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Members are expected to discuss a range of topics including criminal financial offences, protecting access to cash and appointment of a Financial Conduct Authority (FCA) board member with responsibility for climate change.

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List of suggested changes (PDF)
Bills and legislation: Financial Services Bill
Explore the Lords Library briefing
What is committee stage?

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.

Committee stage day four: Wednesday 3 March

Members discussed a range of topics, including climate-related financial risk, review of supervisory bodies and tax reporting for Gibralter-based persons.

Committee stage day four: Monday 1 March

Members discussed a range of topics, including funding of fossil fuel exploration, taxation reporting for Gibralter-based persons and disclosure of climate-related financial risk.

Committee stage day two: Wednesday 24 February

Members considered a range of topics, including parliamentary approval of powers given to the Financial Conduct Authority (FCA) and climate-related financial risk.

Committee stage day one: Monday 22 February

Members discussed a range of topics, including the duty of care of financial services providers, exploitation of consumers and small businesses, and international competitiveness of financial services.

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.

IRRV Alert - week ending 6th March 2021

News

Reports

Lords examines Financial Services Bill at committee stage (4 March 2021)

Lords examines Financial Services Bill at committee stage