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...

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...

My Lords, given that the Conservative Front Bench have expressed their interest in moving Amendment 10, I will withdraw Amendment 7.

My Lords, given that the Conservative Front Bench have expressed their interest in moving Amendment 10, I will withdraw Amendment 7.

Moved by

Baroness Kramer

11: After Clause 3, insert the following new Clause—

“Access to affordable credit

(1) The Financial Conduct Authority must—

(a) within 12 months of the day on which this Act is passed, establish and publish a framework for assessing and rating the performance of relevant deposit takers in providing access to...

Moved by

Baroness Kramer

11: After Clause 3, insert the following new Clause—

“Access to affordable credit

(1) The Financial Conduct Authority must—

(a) within 12 months of the day on which this Act is passed, establish and publish a framework for assessing and rating the performance of relevant deposit takers in providing access to...

My Lords, this group of amendments concerns itself with financial inclusion. I have two important but very different amendments in this group. The first is Amendment 11, to which the right reverend Prelate the Bishop of Manchester has added his name, and I thank him for that. The House will...

My Lords, this group of amendments concerns itself with financial inclusion. I have two important but very different amendments in this group. The first is Amendment 11, to which the right reverend Prelate the Bishop of Manchester has added his name, and I thank him for that. The House will...

My Lords, I will not reargue the points, and I thank everybody who has participated in this debate. I will just say to the Minister on

Amendment 11 that, having cited a number of American banks, I suggest that he goes to talk to them and tell them that this...

My Lords, I will not reargue the points, and I thank everybody who has participated in this debate. I will just say to the Minister on

Amendment 11 that, having cited a number of American banks, I suggest that he goes to talk to them and tell them that this...

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...

Moved by

Baroness Kramer

17: After Clause 13, insert the following new Clause—

“Reimbursement of fraud: liability of technology companies

(1) The FCA must make rules providing that, where a person is to be reimbursed in respect of losses arising from an authorised push payment fraud, the cost of that reimbursement is to be...

Moved by

Baroness Kramer

17: After Clause 13, insert the following new Clause—

“Reimbursement of fraud: liability of technology companies

(1) The FCA must make rules providing that, where a person is to be reimbursed in respect of losses arising from an authorised push payment fraud, the cost of that reimbursement is to be...

My Lords, let me address Amendment 17 in my name, which is also signed by the noble Lord, Lord Vaux, which I very much appreciate. It addresses authorised push payment fraud and would require the tech companies whose platforms are host to this fraud to share in the reimbursement of...

My Lords, let me address Amendment 17 in my name, which is also signed by the noble Lord, Lord Vaux, which I very much appreciate. It addresses authorised push payment fraud and would require the tech companies whose platforms are host to this fraud to share in the reimbursement of...

My Lords, the online platforms know exactly what they have to do to stop online fraud; they are just choosing not to do it. The Government say that the answer will come from Ofcom, but that has certainly not worried the platforms one iota. The platforms will take notice only...

My Lords, the online platforms know exactly what they have to do to stop online fraud; they are just choosing not to do it. The Government say that the answer will come from Ofcom, but that has certainly not worried the platforms one iota. The platforms will take notice only...

My Lords, I have a couple of very brief comments. I am comfortable with the amendments that the Minister has just described, but I have one note of caution. The drive for innovation, which we all think is a good thing, in many ways also increasingly exposes the UK to...

My Lords, I have a couple of very brief comments. I am comfortable with the amendments that the Minister has just described, but I have one note of caution. The drive for innovation, which we all think is a good thing, in many ways also increasingly exposes the UK to...

Moved by

Baroness Kramer

26: After Clause 14, insert the following new Clause—

“Anti-money laundering: provision of support to professional services firms

(1) Within three months of the day on which this Act is passed, the Treasury must publish an assessment of the arrangements that will be made to provide education, guidance and compliance...

Moved by

Baroness Kramer

26: After Clause 14, insert the following new Clause—

“Anti-money laundering: provision of support to professional services firms

(1) Within three months of the day on which this Act is passed, the Treasury must publish an assessment of the arrangements that will be made to provide education, guidance and compliance...

My Lords, I am afraid that all the amendments in this group are mine. Amendment 29 has also been signed by the noble Lord, Lord Vaux, for which I am most grateful. I will be brief as the hour is late.

In this Bill, the Government will transfer all supervision of...

My Lords, I am afraid that all the amendments in this group are mine. Amendment 29 has also been signed by the noble Lord, Lord Vaux, for which I am most grateful. I will be brief as the hour is late.

In this Bill, the Government will transfer all supervision of...

I withdraw the amendment.

I withdraw the amendment.

My Lords, mini-tenders, even by firms otherwise authorised by the FCA, fall below the FCA’s regulatory threshold. In the future, can the Financial Ombudsman require remedy for an investor caught in a mini-tender bait and switch, or do the clauses in the new financial services Bill requiring the FOS to...

My Lords, mini-tenders, even by firms otherwise authorised by the FCA, fall below the FCA’s regulatory threshold. In the future, can the Financial Ombudsman require remedy for an investor caught in a mini-tender bait and switch, or do the clauses in the new financial services Bill requiring the FOS to...

My Lords, I thought the Committee might like to be reminded why such a radical step as ring-fencing was taken after the 2008 financial crisis. It was in part because, in a universal bank encompassing both retail and wholesale banking, failure in the investment bank could and did destroy the...

My Lords, I thought the Committee might like to be reminded why such a radical step as ring-fencing was taken after the 2008 financial crisis. It was in part because, in a universal bank encompassing both retail and wholesale banking, failure in the investment bank could and did destroy the...

Moved by

Baroness Kramer

155: Clause 40, page 47, line 30, leave out from beginning to line 2 on page 48 and insert—

“(1) The appropriate regulator shall consider whether there is sufficient provision to ensure the effective provision to a ring-fenced body of services and facilities that it requires in relation to...

Moved by

Baroness Kramer

155: Clause 40, page 47, line 30, leave out from beginning to line 2 on page 48 and insert—

“(1) The appropriate regulator shall consider whether there is sufficient provision to ensure the effective provision to a ring-fenced body of services and facilities that it requires in relation to...

My Lords, this group originally preceded the one we just debated. I noticed the change this morning. My points in this group on ring-fencing are quite narrow. I am not particularly happy about the changes in Clauses 39 and 40, but I do not feel strongly enough that we need...

My Lords, this group originally preceded the one we just debated. I noticed the change this morning. My points in this group on ring-fencing are quite narrow. I am not particularly happy about the changes in Clauses 39 and 40, but I do not feel strongly enough that we need...

I am happy to withdraw.

I am happy to withdraw.