FSM Bill completes third day

The FSM Bill has completed its third day in the Committee stage in the Lords, and will enter its fourth day on 1 July.

At the first session, on 22 June, the Committee discussed several core conduct issues, including:

• FCA Rules on consumer credit;
• in-person banking services;
• access to affordable credit;
• fiduciary duties to retail customers;
• FOS; and
• fraud reimbursement by tech companies.

At the session on 24 June, the Committee considered amendments including those on:

• support for AML provisions;
• long-term FCA strategy; and
• government review of regulatory principles.

At the session on 29 June, the Committee considered amendments including those on:

• when regulatory rules or guidance seem inconsistent;
• annual reports from the FCA and PRA to the Treasury; and
• reporting requirements on climate risk.

On 1 July, the discussions are scheduled to cover:

• requirements on regulators to publish annual reports on climate risk principles;
• making sure Treasury can only reduce, not increase, regulatory approval periods;
• the effects of capital requirements on lending capacity, borrowing costs, competition and economic growth; and
• requiring the FCA to make rules on AI in financial services.