FSM Bill day 5 debate

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.