To ask His Majesty's Government what assessment they have made of (1) the estimated annual volume of cases referred from the Financial Ombudsman Service to the Financial Conduct Authority under the referral mechanism contained in the Financial Services and Markets Bill currently before the House, (2) the Financial Conduct Authority's operational capacity...

To ask His Majesty's Government what assessment they have made of (1) the estimated annual volume of cases referred from the Financial Ombudsman Service to the Financial Conduct Authority under the referral mechanism contained in the Financial Services and Markets Bill currently before the House, (2) the Financial Conduct Authority's operational capacity...

My Lords, as the noble Baroness, Lady Neville-Rolfe, remarked earlier in our Committee discussions, we often agree about things, but not, I am afraid, about this amendment. There are three reasons for that: first, the amendment is not necessary; secondly, it probably would not work, although its lack of any...

My Lords, as the noble Baroness, Lady Neville-Rolfe, remarked earlier in our Committee discussions, we often agree about things, but not, I am afraid, about this amendment. There are three reasons for that: first, the amendment is not necessary; secondly, it probably would not work, although its lack of any...

Perhaps the Minister could answer it now.

Perhaps the Minister could answer it now.

My Lords, I will speak to my Amendments 33, 35, 37, 42 and 43 in this group. All these amendments, and my Clause 7 not-stand-part question, relate to the FOS and its regime. I will try very hard not to repeat too much of what the noble Lord, Lord Davies,...

My Lords, I will speak to my Amendments 33, 35, 37, 42 and 43 in this group. All these amendments, and my Clause 7 not-stand-part question, relate to the FOS and its regime. I will try very hard not to repeat too much of what the noble Lord, Lord Davies,...

Would the Minister mind repeating that?

Would the Minister mind repeating that?

Looking at the legislation itself, it seems clear that if the act or omission is in breach of the FCA’s rules or the consumer duty that absolutely qualifies it as being okay. There is no subordinate reference to “fair and reasonable”.

Looking at the legislation itself, it seems clear that if the act or omission is in breach of the FCA’s rules or the consumer duty that absolutely qualifies it as being okay. There is no subordinate reference to “fair and reasonable”.

My Lords, I welcome this Bill and the growth in competitive objectives that inform it. I thank the many organisations that have provided us with briefings, especially the APPG on Investment Fraud and Fairer Financial Services. Its 70-page analysis deals with each part of the Bill in depth and reaches...

My Lords, I welcome this Bill and the growth in competitive objectives that inform it. I thank the many organisations that have provided us with briefings, especially the APPG on Investment Fraud and Fairer Financial Services. Its 70-page analysis deals with each part of the Bill in depth and reaches...

My Lords, I declare an interest as sometime chair and vice-chair of the APPG for the Turkish Republic of Northern Cyprus. I have raised the division of Cyprus many times in your Lordships’ House, and I put on record my gratitude for the immense effort made by the FCDO in...

My Lords, I declare an interest as sometime chair and vice-chair of the APPG for the Turkish Republic of Northern Cyprus. I have raised the division of Cyprus many times in your Lordships’ House, and I put on record my gratitude for the immense effort made by the FCDO in...

Moved by

Lord Sharkey

170: After Clause 117, insert the following new Clause—

“Fossil fuels and climate risk

(1) The Pensions Act 1995 is amended according to subsections (2) and (3).

(2) After section 41B (climate change risk: publication of information), insert—

“41BA Climate change risk and occupational pension schemes: Secretary of State duty

(1) The Secretary...

Moved by

Lord Sharkey

170: After Clause 117, insert the following new Clause—

“Fossil fuels and climate risk

(1) The Pensions Act 1995 is amended according to subsections (2) and (3).

(2) After section 41B (climate change risk: publication of information), insert—

“41BA Climate change risk and occupational pension schemes: Secretary of State duty

(1) The Secretary...

My Lords, I will speak to Amendment 170 in my name and those of the noble Baronesses, Lady Bennett, Lady Griffin and Lady Hayman. I am grateful for their support and look forward to hearing their contributions. I have reflected carefully on the helpful feedback I received from the Minister...

