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.