Never accept any financial inducement as an incentive or reward for exercising parliamentary influence

New Lords' code

The plans follow recommendations from the Neill Committee on Standards in Public Life last year.

Bishops and law lords would also be covered by the code, which will now be considerd by the full house.

Tories on the committee have voiced opposition to opening all financial details to public scrutiny - suggesting it would cast suspicion on all outside interests.

Tougher proposals

At present, registration of interests other than parliamentary consultancies and lobbying work is voluntary.

Although the proposals under consideration would be much tougher, penalties for those failing to comply would be limited to a censure.

In the Commons MPs can be suspended without pay.

Lord Neill's committee recommended the code

Leader of the Lords, Lady Jay, said the new code would bring the upper house into line with the House of Commons and local councils, which already have codes on the declaration of financial interests.

The code of conduct will stipulate that members of the Lords must "never accept any financial inducement as an incentive or reward for exercising parliamentary influence" and must not vote or ask a question in return for "payment or any other material benefit".

The Lords committee was split over whether to introduce even more extensive rules.

These covered the declaration of: