Committee proceeding and Debate on bill on Wednesday, 1 July 2026, in the House of Lords, led by Lord Stockwood. The answering members were Baroness Neville-Rolfe and Lord Altrincham.

Financial Services and Markets Bill [HL]

Lords committee stage fourth day. Clauses 20 to 22 agreed to.

Secondary information

Type: Parliamentary proceeding
Reference: 857 cc465-522GC
Session: 2026-27
Department: Treasury
Legislative stage: Committee stage
Procedure: New clauses
Chamber / Committee: House of Lords Grand Committee
Related items: Financial Services and Markets Bill (HL) 2026-27
Tuesday, 19 May 2026
Bills
House of Lords; Financial Services and Markets Bill (HL); Commercial Payments Bill (HL); Lobbying Transparency (In-house Lobbyists) Bill (HL); Sentencing Bill: Government Response (session 2024–26). Delegated Powers and Regulatory Reform Committee second report
Wednesday, 17 June 2026
Parliamentary committees
House of Lords
Proceeding contributions: Lord Wilson of Sedgefield | 857 c465GC (Link to this contribution)
My Lords, I want to address a few key areas before we begin. First, we are starting today with th...; Baroness Kramer | 857 cc465-6GC (Link to this contribution)
My Lords, I am sure everyone has reread the Hansard transcript and is fully on top of the debate ...; Baroness Neville-Rolfe | 857 cc466-7GC (Link to this contribution)
My Lords, for me, the group speaks to the essential balance which underpins the purpose and funct...; Lord Stockwood | 857 cc468-9GC (Link to this contribution)
My Lords, the Government share the views of many in this debate, particularly on the importance o...; Baroness Noakes | 857 c469GC (Link to this contribution)
My Lords, I thank all noble Lords who have spoken today and the previous day. These amendments al...; Baroness Neville-Rolfe | 857 c470GC (Link to this contribution)
Moved by
Baroness Neville-Rolfe
105: Clause 21, page 26, line 3, leave out “changing”...; Baroness Neville-Rolfe | 857 cc470-2GC (Link to this contribution)
My Lords, I rise enthusiastically —we have to get going for the football—to move Amendment 105, i...; Lord Holmes of Richmond | 857 c471GC (Link to this contribution)
My Lords, what a pleasure it is to follow my noble friend Lady Neville-Rolfe. I agree with everyt...; Lord Ashcombe | 857 cc471-3GC (Link to this contribution)
My Lords, I declare my interest as an employee of Marsh, an FCA-regulated entity. These amendment...; Lord Bridges of Headley | 857 c473GC (Link to this contribution)
My Lords, I should like to speak briefly and, in so doing, declare my interest as an adviser to a...; Lord Howard of Rising | 857 c474GC (Link to this contribution)
My Lords, my Amendment 151 seeks to enable employment in the financial services industry to be ma...; Lord Stockwood | 857 cc474-6GC (Link to this contribution)
My Lords, I am grateful to the noble Baroness, Lady Neville-Rolfe, and the noble Lords, Lord Altr...; Lord Holmes of Richmond | 857 c476GC (Link to this contribution)
I would like some clarification from the Minister. Does he have, at his fingertips, figures aroun...; Lord Stockwood | 857 c476GC (Link to this contribution)
Let me come back to the noble Lord with that data; I had it in the original draft, but it seems t...; Lord Holmes of Richmond | 857 c476GC (Link to this contribution)
I thank the Minister for those statistics and very much appreciate him having them in front of hi...; Lord Stockwood | 857 c477GC (Link to this contribution)
I understand that the regulator does not have the power to increase deadlines without our consent...; Lord Ashcombe | 857 c477GC (Link to this contribution)
The wording in the Bill is “changing”, so it can go up or down, but we are asking for it to be re...; Lord Stockwood | 857 c477GC (Link to this contribution)
The noble Lord makes an important point, but the regulator does not have that power. Only the Tre...; Lord Ashcombe | 857 c477GC (Link to this contribution)
Then the Treasury can do it, but it should be down and not up.; Lord Stockwood | 857 cc477-8GC (Link to this contribution)
I think this requires some further detail. It is an affirmative power that the Treasury has to re...; Baroness Neville-Rolfe | 857 c478GC (Link to this contribution)
My Lords, I am grateful to all noble Lords who have contributed to this debate and to the Ministe...; Baroness Bowles of Berkhamsted | 857 cc478-9GC (Link to this contribution)
Moved by
Baroness Bowles of Berkhamsted
117: After Clause 22, insert the following ne...; Baroness Bowles of Berkhamsted | 857 cc479-480GC (Link to this contribution)
My Lords, in moving this amendment, I shall speak also to Amendment 123 in my name. As I have sai...; Baroness Noakes | 857 cc480-1GC (Link to this contribution)
My Lords, I have Amendment 118 in this group. As the noble Baroness, Lady Bowles, noted, it is ai...; Lord Altrincham | 857 cc481-2GC (Link to this contribution)
