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To ask His Majesty's Government why the powers which they propose to confer on the Financial Conduct Authority through the insertion of new section 131Z12 to the Financial Services and Markets Act 2000 are not subject to a right to a full merits-based appeal, such as to the Competition Appeal Tribunal.
To ask His Majesty's Government why the powers which they propose to confer on the Financial Conduct Authority through the insertion of new section 131Z12 to the Financial Services and Markets Act 2000 are not subject to a right to a full merits-based appeal, such as to the Competition Appeal Tribunal.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator (PSR) and transferring its responsibilities to the Financial Conduct Authority (FCA). In doing so, it gives the FCA objectives and powers generally equivalent to those currently held by the PSR, including the ability to make rules or give directions for the purpose of regulating payment system fees and charges. This ensures there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The FCA’s power to regulate payment system fees and charges would be subject to challenge on judicial review principles. A challenge to equivalent powers held by the PSR is determined by judicial review principles, and the Bill maintains the same test when those functions transfer to the FCA. This is also consistent with the existing approach taken elsewhere in the Financial Services and Markets Act 2000.
The Government recognises that regulators’ powers should be subject to appropriate safeguards. Powers to regulate payment system fees and charges must advance payment systems objectives. The Bill ensures before exercising those powers, the FCA must comply with procedural requirements, such as undertaking a consultation, which help to ensure decisions are transparent, evidence-based and proportionate.
To ask His Majesty's Government whether they intend to introduce an explicit threshold requiring demonstrated market failure before the Financial Conduct Authority may exercise its powers under the Financial Services and Markets Bill, schedule 2, paragraph 18, inserted new section 131Z12.
To ask His Majesty's Government whether they intend to introduce an explicit threshold requiring demonstrated market failure before the Financial Conduct Authority may exercise its powers under the Financial Services and Markets Bill, schedule 2, paragraph 18, inserted new section 131Z12.
The Government is committed to maintaining the UK’s position as a leading global financial centre, supported by a competitive, innovative and well-regulated payments ecosystem that delivers good outcomes for consumers, businesses and the wider economy.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator and transferring its functions to the Financial Conduct Authority. The Bill gives the FCA objectives and powers that are equivalent to those currently held by the PSR, ensuring there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The price control provision is not an expansion of regulatory powers. It clarifies and replicates powers already exercisable by the PSR, so the FCA has the same tools where intervention is justified to protect service-users and support effective competition.
At the same time, the Government recognises that regulators must act proportionately and that their powers should be subject to appropriate safeguards. The Bill therefore strengthens the framework by requiring the FCA to consult before exercising this power, a safeguard that is not always required under the current regime. This will help ensure decisions are transparent, evidence-based and proportionate.
To ask His Majesty's Government whether the powers conferred on the Financial Conduct Authority in the Financial Services and Markets Bill in schedule 2, paragraph 18, inserted new section 131Z12, are consistent with their objective of strengthening the UK's position as a global financial centre; and what assessment they have...
To ask His Majesty's Government whether the powers conferred on the Financial Conduct Authority in the Financial Services and Markets Bill in schedule 2, paragraph 18, inserted new section 131Z12, are consistent with their objective of strengthening the UK's position as a global financial centre; and what assessment they have...
The Government is committed to maintaining the UK’s position as a leading global financial centre, supported by a competitive, innovative and well-regulated payments ecosystem that delivers good outcomes for consumers, businesses and the wider economy.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator and transferring its functions to the Financial Conduct Authority. The Bill gives the FCA objectives and powers that are equivalent to those currently held by the PSR, ensuring there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The price control provision is not an expansion of regulatory powers. It clarifies and replicates powers already exercisable by the PSR, so the FCA has the same tools where intervention is justified to protect service-users and support effective competition.
At the same time, the Government recognises that regulators must act proportionately and that their powers should be subject to appropriate safeguards. The Bill therefore strengthens the framework by requiring the FCA to consult before exercising this power, a safeguard that is not always required under the current regime. This will help ensure decisions are transparent, evidence-based and proportionate.
To ask His Majesty's Government what assessment they have made of the merits of setting a target for decreasing the number of fatalities and serious injuries per billion miles walked and cycled.
To ask His Majesty's Government what assessment they have made of the merits of setting a target for decreasing the number of fatalities and serious injuries per billion miles walked and cycled.
The Government recognises the importance of improving safety for people walking and cycling. On 12 June the Government published the third Cycling and Walking Investment Strategy (CWIS3) which outlines the Government's vision for walking, wheeling and cycling to be safe, easy and accessible choices for everyone. Over £4.5 billion is projected to be invested in active travel up to 2030 from a wide range of funding streams including £1.1 billion of funding for Active Travel England.
The Government has also set ambitious national road safety targets to reduce the number of people killed or seriously injured on Great Britain’s roads by 65% by 2035, and to reduce the number of children killed or seriously injured by 70% by 2035, both against a 2022 to 2024 baseline. These targets sit alongside the active travel safety performance indicator to monitor the rate of cyclists and pedestrians killed or seriously injured on England’s roads, measured as the number of fatalities and serious injuries per billion miles walked and cycled. The Department will actively monitor this indicator, which should help to assess whether active travel is becoming safer as more people walk and cycle.
