Proposed reforms include changes to consumer credit law, the Financial Ombudsman Service and measures intended to reduce regulatory burdens.

Proposed reforms include changes to consumer credit law, the Financial Ombudsman Service and measures intended to reduce regulatory burdens.

To ask the Chancellor of the Exchequer, what estimate he has made of waiting times for complaints from consumers in Scotland to be resolved by the Financial Ombudsman Service.

To ask the Chancellor of the Exchequer, what estimate he has made of waiting times for complaints from consumers in Scotland to be resolved by the Financial Ombudsman Service.

To ask the Chancellor of the Exchequer, what assessment he has made of whether DISP guidance is sufficient to ensure that Financial Ombudsman Service ombudsmen document and address Consumer Rights Act 2015 unfair contract terms arguments raised by complainants.

To ask the Chancellor of the Exchequer, what assessment he has made of whether DISP guidance is sufficient to ensure that Financial Ombudsman Service ombudsmen document and address Consumer Rights Act 2015 unfair contract terms arguments raised by complainants.

To ask the Chancellor of the Exchequer, if he will make representations to the Financial Ombudsman Service Board to require the Service to signpost complainants to the Independent Assessor and the applicable one-month time limit at the point of issuing a final decision letter.

To ask the Chancellor of the Exchequer, if he will make representations to the Financial Ombudsman Service Board to require the Service to signpost complainants to the Independent Assessor and the applicable one-month time limit at the point of issuing a final decision letter.

Letter dated 15/10/2026 from James Dipple-Johnstone, Chief Ombudsman, Financial Ombudsman Service to Paul Kohler MP regarding the procedures for resolving disputes between complainants and respondent businesses and the handling of complaints made about FOS customer service (including the role of Independent Assessor). 2p.

Letter dated 15/10/2026 from James Dipple-Johnstone, Chief Ombudsman, Financial Ombudsman Service to Paul Kohler MP regarding the procedures for resolving disputes between complainants and respondent businesses and the handling of complaints made about FOS customer service (including the role of Independent Assessor). 2p.

Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.

Answers to frequently asked questions relating to banking, credit, mortgages, investments and financial service fraud.

Letter dated 16/09/2026 from Lord Pitt-Watson to Lord Sharkey regarding matters raised at the Committee stage (sixth day) and the Report stage (first day) of the Financial Services and Markets Bill: the Government’s reasoning and evidence base behind the reforms to the framework under which the Financial Ombudsman Service (FOS) operates. 5p.

Letter dated 16/09/2026 from Lord Pitt-Watson to Lord Sharkey regarding matters raised at the Committee stage (sixth day) and the Report stage (first day) of the Financial Services and Markets Bill: the Government’s reasoning and evidence base behind the reforms to the framework under which the Financial Ombudsman Service (FOS)...

Lords report stage first day. Amendment 5 disagreed to on division (76 to 164). Amendment 10 agreed to on division (246 to 165). Amendment 11 disagreed to on division (69 to 171). Amendment 12 agreed to. Amendment 14 disagreed to on division (59 to 144). (Part 1 of 2).

Lords report stage first day. Amendment 5 disagreed to on division (76 to 164). Amendment 10 agreed to on division (246 to 165). Amendment 11 disagreed to on division (69 to 171). Amendment 12 agreed to. Amendment 14 disagreed to on division (59 to 144). (Part 1 of 2).

Moved by

Baroness Neville-Rolfe

1: Leave out Clause 1

Member’s explanatory statement

This amendment, along with another in the name of Baroness Neville-Rolfe, seeks to allow for a debate on the Government’s intentions around a new regime to be laid down in the regulatory rule book in place of that established by the Consumer...

Moved by

Baroness Neville-Rolfe

1: Leave out Clause 1

Member’s explanatory statement

This amendment, along with another in the name of Baroness Neville-Rolfe, seeks to allow for a debate on the Government’s intentions around a new regime to be laid down in the regulatory rule book in place of that established by the Consumer...

