The government has announced a series of water reforms. Find out more about these plans and the next steps.

The government has announced a series of water reforms. Find out more about these plans and the next steps.

The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.

The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.

Letter dated 15/06/2026 from Emma Reynolds MP to Iain Coucher, Ofwat Chair regarding Thames Water and the London and Valley Water Consortium’s best and final offer. 2p. II. Letter dated 16/06/2026 from Emma Reynolds MP to the deposited papers clerk regarding a letter for deposit in the House libraries.

Letter dated 15/06/2026 from Emma Reynolds MP to Iain Coucher, Ofwat Chair regarding Thames Water and the London and Valley Water Consortium’s best and final offer. 2p. II. Letter dated 16/06/2026 from Emma Reynolds MP to the deposited papers clerk regarding a letter for deposit in the House libraries.

I beg to move,

That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88C, 88E to 88P, 88R, 88S and 88W to the words restored to the Bill by...

I beg to move,

That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88C, 88E to 88P, 88R, 88S and 88W to the words restored to the Bill by...

Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88. Insists on Commons amendments 88C, 88E to 88P, 88R, 88S and 88W, does not insist on 88A, 88T, 88U and 88V but proposes amendments (a) to (j). Agreed to on division (335 to 158).

Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88. Insists on Commons amendments 88C, 88E to 88P, 88R, 88S and 88W, does not insist on 88A, 88T, 88U and 88V but proposes amendments (a)...

Let me begin by welcoming the Minister back to his place—we missed him last night, and it is good to see him back in the Chamber.

Throughout our many debates, we have broadly agreed on the policy intent behind most of the Bill, but as I have said time and again,...

Let me begin by welcoming the Minister back to his place—we missed him last night, and it is good to see him back in the Chamber.

Throughout our many debates, we have broadly agreed on the policy intent behind most of the Bill, but as I have said time and again,...

The Liberal Democrats have opposed mandation from day one, and we have continued to oppose it throughout the passage of this Bill. The challenge is that once we cross the Rubicon, we change the dynamics of pensions significantly. Crucially, people need to have confidence that contributing to pensions is a...

The Liberal Democrats have opposed mandation from day one, and we have continued to oppose it throughout the passage of this Bill. The challenge is that once we cross the Rubicon, we change the dynamics of pensions significantly. Crucially, people need to have confidence that contributing to pensions is a...

The hon. Gentleman makes an incredibly important point about crossing the Rubicon, given that the Government are taking mandation powers to interfere in people’s savings and assets. We are talking about pension funds here, but once that Rubicon is crossed, there is no reason why the Government would not feel...

The hon. Gentleman makes an incredibly important point about crossing the Rubicon, given that the Government are taking mandation powers to interfere in people’s savings and assets. We are talking about pension funds here, but once that Rubicon is crossed, there is no reason why the Government would not feel...

The hon. Gentleman makes a powerful point; I am sure that the Minister will reflect on it when winding up. The Liberal Democrats continue to oppose mandation, and we plan to vote against the motion tonight.

The hon. Gentleman makes a powerful point; I am sure that the Minister will reflect on it when winding up. The Liberal Democrats continue to oppose mandation, and we plan to vote against the motion tonight.

I thank hon. Members for their contributions, and the shadow Secretary of State for her kind words.

I will be brief. The Government have continued to insist on the inclusion of the reserve power in the Bill in all rounds of discussions in this place because we have not heard a...

I thank hon. Members for their contributions, and the shadow Secretary of State for her kind words.

I will be brief. The Government have continued to insist on the inclusion of the reserve power in the Bill in all rounds of discussions in this place because we have not heard a...

As the shadow Secretary of State has said, there is a lot to be welcomed in the Bill. In considering the Bill, we have looked to Australia and Canada, and at best practice throughout the world, and there is much we have drawn from. For the Liberal Democrats, the pensions...

As the shadow Secretary of State has said, there is a lot to be welcomed in the Bill. In considering the Bill, we have looked to Australia and Canada, and at best practice throughout the world, and there is much we have drawn from. For the Liberal Democrats, the pensions...