My Lords, I am grateful to the noble Baroness, Lady Bowles, and my noble friend Lady Noakes for b...; Lord Stockwood | 857 cc482-4GC (Link to this contribution)
My Lords, I am grateful to the noble Baronesses for these amendments, and I have listened careful...; Baroness Noakes | 857 c483GC (Link to this contribution)
The Minister made great play of the importance of proportionality, on which I think there would b...; Baroness Bowles of Berkhamsted | 857 c483GC (Link to this contribution)
My Lords, I thank all those who have spoken in this debate, in particular the noble Baroness, Lad...; Baroness Noakes | 857 cc483-5GC (Link to this contribution)
Moved by
Baroness Noakes
119: After Clause 22, insert the following new Clause—; Baroness Noakes | 857 cc485-6GC (Link to this contribution)
My Lords, I thank the noble Lord, Lord Vaux, for adding his name. Unfortunately, he is not able t...; Lord Holmes of Richmond | 857 c486GC (Link to this contribution)
My Lords, it is a pleasure to follow my noble friend Lady Noakes. I congratulate her on her purpo...; Lord Altrincham | 857 cc486-8GC (Link to this contribution)
My Lords, I am grateful to noble Lords who have tabled amendments in this group, which all take b...; Lord Stockwood | 857 cc487-9GC (Link to this contribution)
My Lords, the Government agree that cost-benefit analysis sits at the heart of good regulation, a...; Baroness Noakes | 857 c489GC (Link to this contribution)
Can the Minister explain what the FCA and the PRA are doing about cumulative burden? Are they foc...; Lord Stockwood | 857 c489GC (Link to this contribution)
I will have to write to the noble Baroness, because that is a very detailed question.; Baroness Noakes | 857 c489GC (Link to this contribution)
To be clear, it is the question.; Lord Stockwood | 857 cc489-490GC (Link to this contribution)
We are trying to be balanced and proportionate here. I recognise that these are important issues ...; Baroness Noakes | 857 c490GC (Link to this contribution)
My Lords, I thank the Minister for his reply, but I do not think that it dealt comprehensively wi...; Baroness Neville-Rolfe | 857 cc490-1GC (Link to this contribution)
Moved by
Baroness Neville-Rolfe
120: After Clause 22, insert the following new Clause...; Baroness Neville-Rolfe | 857 cc491-2GC (Link to this contribution)
My Lords, my amendment concerns the impact of prudential capital requirements on lending capacity...; Lord Pitt-Watson | 857 cc492-3GC (Link to this contribution)
My Lords, both the amendment and the speech by the noble Baroness, Lady Neville-Rolfe, were sensi...; Baroness Kramer | 857 cc493-4GC (Link to this contribution)
My Lords, the noble Lord, Lord Pitt-Watson, was rather generous in his comments. Sometimes it is ...; Lord Bridges of Headley | 857 cc494-5GC (Link to this contribution)
My Lords, I shall briefly speak in response to the noble Baroness, and I once again draw attentio...; Baroness Kramer | 857 c495GC (Link to this contribution)
I probably have a right to reply, because it is Committee and we can speak more than once. The no...; Lord Stockwood | 857 c496GC (Link to this contribution)
My Lords, I am grateful to the noble Baroness for raising this important issue. Prudential capita...; Baroness Kramer | 857 c496GC (Link to this contribution)
Can I just check whether it is looking through the lens of treating financial stability as only a...; Lord Stockwood | 857 cc496-7GC (Link to this contribution)
No.
The FPC has been tasked by Parliament with responsibility for the stability of the fina...; Baroness Neville-Rolfe | 857 c497GC (Link to this contribution)
My Lords, I am grateful to noble Lords who have contributed to this debate and to the Minister fo...; Baroness Bowles of Berkhamsted | 857 cc497-9GC (Link to this contribution)
Moved by
Baroness Bowles of Berkhamsted
121: After Clause 22, insert the following ne...; Baroness Bowles of Berkhamsted | 857 c499GC (Link to this contribution)
My Lords, I am moving my Amendment 121, and I support the amendments in this group in the name of...; Lord Holmes of Richmond | 857 c499GC (Link to this contribution)
You might get a better response.; Baroness Bowles of Berkhamsted | 857 cc499-501GC (Link to this contribution)
Shortly after my proposal first surfaced, I was contacted by people involved in the Australian ro...; Lord Bridges of Headley | 857 cc501-3GC (Link to this contribution)
My Lords, I will speak to Amendments 133 to 135 and 136 to 139 in my name, but not Amendment 135A...; Baroness Noakes | 857 cc503-4GC (Link to this contribution)
My Lords, I have added my name to my noble friend Lord Bridges of Headley’s amendments creating O...; Baroness Lawlor | 857 cc504-5GC (Link to this contribution)
My Lords, I have added my name to Amendments 133 and 135, in the name of my noble friend Lord Bri...; Baroness Donaghy | 857 cc505-6GC (Link to this contribution)