To ask His Majesty's Government what lessons they have learned from previous cycling and walking investment strategies; and whether these have been included in Active Travel – Active England: the third cycling and walking investment strategy, published on 12 June.
To ask His Majesty's Government what lessons they have learned from previous cycling and walking investment strategies; and whether these have been included in Active Travel – Active England: the third cycling and walking investment strategy, published on 12 June.
We have learnt from the previous Cycling and Walking Investment Strategies of the importance of providing long term funding certainty for local authorities and third sector delivery partners to deliver our ambitious targets by 2035.
To ask His Majesty's Government whether they consider current UN mechanisms for investigating allegations of misconduct, bias and antisemitism by Special Rapporteurs to be effective, with particular reference to the concerns regarding Francesca Albanese reported in The Jerusalem Post on 11 February.
To ask His Majesty's Government whether they consider current UN mechanisms for investigating allegations of misconduct, bias and antisemitism by Special Rapporteurs to be effective, with particular reference to the concerns regarding Francesca Albanese reported in The Jerusalem Post on 11 February.
The UK's position remains as set out in the answer provided in the House of Commons on 4 March in response to Question HC114367, which for ease is reproduced below:
Along with several other countries, we have raised concerns about a series of comments made by the Special Rapporteur on the Occupied Palestinian Territories. Ministers have raised these concerns directly with the UN High Commissioner for Human Rights, and the UK has asked that the comments of the Special Rapporteur be urgently investigated against the Code of Conduct for her post, and for action to be taken to restore the confidence of the international community in the independence and objectivity of this important role.
My Lords, given the Government’s decision to partner with Palantir as part of their defence modernisation programme and the role that advanced data and AI capabilities will play in future warfare, does the Minister agree that such technologies are critical to delivering the strategic defence review, strengthening the UK’s ability to respond to hostile state threats and supporting the Government’s wider objectives for growth, innovation and defence-industrial capacity?
My Lords, given the Government’s decision to partner with Palantir as part of their defence modernisation programme and the role that advanced data and AI capabilities will play in future warfare, does the Minister agree that such technologies are critical to delivering the strategic defence review, strengthening the UK’s ability to respond to hostile state threats and supporting the Government’s wider objectives for growth, innovation and defence-industrial capacity?
My noble friend makes a really important point. Many people across this Chamber will know that the responsibility of government requires difficult decisions to be made. As my noble friend Lady Chakrabarti has rightly raised, there are sometimes difficult decisions and difficult dilemmas to be resolved. Alongside that—my noble friend asked about defence—we have a responsibility to ensure that with the AI capability and the data management capability, we can take forward our strategic defence review and can give our Armed Forces and those who work with them the best possible tools to ensure that we deliver the objectives of His Majesty’s Government. That is what we seek to do, while recognising the moral responsibilities we also have.
My Lords, it is to be welcomed that the Strait of Hormuz is to be opened, but will the Minister confirm that this deal does not cover Iran’s ballistic missiles programme, nor its sponsorship of regional terrorist proxies such as Hamas and Hezbollah, nor the terrorism it organises across the...
My Lords, it is to be welcomed that the Strait of Hormuz is to be opened, but will the Minister confirm that this deal does not cover Iran’s ballistic missiles programme, nor its sponsorship of regional terrorist proxies such as Hamas and Hezbollah, nor the terrorism it organises across the...
My Lords, I too congratulate the noble Lord, Lord Evans, on securing this important debate. I agree with the noble Lord, Lord Shipley, and the right reverend Prelate the Bishop of Leicester that young people want to work but, as we have seen from Alan Milburn’s report, they are being...
My Lords, I too congratulate the noble Lord, Lord Evans, on securing this important debate. I agree with the noble Lord, Lord Shipley, and the right reverend Prelate the Bishop of Leicester that young people want to work but, as we have seen from Alan Milburn’s report, they are being...
My Lords, if I may, it is completely naive of the Government to expect the Lebanese Government and armed forces to deal with Hezbollah. They are completely incapable of doing that and have been for years. The only people capable of dealing with Hezbollah are the IDF. If Israel does...
My Lords, if I may, it is completely naive of the Government to expect the Lebanese Government and armed forces to deal with Hezbollah. They are completely incapable of doing that and have been for years. The only people capable of dealing with Hezbollah are the IDF. If Israel does...
We want to hear from the noble Baroness, Lady Foster.
We want to hear from the noble Baroness, Lady Foster.
My Lords, what assessment have the Government made of the impact of Hamas refusing to disarm, which was a key plank of the ceasefire agreement in Gaza? Is there not a risk of linking Lebanon to the wider ceasefire, because Lebanon has effectively been invaded by Iran in the form...
My Lords, what assessment have the Government made of the impact of Hamas refusing to disarm, which was a key plank of the ceasefire agreement in Gaza? Is there not a risk of linking Lebanon to the wider ceasefire, because Lebanon has effectively been invaded by Iran in the form...