I recognise, as the shadow Secretary of State set out, that there has been a great deal of consensus on many aspects of the Bill, and that we are wrangling merely over this one remaining issue. The Opposition argue that this power is wrong in principle, but we fundamentally disagree....

I recognise, as the shadow Secretary of State set out, that there has been a great deal of consensus on many aspects of the Bill, and that we are wrangling merely over this one remaining issue. The Opposition argue that this power is wrong in principle, but we fundamentally disagree....

With the greatest respect, the Minister is talking nonsense. At the end of the day, every trustee has a fiduciary duty to get the best return for their members. By putting in these mandation powers, the Government are fundamentally going against the most basic principle of the City of London,...

With the greatest respect, the Minister is talking nonsense. At the end of the day, every trustee has a fiduciary duty to get the best return for their members. By putting in these mandation powers, the Government are fundamentally going against the most basic principle of the City of London,...

I am sorry to disappoint the hon. Gentleman, but that is not going to happen. We have to deal with the collective action problem that we are facing, to ensure that providers can move forward with the commitments that they have made. The power gives them assurance, but we hope...

I am sorry to disappoint the hon. Gentleman, but that is not going to happen. We have to deal with the collective action problem that we are facing, to ensure that providers can move forward with the commitments that they have made. The power gives them assurance, but we hope...

The hon. Gentleman is quoting selectively from a letter that I have written to the industry. We had this exact debate with the Pensions Minister last week. There is an acknowledged and debated collective action problem; on that, there is a level of consensus, but there is no consensus that...

The hon. Gentleman is quoting selectively from a letter that I have written to the industry. We had this exact debate with the Pensions Minister last week. There is an acknowledged and debated collective action problem; on that, there is a level of consensus, but there is no consensus that...

On the consensus in the industry, I say to the hon. Lady that it wants this Bill done and taken through this House. Tonight’s amendments make the savers’ interest test easier to pass, create a lower threshold for an exemption, and give certainty that the exemption will be granted where...

On the consensus in the industry, I say to the hon. Lady that it wants this Bill done and taken through this House. Tonight’s amendments make the savers’ interest test easier to pass, create a lower threshold for an exemption, and give certainty that the exemption will be granted where...

Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88 and insistence on Commons amendments 88A, 88C and 88E to 88P, with Commons amendments (a) to (f) proposed. Agreed to on division (279 to 164).

Lords message considered. Commons insistence on its disagreement to Lords amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88 and insistence on Commons amendments 88A, 88C and 88E to 88P, with Commons amendments (a) to (f) proposed. Agreed to on division (279 to 164).

I beg to move,

That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88A, 88C and 88E to 88P to the words restored to the Bill by that disagreement,...

I beg to move,

That this House insists on its disagreement with the Lords in their Amendments 15 to 24, 27, 30 to 34, 36, 38 to 42, 83 and 88, insists on its amendments 88A, 88C and 88E to 88P to the words restored to the Bill by that disagreement,...

According to the Order Paper,

“The Northern Ireland Assembly, the Scottish Parliament and Senedd Cymru have approved Legislative Consent Resolutions”.

Some of my colleagues in the Assembly back home have expressed some of the concerns that the Lords have expressed. I am conscious of where we are going and where we will...

According to the Order Paper,

“The Northern Ireland Assembly, the Scottish Parliament and Senedd Cymru have approved Legislative Consent Resolutions”.

Some of my colleagues in the Assembly back home have expressed some of the concerns that the Lords have expressed. I am conscious of where we are going and where we will...

The hon. Gentleman will be aware that conversations are always ongoing to ensure that any legislation that comes from this place can be adopted by all the nations of this great country. I hope that some of the concerns that have continued to be raised by his colleagues, and by...

The hon. Gentleman will be aware that conversations are always ongoing to ensure that any legislation that comes from this place can be adopted by all the nations of this great country. I hope that some of the concerns that have continued to be raised by his colleagues, and by...