My Lords, I will speak to Amendment 170 in my name and those of the noble Baronesses, Lady Bennett, Lady Griffin and Lady Hayman. I am grateful for their support and look forward to hearing their contributions. I have reflected carefully on the helpful feedback I received from the Minister...

I thank the Minister for that response, but that probably means in practice that I thank her for the last sentence. Some of the other stuff I found difficult to agree with. I point out that our proposal was to collect data or produce estimates only for the larger schemes...

I thank the Minister for that response, but that probably means in practice that I thank her for the last sentence. Some of the other stuff I found difficult to agree with. I point out that our proposal was to collect data or produce estimates only for the larger schemes...

Moved by

Lord Sharkey

212: After Clause 117, insert the following new Clause—

“Fossil fuels and climate change risk

(1) The Pensions Act 1995 is amended as follows.

(2) In section 41A (climate change risk), after subsection (6) insert—

“(6A) Regulations under subsection (1) must, within 1 year of the Pension Schemes Act 2026 receiving Royal...

Moved by

Lord Sharkey

212: After Clause 117, insert the following new Clause—

“Fossil fuels and climate change risk

(1) The Pensions Act 1995 is amended as follows.

(2) In section 41A (climate change risk), after subsection (6) insert—

“(6A) Regulations under subsection (1) must, within 1 year of the Pension Schemes Act 2026 receiving Royal...

My Lords, Amendment 212 is in my name and those of the noble Baronesses, Lady Hayman, Lady Griffin of Princethorpe and Lady Bennett of Manor Castle. I thank them for their support and look forward to their contributions. I also thank the Better Pensions Coalition for its input and advice—I...

My Lords, Amendment 212 is in my name and those of the noble Baronesses, Lady Hayman, Lady Griffin of Princethorpe and Lady Bennett of Manor Castle. I thank them for their support and look forward to their contributions. I also thank the Better Pensions Coalition for its input and advice—I...

My Lords—

My Lords—

I am sorry, it will not happen again, but the Government are trying to do precisely what the Minister said they should not do: they are trying to mandate investments.

I am sorry, it will not happen again, but the Government are trying to do precisely what the Minister said they should not do: they are trying to mandate investments.

The fact is that some, though not all, pension funds are invested in climate-changing activities. We need to do something about that, and we need to do it soon.

The other point I ought to pick up is, again, to do with statutory guidance. I have frequently asked when we will...

The fact is that some, though not all, pension funds are invested in climate-changing activities. We need to do something about that, and we need to do it soon.

The other point I ought to pick up is, again, to do with statutory guidance. I have frequently asked when we will...

My Lords, I will speak briefly but enthusiastically in support of Amendment 205. The case for a review was eloquently put by the noble Viscount, Lord Younger, and its merits are surely obvious. I hope the Minister will be able to agree with that.

In particular, I hope the review will...

My Lords, I will speak briefly but enthusiastically in support of Amendment 205. The case for a review was eloquently put by the noble Viscount, Lord Younger, and its merits are surely obvious. I hope the Minister will be able to agree with that.

In particular, I hope the review will...

My Lords, I will speak briefly under the auspices of Amendments 146 and 147 when we resume some of the discussions the Minister promised last week to continue, notably on mandation and statutory guidance. In our debate last week, I tried to establish the evidence base for the Minister’s assertion...

My Lords, I will speak briefly under the auspices of Amendments 146 and 147 when we resume some of the discussions the Minister promised last week to continue, notably on mandation and statutory guidance. In our debate last week, I tried to establish the evidence base for the Minister’s assertion...

My Lords, it is a pleasure to follow—and I did—my noble friend discussing the reserved mandatory powers in the Bill. I will speak to my Amendments 111, 161 and 162. I thank the noble Lord, Lord Vaux, for adding his name to all three and the noble Lord, Lord Sikka,...

My Lords, it is a pleasure to follow—and I did—my noble friend discussing the reserved mandatory powers in the Bill. I will speak to my Amendments 111, 161 and 162. I thank the noble Lord, Lord Vaux, for adding his name to all three and the noble Lord, Lord Sikka,...

Can the Minister respond to the point I made about statutory guidance?

Can the Minister respond to the point I made about statutory guidance?