STORY
Members of the House of Lords are continuing committee stage scrutiny of the Financial Services and Markets Bill. The legislation would reform areas of financial regulation, including the Financial Ombudsman Service, payment systems regulation, bank ring-fencing and the authorisation of provisional licences.
Peers are considering amendments covering payment systems, anti-money laundering provisions, the long-term strategies of the Financial Conduct Authority and a possible Government review of regulatory principles. Six days have been scheduled for committee stage, with further sittings due in late June and early July.
The bill forms part of the wider post-Brexit reform of financial services regulation. Its progress is being watched by the financial sector, consumer bodies and parliamentarians concerned with the balance between competitiveness, stability and consumer protection.