The Bishop of Durham has challenged a Bill giving more power to the Bank of England.
The Financial Services Bill proposes abolishing the Financial Services Authority and dividing its powers between a new Financial Conduct Authority (FCA) and the Bank of England.
The Rt Rev Justin Welby said the Bill would make the Governor of the Bank of England "almost unchallengeable" in the running of the three main committees overseeing financial stability, while leaving the FCA as "the runt of the litter".
The amendments put forward by the Bill support locally based and easily accessible financial services.
If voted through, they would require the Financial Conduct Authority to "promote an appropriate level of financial services provision in deprived communities".
Lenders would be required to disclose the value of loans they make in these communities.
The amendment also requires the FCA to "have regard to the needs of small enterprises, third sector organisations and consumers in deprived communities".
In addition to the Bishop of Durham, the amendments have cross-party support, including from Baroness Andrews, Lord Sharkey and Baroness Kramer.
-
Evangelical vicar accused of abuse won't stand trial
-
Pastor who gave sermon near abortion clinic stands trial
-
Christians protest LGBT nativity play where Jesus is 'King of the Gays'
-
Sarah Mullally reiterates apology as safeguarding record comes under the spotlight
-
Myanmar junta orders an early Christmas
-
The origins of ‘traditional’ Christmas celebrations
Most Popular
News
Over 320,000 people sign petition opposing Macron's '21st century mark' on Notre-Dame
Over 323,000 people have signed a petition in opposition to new stained-glass window designs for Notre-Dame Cathedral in Paris.
Nicki Minaj says she has rekindled her relationship with God
Rapper Nicki Minaj opened up about her recently reignited relationship with God and what inspired her to speak out for persecuted Christians, suggesting that her rise in the music industry made it more challenging to maintain the spirituality of her youth.
Legal action launched challenge to civil service participation in LGBT Pride events
The Christian Institute has initiated legal proceedings against Keir Starmer in a bid to end civil service participation in controversial Pride marches.
National Lottery Heritage Fund awards £7.3m to historic churches
The National Lottery Heritage Fund has awarded more than £7.3 million to help maintain four historic churches.