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.