5th day of FSM Bill Grand Committee debate to start

Day 5 of the scheduled 6 days of the Lords’ Grand Committee debate on the FSM Bill takes place on 20 February.  To date, Parliament has picked out that key amendments debated have covered:

  • revocation of retained EU law;
  • powers of Treasury and the financial regulators;
  • FCA powers to undertake prosecutions for fraud;
  • commercial lending to SMEs;
  • consumer credit regulation;
  • FCA measurement of the legislation’s impact on growth and competitiveness;
  • requiring regulators to publish regular reports to Parliament on their performance;
  • establishing regional mutual banks;
  • duty of FCA to report on financial inclusion;
  • provision for investors to purchase bonds of £1,000 or less; and
  • banking services for low income communities.

Among the amendments due to be debated on 20 February are those on regulatory rule making and accountability, enforcement powers and the creation of a Parliamentary Committee to oversee the PRA, FCA and PSR. A specific amendment would also introduce a requirement for FCA to report on financial inclusion, and on both regulators to report on mutual and co-operative business models.

Emma Radmore