UK: Financial Servies (Banking Reform) Bill - peers support annual validation of approved persons' competence as part of licensing regime

The Financial Services (Banking Reform) Bill began the first day of report stage in the House of Lords yesterday: see here. Peers voted (222 votes for; 217 against) to introduce an amendment to the Bill requiring all approved persons exercising controlled functions to undergo an annual validation of their competence, as part of a licensing regime based on training and competence. Report stage debate continues today.