Financial Services (Implementation of Legislation) Bill [HL]

Key Points

• Authorises the government to implement by reference EU financial services legislation adopted up to Brexit or within two years after withdrawal.
• Intended to maintain continuity and stability in financial markets by using EU rules rather than creating new, parallel rules.
• Contains delegated powers for implementing these references and accompanying parliamentary scrutiny (e.g., Explanatory Notes, Delegated Powers Memorandum, Impact Assessments).
• The Lords proposed amendments that were debated in the Commons, with a notable 2021 vote in favour of disagreeing with Lords Amendment 8 (Commons: 355 Aye, 271 No).
• Cross-party voting patterns show Conservative and allied MPs generally supportive, while Labour and most other opposition parties opposed.

Progress

Originated in the Lords and received a Second Reading there in 2019. It has since moved to the Commons and is at Report Stage, with amendments from the Lords and subsequent parliamentary votes shaping its progress.

Voting

Two recorded votes are noted: in the Lords (Second Reading) on 11 Feb 2019, it passed 293 Aye to 248 No; in the Commons on 26 Apr 2021, the motion to disagree with Lords Amendment 8 was 355 Aye to 271 No. Overall, Conservatives and allied groups voted in favour, while Labour and most opposition parties opposed.