My Lords, I do not want to get involved in the mechanics of the group in how we get this independ...; Baroness Kramer | 857 c506GC (Link to this contribution)
My Lords, I shall be extremely brief on this. I and my colleagues take the position that from thi...; Baroness Neville-Rolfe | 857 cc506-8GC (Link to this contribution)
My Lords, I am grateful to noble Lords who have brought our attention to past debates on these kn...; Lord Stockwood | 857 cc508-9GC (Link to this contribution)
My Lords, we turn to the important topic of the accountability of the financial services regulato...; Lord Bridges of Headley | 857 c509GC (Link to this contribution)
I just do not understand this argument at all. The committees in this House and in the other plac...; Lord Stockwood | 857 c510GC (Link to this contribution)
The point I was making is that the structure that exists today gives the effective governance tha...; Lord Bridges of Headley | 857 c510GC (Link to this contribution)
I completely agree, but this is not about making them inflexible; it is about giving Parliament t...; Lord Stockwood | 857 cc510-1GC (Link to this contribution)
We are happy to have that conversation. We believe that the framework we have set out is the righ...; Baroness Bowles of Berkhamsted | 857 c511GC (Link to this contribution)
My Lords, I sometimes think that a useful thing to do with the Minister would be to sit down with...; Lord Wilson of Sedgefield | 857 c511GC (Link to this contribution)
Can the noble Baroness take a seat, please?; Baroness Noakes | 857 c512GC (Link to this contribution)
I think that the Committee would like to hear from the noble Baroness.; Lord Wilson of Sedgefield | 857 c512GC (Link to this contribution)
As I said at the start of this session, when it comes to withdrawing an amendment, noble Lords ne...; Baroness Noakes | 857 c512GC (Link to this contribution)
We are a self-regulating House, and this is such an important area that I would like to hear the ...; Lord Wilson of Sedgefield | 857 c512GC (Link to this contribution)
The noble Baroness is absolutely right that this is a self-regulating House, but the other side o...; Baroness Bowles of Berkhamsted | 857 c512GC (Link to this contribution)
I am sorry, but I am replying to the Minister, and I have to say some things again because he was...; Baroness Bowles of Berkhamsted | 857 cc512-3GC (Link to this contribution)
Moved by
Baroness Bowles of Berkhamsted
122: After Clause 22, insert the following ne...; Baroness Bowles of Berkhamsted | 857 c513GC (Link to this contribution)
My Lords, the Committee will be pleased to know that this will be very short. I will speak briefl...; Baroness Neville-Rolfe | 857 cc513-4GC (Link to this contribution)
My Lords, I am grateful to the noble Baroness, Lady Bowles, for bringing forward Amendment 122. I...; Lord Stockwood | 857 cc514-6GC (Link to this contribution)
My Lords, I thank the noble Baronesses and the noble Lord for the proposed amendments. These are ...; Baroness Neville-Rolfe | 857 c515GC (Link to this contribution)
I think that, in my amendment, I was trying to talk about when powers are exercised under the Act...; Baroness Bowles of Berkhamsted | 857 c515GC (Link to this contribution)
My Lords, I thank the Minister for his reply, and everybody else who has spoken in the debate—I d...; Lord Holmes of Richmond | 857 c515GC (Link to this contribution)
Moved by
Lord Holmes of Richmond
126: After Clause 22, insert the following new Claus...; Lord Holmes of Richmond | 857 cc515-8GC (Link to this contribution)
My Lords, it is a pleasure to speak to this group of amendments. Amendment 127 is also in my name...; Baroness Kramer | 857 cc518-9GC (Link to this contribution)
My Lords, I am absolutely delighted with these two amendments from the noble Lord, Lord Holmes. T...; Lord Altrincham | 857 cc519-520GC (Link to this contribution)
My Lords, I am grateful to my noble friend Lord Holmes—and for his rather delicate comments on “p...; Lord Stockwood | 857 cc520-1GC (Link to this contribution)
My Lords, I am grateful to the noble Lord, Lord Holmes of Richmond, for Amendments 126 and 127, a...; Lord Holmes of Richmond | 857 c522GC (Link to this contribution)
My Lords, I thank all noble Lords who have taken part in this short debate. I agree entirely with...
Notes: Northern Ireland and Scottish legislative consent sought.
Subjects: Disclosure of information Accountability Disadvantaged Banks Bank of England Capital Cost benefit analysis Financial services Innovation Financial markets Economic growth Managers Standards Regulation Financial Conduct Authority Prudential Regulation Authority Trade competitiveness
Legislation: Financial Services and Markets Bill (HL) 2026-27
Link: View this Parliamentary proceeding on hansard.parliament.uk

Financial Services and Markets Bill [HL]

Secondary information

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