text_body: --- DIVISION TITLE ---
  
  Financial Services Bill - Clause 22 - Powers of Financial Conduct Authority - Credit Offered on Terms Causing Consumer Detriment
  
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  @ MP voted aye to empower the Financial Conduct Authority to make rules, or apply sanctions, to regulated individuals who offer credit on terms the authority deems cause consumer detriment. 
  
  @ MP voted no against empowering the Financial Conduct Authority to make rules, or apply sanctions, to regulated individuals who offer credit on terms the authority deems cause consumer detriment.
  
  The majority of MPs voted against empowering the Financial Conduct Authority to make rules, or apply sanctions, to regulated individuals who offer credit on terms the authority deems cause consumer detriment. 
  
  
  
  MPs were considering the Financial Services Bill[1]. The amendment rejected in this vote was:
  
  : Amendment 40, page 80, line 2, at end insertâ
  
  :â(2A) The FCA may make rules or apply a sanction to authorised persons who offer credit on terms that the FCA judge to cause consumer detriment. This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer.â.
  
  Had it not been rejected the above new subclause would have been added to Clause 22 of the Bill[2] which provided for a new part to be added to the [http://www.legislation.gov.uk/ukpga/2000/8/contents Financial Services and Markets Act 2000] replacing [http://www.legislation.gov.uk/ukpga/2000/8/part/X/chapter/I the chapter on  Rule-making Powers] with a new version. The chapter replaced sets out the powers of the Financial Conduct Authority and the Prudential Regulation Authority to make rules as part of their regulatory roles. 
  
  
  
  * [1] [http://services.parliament.uk/bills/2012-13/financialservices.html Parliament's webpage on the Financial Services Bill (now an Act)]
  * [2] [http://www.publications.parliament.uk/pa/bills/cbill/2012-2013/0002/cbill_2012-20130002_en_9.htm#pt2-pb9-l1g22 Clause 22 of the Financial Services Bill as at the time of the vote]
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  (put thoughts and notes for other researchers here)
  