FSMB: Further Lords amends for debate

Further amendments to the FSM Bill have been published for debate in the Lords Committee. They relate mainly to:

• FCA powers beyond designated activities, aimed at giving it appropriate powers to take action against persons outside any regulated firm with a view to ensuring it discharges its duties “without preference for the financial services sector”.  The same set of amendments would also require firms which carry on a mixture of regulated and unregulated activities to make this very clear;
• recommendations that may be made to the Pensions Regulator, PRA and FCA on systemic risk and reports they may be required to produce as a result; and
• requiring FCA to introduce a cap on SVRs charged to mortgage prisoners and, under specified circumstances, ensure their access to fixed rate interest deals.