Parliament has published a marshalled list of the latest amendments to the Financial Services Bill to be debated in the House of Lords. The proposed amendments include:
- a requirement for the FCA and PRA to give undertakings about liaising with Parliament about their activities and rule-making;
- a requirement on the FCA to introduce a cap on the Standard Variable Rates charged to mortgage prisoners and, under specified circumstances, ensure their access to fixed rate interest deals;
- the establishment of a regular reporting framework for systemic climate related financial risks – this aims to ensure that appropriate consideration is given to climate considerations in future consultations and policy development;
- the appointment of a senior manager within the FCA with responsibility for climate change;
- an amendment to the Payment Services Regulations 2017 (PSRs) which would require PSPs to offer an opt-in option for consumers to block, or access pre-agreed spending limits for, gambling transactions;
- an amendment to the PSRs which provides that, in certain circumstances, the provision of cash does not constitute a “payment service”. Persons would no longer have to be authorised by, or registered with, the FCA in order to provide that service; and
- the creation of a Supervisory Body for each of the FCA and PRA. Its function would be to internally monitor the Executive Boards of the FCA and PRA and provide a diversity of views on the conduct and practices of the regulators.
The Bill is currently in the Report stage. The third reading is scheduled for 21 April 2021.