The Committee stage in the Lords will debate the FSM Bill starting on 25 January. 5 sittings have been scheduled, for 25 and 30 January, and 1, 6 and 9 February
Further amendments have been tabled for discussion, following our first, second and third previous posts including:
- changes that would “onshore” FCA’s power and duty to set position limits on commodity derivatives so that the limits are appropriate for the UK;
- include mental health of consumers as something to which FCA should have regard in its consumer protection objective;
- to require PRA and FCA’s CBA panels to include experts in economic crime;
- to require FCA to have issued and responded to a UK wide consultation on regional experience of cash provision within a year of the Act being passed;
- to prohibit regulated activities relating to forest risk commodities unless the activity complies with relevant local laws;
- to require the publication of a plan for developing and deploying digital ID within 6 months of the Act being passed;
- to create a right of action for SMEs for breaches of FCA Rules;
- to require all use of AI to be ethical and in line with guidance from the Centre for Data Ethics and Innovation and to require firms that use AI to have a designated AI officer;
- to require a report within 3 months of the Act being passed on barriers to the establishment of regional mutual banks; and
- to take all reasonable steps within 3 months of the Act being passed to ensure AML legislation does not prevent the supply of financial services in certain circumstances to help in the defence of Ukraine.
There are now 94 pages of tabled amendments.