division_name: Bank of England and Financial Services Bill [Lords]
motion: <p class="" pid="c.653.3/1" pwmotiontext="yes">I beg to move, That the Bill be now read a Second time.</p>
  
  <p class="" pid="c.653.3/2" pwmotiontext="yes">Following the financial crisis, the Government fundamentally reformed the UK&#8217;s system of financial regulation, replacing the failed tripartite system with a set of regulators with clear responsibilities and objectives. We have also taken concerted action to improve conduct across the banking sector, and to deal with the abuses and unacceptable behaviour of the past. The Bank of England has rightly been put back in charge of financial stability, and the Financial Conduct Authority is a watchdog protecting consumers from sharp practices and making sure bankers comply with the rules. Quite rightly, the powers and governance of those important organisations are reviewed closely and the Bill makes some modest changes to them.</p>
  
  <p class="" pid="c.659.0/1" pwmotiontext="yes">I beg to move an amendment, to leave out from &#8220;That&#8221; to the end of the Question and add</p>
  
  <p class="" pid="c.659.0/2" pwmotiontext="yes">&#8220;this House, whilst noting improvements made to the Bill in the House of Lords, declines to give the Bank of England and Financial Services Bill [Lords] a Second Reading because the Bill fails to increase oversight and accountability of the work of the Bank of England, because the Bill reduces regulation of financial services and because the Bill removes the reverse burden of proof with regard to personal responsibility in the Senior Managers and Certification Regime which was introduced following the cross-party Parliamentary Commission on Banking Standards and enacted in the Financial Services (Banking Reform) Act 2013; and considers that there is no evidence base to justify the removal of the reverse burden of proof which has not yet been implemented.&#8221;</p>
  
  <p pid="c.698.6/1" pwmotiontext="yes"><i>Question put, </i>That the amendment be made.</p>
  
  <p class="italic" pid="c.698.6/2" pwmotiontext="yes">The House divided:</p>
  
  <p pid="c.698.6/3" pwmotiontext="yes">Ayes 252, Noes 289.</p>