IRRV Alert - week ending 29th January 2021
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Lords debates Financial Services Bill at second reading (29 January 2021)
Lords debates Financial Services Bill at second reading
29 January 2021
JAN
29
2021
Members of the Lords discussed the key purpose and principles of the Financial Services Bill during second reading, on Thursday 28 January.
The purpose of this bill is to define the law on financial services and markets, debt respite schemes and Help-to-Save accounts.
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.
- Catch up on Parliament TV
- Read the Lords Hansard transcript
- Bills and legislation: Financial Services Bill
- Explore the Lords Library briefing
- What is second reading?
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.
Committee stage, the first chance for line by line examination of the bill, is yet to be scheduled.
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.