In advance of the FSM Bill starting its report stage on 7 December, the House of Commons has published an updated version of the amendment paper which lists all amendments tabled to the Bill together with any withdrawn amendments.
The tabled amendments include:
- amendments to place additional requirements on the FCA and PRA to report on their objectives, including an assessment of financial stability and proposed future improvements;
- requiring cost-benefit analyses to include assessments of the risk of economic crime;
- creating the Financial Regulator’s Supervision Council to provide independent scrutiny and oversight of the FCA’s work and fulfilment of its duties and responsibilities, particularly its consumer protection objective;
- requiring individuals and organisations undertaking activities within the remit of the FCA and PRA to owe a duty of care to consumers;
- requiring the PRA and FCA to report on ways in which they have promoted and incentivised green finance and green investment;
- broadening the investment duties of trust-based pension schemes and FCA-authorised personal pension providers to require specific investors to make investment decisions in the “best interests” of beneficiaries.