The House of Lords completed the fifth session of the report stage of the FSM Bill on 6 July. The debate included:
- the need for some recognition in the law of AI and technology developments;
- whether the FCA should be given power to develop a unit dedicated to wholesale market supervision;
- whether litigation funding should become a regulated activity (which the Government agree should happen but said it cannot be done through the Bill);
- building society governance standards;
- a credible evaluation capability for regulators’ work;
- proportionality of the appointed representative permission gateway;
- SMCR “passporting”; and
- overseas firms.