Schedule 3: Speaker’s Committee for the Independent Parliamentary Standards Authority Section 8: MPs’ code of conduct relating to financial interests
87.Section 8 requires the IPSA to prepare, regularly review, and revise as appropriate a code of conduct relating to MPs’ financial interests. Subsection (4) provides that during preparation or revision of the code, the IPSA is required to consult with the Speaker of the House of Commons, the Leader of the House of Commons, the Committee on Standards and Privileges, and members of the House of Commons. The IPSA may also consult with any other person it considers appropriate. Once the code has been prepared or revised, the Speaker must lay it before the House of Commons. Subsection (6) provides that the code must be approved by a resolution of the House of Commons before it is to have effect.
88.Subsections (7) and (8) set out the provisions which must be included in the code. Subsection (7) sets out a framework requiring MPs to register financial interests with the IPSA. Subsection (8) sets out that the code must prohibit paid advocacy. It covers both the actions of the MP in advocating or initiating any cause or matter for any consideration, whether financial or in kind, and also urging another member to advocate any cause or matter on his or her behalf.
89.Subsection (9) requires the IPSA to publish the register in any way that it considers appropriate.
90.Subsection (10) defines “financial interest” as including a benefit in kind or an indirect financial interest (such as a financial interest of a member of the family of the member). So, for example, an MP could be required to include on the register information about employing a member of his or her family as his or her staff.