✓ Passed into LawLords
UK Parliament · Bill
Financial Services and Markets Act 2023
Summary
This Act updates the laws that control banks, investment companies, and other financial businesses in the UK. It gives regulators (government watchdogs) more power to set rules, protect people's savings, and manage risks in the financial system to make it safer and fairer.
A vote to support means
- —Supporting this Act means backing stronger rules for financial companies like banks and investment firms. It aims to protect people's money, prevent financial fraud, and give regulators better tools to spot and stop risky behaviour before it causes problems.
A vote to oppose means
- —Critics worry the Act could increase costs for banks, which might be passed on to customers through higher fees. Some businesses argue the new rules are too strict and could reduce competition or drive financial services away from the UK.
Cast Your Vote
People's Vote2 votes
100% Support · 20% Oppose · 0
Parliament's Vote339 MPs
89% Ayes · 30311% Noes · 36
Democratic Gap
11% — Moderate gap
Bill Passage
Commons
- 1st reading20 Jul 2022
- 2nd reading7 Sept 2022
- Committee stage19 Oct 2022
- Report stage7 Dec 2022
- 3rd reading7 Dec 2022
Lords
- 1st reading8 Dec 2022
- 2nd reading10 Jan 2023
- Committee stage25 Jan 2023
- Report stage6 Jun 2023
- 3rd reading19 Jun 2023
Royal Assent29 Jun 2023
Full Bill Description(click to expand)
No description available