 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 toâ
  
  :(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 firmâs approach.â
  
  
  
  FCA is a reference to the Financial Conduct Authority.[2] 
  
  
  
  --
  
  * [1] [https://bills.parliament.uk/bills/2792 Parliament's webpage on the Financial Services Bill], Parliament.uk
  * [2] [https://publications.parliament.uk/pa/bills/cbill/58-01/0200/en/200200en.pdf Explanatory notes to the Financial Services Bill], Parliament.uk
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  