Lords report stage second day. Amendments 37, 40, 43, 44, 46 to 50, 58 and 59 agreed to. Amendment 60 agreed to on division (248 to 163). Amendment 64 agreed to on division (226 to 162). Amendments 73 to 79 and 81 agreed to. Amendment 88 agreed to on division (194 to 138). Amendment 93 agreed to on division (196 to 138). Amendment 98 agreed to on division (188 to 125). Amendments 100 to 103 agreed to. Bill, as amended, ordered to be printed (HL Bill 53).

Lords report stage second day. Amendments 37, 40, 43, 44, 46 to 50, 58 and 59 agreed to. Amendment 60 agreed to on division (248 to 163). Amendment 64 agreed to on division (226 to 162). Amendments 73 to 79 and 81 agreed to. Amendment 88 agreed to on division...

Moved by

Baroness Northover

34: Clause 17, page 21, line 34, leave out subsections (2) to (11) and insert—

“(2) In section 3B (regulatory principles to be applied to both regulators), after subsection (1)(h) insert—

“(i) the need to consider financial stability risks associated with climate change.””

Moved by

Baroness Northover

34: Clause 17, page 21, line 34, leave out subsections (2) to (11) and insert—

“(2) In section 3B (regulatory principles to be applied to both regulators), after subsection (1)(h) insert—

“(i) the need to consider financial stability risks associated with climate change.””

My Lords, in moving Amendment 34 I will speak to Amendments 55, 65 and 91. I will speak briefly. I thank noble Lords for their support and that of Peers for the Planet. There can be no doubt of the climate challenges we face after another summer of drought, wildfires...

My Lords, in moving Amendment 34 I will speak to Amendments 55, 65 and 91. I will speak briefly. I thank noble Lords for their support and that of Peers for the Planet. There can be no doubt of the climate challenges we face after another summer of drought, wildfires...

My Lords, I am pleased to follow the noble Baroness, Lady Northover, and will speak to her amendments and my own on this subject in a moment. But first I express my gratitude for the time and effort that the Minister, his colleagues and all the Bill team have put...

My Lords, I am pleased to follow the noble Baroness, Lady Northover, and will speak to her amendments and my own on this subject in a moment. But first I express my gratitude for the time and effort that the Minister, his colleagues and all the Bill team have put...

My Lord, I speak in favour of this group of amendments on re-embedding climate and nature considerations into UK financial institutions’ investment decision-making. I speak in particular in favour of Amendments 90 and 97A. I start by thanking the Minister for his constructive conversation with me earlier this week. I...

My Lord, I speak in favour of this group of amendments on re-embedding climate and nature considerations into UK financial institutions’ investment decision-making. I speak in particular in favour of Amendments 90 and 97A. I start by thanking the Minister for his constructive conversation with me earlier this week. I...

My Lords, financial stability is crucial for sustainable growth. It is what allows people and families to plan for the future, to reliably hold savings, pensions and mortgages, and of course it supports businesses to create the jobs on which we depend. In the same way, financial growth and environmental...

My Lords, financial stability is crucial for sustainable growth. It is what allows people and families to plan for the future, to reliably hold savings, pensions and mortgages, and of course it supports businesses to create the jobs on which we depend. In the same way, financial growth and environmental...

My Lords, I declare my interest as chair of the Forestry Commission and my other environmental interests in the register. I have put my name to both Amendments 65 and 90, which I will speak to, and Amendment 97A tabled by the noble Baroness, Lady Sheehan. I also add my...

My Lords, I declare my interest as chair of the Forestry Commission and my other environmental interests in the register. I have put my name to both Amendments 65 and 90, which I will speak to, and Amendment 97A tabled by the noble Baroness, Lady Sheehan. I also add my...

My Lords, I support Amendment 97A in the name of the noble Baroness, Lady Sheehan, and Amendments 55, 65 and 91 in the group. As others have said, we are grateful for the Government’s support. What the noble Baroness, Lady Young, just said will put a spring in everybody’s step....

My Lords, I support Amendment 97A in the name of the noble Baroness, Lady Sheehan, and Amendments 55, 65 and 91 in the group. As others have said, we are grateful for the Government’s support. What the noble Baroness, Lady Young, just said will put a spring in everybody’s step....

My Lords, I rise with great pleasure to follow all the speakers thus far in this group and to support all these amendments. I have not attached my name specifically to any of them—some of the most prominent are fully subscribed and I wanted to leave space for the breadth...

My Lords, I rise with great pleasure to follow all the speakers thus far in this group and to support all these amendments. I have not attached my name specifically to any of them—some of the most prominent are fully subscribed and I wanted to leave space for the breadth...

My Lords, we have a lot to cover today, so I will be brief.

We do not believe that imposing additional reporting duties, transition plan requirements and regulatory processes on financial services firms is the right way to address the concerns that have been addressed in these amendments this evening. One...

My Lords, we have a lot to cover today, so I will be brief.

