My Lords, I start with an apology to the noble Lord, Lord Sharkey, if I have failed to respond to him appropriately, but perhaps I can do so in the remarks that I will now make. In response to my noble friend Lord Davies, I am clear that treating customers...

My Lords, I start with an apology to the noble Lord, Lord Sharkey, if I have failed to respond to him appropriately, but perhaps I can do so in the remarks that I will now make. In response to my noble friend Lord Davies, I am clear that treating customers...

The key issue that I think the Minister has rather glossed over is the evidence base for making these changes. We have been told it would be coming; it has not come. Consistently, we have been told that letters are being developed, but letters have not arrived. I asked for...

The key issue that I think the Minister has rather glossed over is the evidence base for making these changes. We have been told it would be coming; it has not come. Consistently, we have been told that letters are being developed, but letters have not arrived. I asked for...

Let me try to address that question. The FCA and the FOS are independent. It is not for the Government to decide what was a correct or a false decision. All that the Government are saying is that the criteria by which the FOS adjudicates should be similar to the...

Let me try to address that question. The FCA and the FOS are independent. It is not for the Government to decide what was a correct or a false decision. All that the Government are saying is that the criteria by which the FOS adjudicates should be similar to the...

My Lords, I thank the Minister and all the others who have spoken for the way in which they have covered the issue. But it is notable that a lack of evidence for the reform proposals still exists. We still have not seen what it is that is wrong with...

My Lords, I thank the Minister and all the others who have spoken for the way in which they have covered the issue. But it is notable that a lack of evidence for the reform proposals still exists. We still have not seen what it is that is wrong with...

Moved by

Lord Sharkey

14: Leave out Clause 8 and insert the following new Clause—

“Determination of complaints: matters to be taken into account

In section 228 of the Financial Services and Markets Act 2000 (determination of complaints under the compulsory jurisdiction of the ombudsman scheme) in subsection (2), at the end insert “,...

Moved by

Lord Sharkey

14: Leave out Clause 8 and insert the following new Clause—

“Determination of complaints: matters to be taken into account

In section 228 of the Financial Services and Markets Act 2000 (determination of complaints under the compulsory jurisdiction of the ombudsman scheme) in subsection (2), at the end insert “,...

My Lords, I would like to test the opinion of the House on Amendment 14.

My Lords, I would like to test the opinion of the House on Amendment 14.

Lords report stage first day. Amendment 5 disagreed to on division (76 to 164). Amendment 10 agreed to on division (246 to 165). Amendment 11 disagreed to on division (69 to 171). Amendment 12 agreed to. Amendment 14 disagreed to on division (59 to 144). (Part 1 of 2).

Lords report stage first day. Amendment 5 disagreed to on division (76 to 164). Amendment 10 agreed to on division (246 to 165). Amendment 11 disagreed to on division (69 to 171). Amendment 12 agreed to. Amendment 14 disagreed to on division (59 to 144). (Part 1 of 2).

Moved by

Baroness Neville-Rolfe

1: Leave out Clause 1

Member’s explanatory statement

This amendment, along with another in the name of Baroness Neville-Rolfe, seeks to allow for a debate on the Government’s intentions around a new regime to be laid down in the regulatory rule book in place of that established by the Consumer...

Moved by

Baroness Neville-Rolfe

1: Leave out Clause 1

Member’s explanatory statement

This amendment, along with another in the name of Baroness Neville-Rolfe, seeks to allow for a debate on the Government’s intentions around a new regime to be laid down in the regulatory rule book in place of that established by the Consumer...

My Lords, I am honoured to open our discussions on Report on the Financial Services and Markets Bill, which we support in general but seek to improve. I congratulate the Minister on his new position and thank him for his engagement. I also thank the noble Lord, Lord Stockwood, whom...

My Lords, I am honoured to open our discussions on Report on the Financial Services and Markets Bill, which we support in general but seek to improve. I congratulate the Minister on his new position and thank him for his engagement. I also thank the noble Lord, Lord Stockwood, whom...

My Lords, I will speak to my non-diminution Amendments 2 and 3, and to Amendments 4 and 5, which stem from them. In Committee, the Government made it clear that they wish to remove tail risk for firms—a theme running through the changes to the CCA and FOS. I agree...

My Lords, I will speak to my non-diminution Amendments 2 and 3, and to Amendments 4 and 5, which stem from them. In Committee, the Government made it clear that they wish to remove tail risk for firms—a theme running through the changes to the CCA and FOS. I agree...

My Lords, I will speak to Amendment 5 in this group. Structurally, the amendment follows the approach used by my noble friend Lady Bowles in her previous amendment, and I am very grateful to her for the help and support in drafting. My amendment

has a simple purpose, which is...

