FSMB amendments grow before Committee stage

As at 17 June, the tabled amendments for discussion in Committee stage of the FSM Bill ran to 68 pages. Key submissions:

• aim to create a debate on what the new look consumer credit regulatory regime will look like and preserve consumer protection;
• seek to clarify the grounds on which requirements for in-person banking services can be imposed;
• introduce a proposal for the FCA to introduce a framework for assessing availability of affordable credit;
• increase the long-stop for FOS complaints to 10 years – and more generally to debate the redress provisions;
• would require the FCA to make rules making tech firms and platforms liable to reimburse APP fraud victims where the fraud originated on their platforms and to apportion liability proportionately;
• seek to push forward the transfer of AML supervision of professional services firms;
• probe to create debate on regulators’ functions and duties;
• suggest a proportionality clause for s166 review requirements;
• give the FCA express power to create an open finance framework and to require it to establish an independent innovation unit;
• require the regulators to make rules setting out standards for digital operational resilience that firms must meet;
• require the FCA to make rules requiring firms that use AI to comply with set standards;
• propose the creation of a new “Office for Financial Regulatory Accountability”;
• require HM Treasury to consult on the expected effects of ring-fencing reform and publish an assessment following consultation;
• suggest possible extensions to the commercial credit data sharing scheme; and
• require a review of tokenisation development in UK wholesale financial markets and the publication of a digital assets strategy.