We do not believe that imposing additional reporting duties, transition plan requirements and regulatory processes on financial services firms is the right way to address the concerns that have been addressed in these amendments this evening. One...

My Lords, I am grateful to the noble Baronesses for these amendments and for the wider debate on sustainable finance and adapting to climate change. These amendments address a number of important issues: climate transition planning, tackling deforestation, how the regulators consider climate risk and the products commonly known as...

My Lords, I am grateful to the noble Baronesses for these amendments and for the wider debate on sustainable finance and adapting to climate change. These amendments address a number of important issues: climate transition planning, tackling deforestation, how the regulators consider climate risk and the products commonly known as...

My Lords, I thank the Minister for his very encouraging reply. I think that we are in agreement that there could not be a more important area. No one paid attention to the subprime market, then we had the 2008 crash. The economic and social costs are still with us...

My Lords, I thank the Minister for his very encouraging reply. I think that we are in agreement that there could not be a more important area. No one paid attention to the subprime market, then we had the 2008 crash. The economic and social costs are still with us...

Moved by

Baroness Bowles of Berkhamsted

35: Clause 17, page 21, line 34, after “duties)” insert—

“(a) in subsection (1), at end insert—

“(c) ensures that any burden or restriction which is imposed on a person, or on the carrying on of an activity, is proportionate to the benefits, considered in general terms, which...

Moved by

Baroness Bowles of Berkhamsted

35: Clause 17, page 21, line 34, after “duties)” insert—

“(a) in subsection (1), at end insert—

“(c) ensures that any burden or restriction which is imposed on a person, or on the carrying on of an activity, is proportionate to the benefits, considered in general terms, which...

My Lords, as discussed on Monday, we have received constructive letters from the chief executives of the FCA and the PRA. They show genuine willingness to engage, and they elaborate on transparency of activity—consultations, responses, reports, strategies and evaluations. I do not dispute any of that. The government amendments that...

My Lords, as discussed on Monday, we have received constructive letters from the chief executives of the FCA and the PRA. They show genuine willingness to engage, and they elaborate on transparency of activity—consultations, responses, reports, strategies and evaluations. I do not dispute any of that. The government amendments that...

My Lords, I have Amendments 36, 39 and 42 in this group. I thank my noble friend Lady Neville-Rolfe for adding her name to them. They seek to achieve, through slightly different drafting, what the noble Baroness, Lady Bowles of Berkhamsted, sought with her Amendments 35 and 41. In my...

My Lords, I have Amendments 36, 39 and 42 in this group. I thank my noble friend Lady Neville-Rolfe for adding her name to them. They seek to achieve, through slightly different drafting, what the noble Baroness, Lady Bowles of Berkhamsted, sought with her Amendments 35 and 41. In my...

In the interests of time, I shall focus on my Amendment 38, which appears in this group. It would retain the need to have regard to regulatory principles, which has already been broadly discussed. I will focus on the way in which it specifies the need to have regard to...

In the interests of time, I shall focus on my Amendment 38, which appears in this group. It would retain the need to have regard to regulatory principles, which has already been broadly discussed. I will focus on the way in which it specifies the need to have regard to...

My Lords, it is a privilege to make my first contribution as a Back-Bench Member of this House in a slightly more relaxed environment than the last time I spoke on Clause 17 in the Moses Room. Indeed, I am told that some of the colour has started to return...

My Lords, it is a privilege to make my first contribution as a Back-Bench Member of this House in a slightly more relaxed environment than the last time I spoke on Clause 17 in the Moses Room. Indeed, I am told that some of the colour has started to return...

My Lords, while they do not go quite as far as I would have preferred, I welcome the Government’s amendments that will bring the essential regulatory principle of proportionality back into the discharge of the regulators’ general functions. I think it is a reasonable compromise to have met.

I have added...

My Lords, while they do not go quite as far as I would have preferred, I welcome the Government’s amendments that will bring the essential regulatory principle of proportionality back into the discharge of the regulators’ general functions. I think it is a reasonable compromise to have met.

I have added...

My Lords, I welcome the Minister’s statement that he was committed to bringing forward amendments at Third Reading. I think it is relevant to this group of amendments. I simply want to draw the House’s attention to two sessions we have had in the last three or four days with...

My Lords, I welcome the Minister’s statement that he was committed to bringing forward amendments at Third Reading. I think it is relevant to this group of amendments. I simply want to draw the House’s attention to two sessions we have had in the last three or four days with...

My Lords, fairly early on in Committee I said to the noble Lord, Lord Stockwood, who was then in charge of bringing the Bill through, that, when a common opinion was held by the noble Baroness, Lady Noakes, the noble Lord, Lord Vaux, and my noble friend Lady Bowles, he...

My Lords, fairly early on in Committee I said to the noble Lord, Lord Stockwood, who was then in charge of bringing the Bill through, that, when a common opinion was held by the noble Baroness, Lady Noakes, the noble Lord, Lord Vaux, and my noble friend Lady Bowles, he...