My Lords, I will speak to Amendment 5 in this group. Structurally, the amendment follows the approach used by my noble friend Lady Bowles in her previous amendment, and I am very grateful to her for the help and support in drafting. My amendment

has a simple purpose, which is...

My Lords, I support Amendment 2 in the name of the noble Baroness, Lady Bowles of Berkhamsted, to which I have added my name. As we have already heard, this amendment would ensure that, when provisions of the Consumer Credit Act are repealed or replaced by FCA rules, the overall...

My Lords, I support Amendment 2 in the name of the noble Baroness, Lady Bowles of Berkhamsted, to which I have added my name. As we have already heard, this amendment would ensure that, when provisions of the Consumer Credit Act are repealed or replaced by FCA rules, the overall...

My Lords, I support the amendments in this group, and I feel that this Bill has an opportunity to improve—or at least not diminish—the protections that are offered to consumers of financial services. We have long known that from a consumer perspective, the asymmetry of information and the asymmetry of...

My Lords, I support the amendments in this group, and I feel that this Bill has an opportunity to improve—or at least not diminish—the protections that are offered to consumers of financial services. We have long known that from a consumer perspective, the asymmetry of information and the asymmetry of...

My Lords, I will be extremely brief because my Bench has just spoken very clearly on this issue. I share with the Conservative Front Bench concerns about accountability with a further removal of powers directly into the hands of the regulator, and had they pressed their Amendment 1, we would...

My Lords, I will be extremely brief because my Bench has just spoken very clearly on this issue. I share with the Conservative Front Bench concerns about accountability with a further removal of powers directly into the hands of the regulator, and had they pressed their Amendment 1, we would...

My Lords, it is a privilege to be here today to debate the Financial Services and Markets Bill. I put on record my thanks to my noble friend Lord Stockwood for leading the earlier stages of this debate and thank all noble Lords who have contributed to this debate in...

My Lords, it is a privilege to be here today to debate the Financial Services and Markets Bill. I put on record my thanks to my noble friend Lord Stockwood for leading the earlier stages of this debate and thank all noble Lords who have contributed to this debate in...

My Lords, I am very grateful to the Minister for his response and his detailed explanation of how Clause 1 is framed. I am also grateful to the other noble Lords who have contributed to the debate—the noble Baronesses, Lady Bowles and Lady Altmann, and the right reverend Prelate the...

My Lords, I am very grateful to the Minister for his response and his detailed explanation of how Clause 1 is framed. I am also grateful to the other noble Lords who have contributed to the debate—the noble Baronesses, Lady Bowles and Lady Altmann, and the right reverend Prelate the...

Moved by

Lord Sharkey

5: After Clause 1, insert the following new Clause—

“Protection of consumers where regulated credit agreements or regulated mortgage contracts are transferred to inactive lenders

(1) This section applies where rights under any regulated credit agreement or regulated mortgage contract are assigned, sold, securitised or otherwise transferred to a person...

Moved by

Lord Sharkey

5: After Clause 1, insert the following new Clause—

“Protection of consumers where regulated credit agreements or regulated mortgage contracts are transferred to inactive lenders

(1) This section applies where rights under any regulated credit agreement or regulated mortgage contract are assigned, sold, securitised or otherwise transferred to a person...

My Lords, I had hoped that the life-crippling injustice visited on mortgage prisoners by government would produce a more sympathetic approach. In fact, it is hard to tell what approach, if any, the Government are proposing. What are they proposing to do about this long-standing and obvious injustice? Let me...

My Lords, I had hoped that the life-crippling injustice visited on mortgage prisoners by government would produce a more sympathetic approach. In fact, it is hard to tell what approach, if any, the Government are proposing. What are they proposing to do about this long-standing and obvious injustice? Let me...

Moved by

Baroness Kramer

7: Clause 3, page 2, line 4, at end insert—

“(2A) Regulations may only make provision arising directly from the review carried out under subsection (2).”

Member’s explanatory statement

This amendment would restrict the scope of the regulations so that they may only implement matters that have been reviewed and consulted...

Moved by

Baroness Kramer

7: Clause 3, page 2, line 4, at end insert—

“(2A) Regulations may only make provision arising directly from the review carried out under subsection (2).”

Member’s explanatory statement

This amendment would restrict the scope of the regulations so that they may only implement matters that have been reviewed and consulted...

My Lords, it was exceedingly remiss of me, when I spoke earlier, not to welcome the noble Lord, Lord Pitt-Watson, to his role. We have had so many conversations that I have begun to think of him as the established Minister, yet sitting just a few Benches away is the...

My Lords, it was exceedingly remiss of me, when I spoke earlier, not to welcome the noble Lord, Lord Pitt-Watson, to his role. We have had so many conversations that I have begun to think of him as the established Minister, yet sitting just a few Benches away is the...