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Opposition forces Government to back down

The Opposition parties achieved partial success in the Lords yesterday when they forced the Government to agree to consider one of their amendments after heated debate.

The FSA will have to consider splitting the roles of chief executive and non-executive chairman in the future. Currently, both positions are occupied by Howard Davies.

Both sides in the debate are clear to point out that they are content with the job that Davies is doing, but that the institution will be in existence for longer than any one man.

The Tories and Liberal Democrats were also able to face the Government down over the matter of the FSA complaints board, which has the authority to investigate the regulator.

They were defeated in their motion regarding the FSA&#39s legal immunity though.

The action took place at the report stage in the House of Lords, one of the final opportunities to debate the bill before it becomes law. The Government still has the ability to defeat the Opposition by referring the motions back to the House, where they enjoy a sizeable majority.


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