I am sure the whole House will want to echo the comments just made about our colleague who has been taken ill. However, we have had just 20 minutes’ debate on a significant change that the Government are introducing. It will be introduced with no proper debate. We have had...
I am sure the whole House will want to echo the comments just made about our colleague who has been taken ill. However, we have had just 20 minutes’ debate on a significant change that the Government are introducing. It will be introduced with no proper debate. We have had...
My Lords—
My Lords—
My Lords, we might not have declared war on Iran, of course, but Iran has certainly declared war on the West and on us, not just threatening Israel, our closest ally in the region, but organising terror attacks here in the UK, kidnapping British citizens and threatening our citizens and...
My Lords, we might not have declared war on Iran, of course, but Iran has certainly declared war on the West and on us, not just threatening Israel, our closest ally in the region, but organising terror attacks here in the UK, kidnapping British citizens and threatening our citizens and...
My Lords, the last Labour Government in which I was a Minister made huge strides in reducing long-term youth unemployment, but tragically we are in a situation now where we have a million young people not in education, training or work. If there is one thing a Labour Government should be about, it is opening up opportunities and providing jobs for young people. This should be the Government’s number one priority,
and they should be talking about it every single day of the week. Therefore, can the Minister update the House on what the Government are doing to massively expand the number of public sector apprenticeships, to set an example to employers in other sectors, and to ensure that companies and organisations which benefit from public sector procurement are massively increasing the number of apprenticeships they provide as well?
My Lords, the last Labour Government in which I was a Minister made huge strides in reducing long-term youth unemployment, but tragically we are in a situation now where we have a million young people not in education, training or work. If there is one thing a Labour Government should be about, it is opening up opportunities and providing jobs for young people. This should be the Government’s number one priority,
and they should be talking about it every single day of the week. Therefore, can the Minister update the House on what the Government are doing to massively expand the number of public sector apprenticeships, to set an example to employers in other sectors, and to ensure that companies and organisations which benefit from public sector procurement are massively increasing the number of apprenticeships they provide as well?
I completely agree with the noble Lord’s assessment about the importance of tackling youth unemployment. Indeed, we have set a bold new target of two-thirds of young people participating in higher-level learning, whether academic, technical or through an apprenticeship, by age 25. Indeed, as the House heard from my noble friend Lady Smith of Malvern earlier, we have a youth guarantee, and we have Alan Milburn leading an investigation into the cause of NEET, and he is working at pace. There will be an interim report in the spring and a report with recommendations in the summer. We are taking this very seriously and we will act on it.
My Lords, this is to be welcomed, but I am more concerned about the million unemployed young people—18 to 24 year-olds—who are not in education, training or work. I think this should be our number one priority. We should be talking about it all the time. The number of apprenticeships was pitiful before Covid and has collapsed since. Can the Minister update us on what the Government are doing to set an example, massively increase the number of apprenticeships in the public sector and require all those organisations in receipt of public funds or working on public sector contracts to employ apprentices as well?
My Lords, this is to be welcomed, but I am more concerned about the million unemployed young people—18 to 24 year-olds—who are not in education, training or work. I think this should be our number one priority. We should be talking about it all the time. The number of apprenticeships was pitiful before Covid and has collapsed since. Can the Minister update us on what the Government are doing to set an example, massively increase the number of apprenticeships in the public sector and require all those organisations in receipt of public funds or working on public sector contracts to employ apprentices as well?
This is a number one priority. In my work in the Department for Work and Pensions, the Secretary of State has been completely clear about the focus that we need to place on youth unemployment, on our youth guarantee and on appropriately spending the £1.5 billion that we received from the Budget in order to make sure that we reduce that million young people who are starting their working lives neither earning nor learning, with all the impact for them and the economy; and that we turn around the 40% decrease that we have seen in young people’s apprenticeship starts in order to provide opportunities for young people to be not only in work but in skilled work that will last them throughout their lives.
My Lords, it is a great pleasure to follow that brilliant speech by the noble Lord, Lord Massey. It was a privilege to listen to the fantastic maiden speech by the right reverend Prelate the Bishop of Coventry.
In March 1939, a 10 year-old Jewish boy in a town called Ostrava,...
My Lords, it is a great pleasure to follow that brilliant speech by the noble Lord, Lord Massey. It was a privilege to listen to the fantastic maiden speech by the right reverend Prelate the Bishop of Coventry.
In March 1939, a 10 year-old Jewish boy in a town called Ostrava,...
Lords question for short debate on what assessment they have made of the contribution that trade with Israel makes to the United Kingdom economy.
Lords question for short debate on what assessment they have made of the contribution that trade with Israel makes to the United Kingdom economy.
My Lords, I draw attention to my role as the UK’s trade envoy to Israel.
I start by welcoming the Minister and thank all noble Lords—especially the noble Baroness—who are here to discuss the contribution that trade with Israel makes to the UK, the businesses it supports, the jobs it creates...
My Lords, I draw attention to my role as the UK’s trade envoy to Israel.
I start by welcoming the Minister and thank all noble Lords—especially the noble Baroness—who are here to discuss the contribution that trade with Israel makes to the UK, the businesses it supports, the jobs it creates...