IRRV Alert - week ending 19th February 2021
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Lords debates Financial Services Bill at second reading (19 February 2021)
Lords debates Financial Services Bill at second reading
19 February 2021
FEB
19
2021
The Financial Services Bill starts its committee stage, the first chance for line-by-line scrutiny, in the Lords on Monday 22 February.
Members are expected to discuss a range of topics, including duty of care of financial services providers, exploitation of consumers and small businesses, and taxation reporting for Gibraltar-based individuals.
- Watch on Parliament TV from 2.30pm
- Read the Lords Hansard transcript from three hours after the debate
- List of suggested changes (PDF)
- Bills and legislation: Financial Services Bill
- Explore the Lords Library briefing
The committee stage of this bill is taking place in Grand Committee, away from the chamber. In Grand Committee, any member can take part and decisions on amendments (changes) can be made but no votes can take place.
Second reading: Thursday 28 January
Members discussed a range of subjects highlighted by the bill, including market access between the UK and Gibraltar, powers granted to the Financial Conduct Authority and the economic impact of the COVID-19 pandemic.
Lord Agnew of Oulton (Conserverative), Minister of State in HM Treasury, opened the debate and responded on behalf of the government.
Speakers included a former vice president of Citibank and a member of the Bank of England Enforcement Decision Making Committee.
Lord Hammond of Runnymede (Conservative), former Chancellor of the Exchequer, and Baroness Shafik (Crossbench), board member of the Institute for Fiscal Studies, gave their maiden speeches in the House.
Financial Services Bill
This bill aims to:
- ensure the UK's regulatory framework continues to function
effectively following withdrawal from the EU - promote financial stability by implementing the full set of Basel III standards, a new prudential regime for investment firms, and empowering the Financial Conduct Authority (FCA) to oversee the transition away from the London Inter-bank Offered Rate (LIBOR) benchmark
- promote openness with international markets by simplifying the way overseas investment funds are marketed in the UK
- deliver a ministerial commitment to provide long-term access
between the UK and Gibraltar for financial services firms - introduce measures to maintain the effectiveness of the
financial services’ regulatory framework and sound capital markets.