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.