My Lords, I am honoured to open our discussions on Report on the Financial Services and Markets Bill, which we support in general but seek to improve. I congratulate the Minister on his new position and thank him for his engagement. I also thank the noble Lord, Lord Stockwood, whom...

My Lords, I am honoured to open our discussions on Report on the Financial Services and Markets Bill, which we support in general but seek to improve. I congratulate the Minister on his new position and thank him for his engagement. I also thank the noble Lord, Lord Stockwood, whom...

My Lords, I will speak to my non-diminution Amendments 2 and 3, and to Amendments 4 and 5, which stem from them. In Committee, the Government made it clear that they wish to remove tail risk for firms—a theme running through the changes to the CCA and FOS. I agree...

My Lords, I will speak to my non-diminution Amendments 2 and 3, and to Amendments 4 and 5, which stem from them. In Committee, the Government made it clear that they wish to remove tail risk for firms—a theme running through the changes to the CCA and FOS. I agree...

My Lords, I will speak to Amendment 5 in this group. Structurally, the amendment follows the approach used by my noble friend Lady Bowles in her previous amendment, and I am very grateful to her for the help and support in drafting. My amendment

has a simple purpose, which is...

My Lords, I will speak to Amendment 5 in this group. Structurally, the amendment follows the approach used by my noble friend Lady Bowles in her previous amendment, and I am very grateful to her for the help and support in drafting. My amendment

has a simple purpose, which is...

My Lords, I support Amendment 2 in the name of the noble Baroness, Lady Bowles of Berkhamsted, to which I have added my name. As we have already heard, this amendment would ensure that, when provisions of the Consumer Credit Act are repealed or replaced by FCA rules, the overall...

My Lords, I support Amendment 2 in the name of the noble Baroness, Lady Bowles of Berkhamsted, to which I have added my name. As we have already heard, this amendment would ensure that, when provisions of the Consumer Credit Act are repealed or replaced by FCA rules, the overall...

My Lords, I support the amendments in this group, and I feel that this Bill has an opportunity to improve—or at least not diminish—the protections that are offered to consumers of financial services. We have long known that from a consumer perspective, the asymmetry of information and the asymmetry of...

My Lords, I support the amendments in this group, and I feel that this Bill has an opportunity to improve—or at least not diminish—the protections that are offered to consumers of financial services. We have long known that from a consumer perspective, the asymmetry of information and the asymmetry of...

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...

My Lords, it is a privilege to be here today to debate the Financial Services and Markets Bill. I put on record my thanks to my noble friend Lord Stockwood for leading the earlier stages of this debate and thank all noble Lords who have contributed to this debate in...

My Lords, it is a privilege to be here today to debate the Financial Services and Markets Bill. I put on record my thanks to my noble friend Lord Stockwood for leading the earlier stages of this debate and thank all noble Lords who have contributed to this debate in...

My Lords, I am very grateful to the Minister for his response and his detailed explanation of how Clause 1 is framed. I am also grateful to the other noble Lords who have contributed to the debate—the noble Baronesses, Lady Bowles and Lady Altmann, and the right reverend Prelate the...

My Lords, I am very grateful to the Minister for his response and his detailed explanation of how Clause 1 is framed. I am also grateful to the other noble Lords who have contributed to the debate—the noble Baronesses, Lady Bowles and Lady Altmann, and the right reverend Prelate the...

Moved by

Lord Sharkey

5: After Clause 1, insert the following new Clause—

“Protection of consumers where regulated credit agreements or regulated mortgage contracts are transferred to inactive lenders

(1) This section applies where rights under any regulated credit agreement or regulated mortgage contract are assigned, sold, securitised or otherwise transferred to a person...

Moved by

Lord Sharkey

5: After Clause 1, insert the following new Clause—

“Protection of consumers where regulated credit agreements or regulated mortgage contracts are transferred to inactive lenders

(1) This section applies where rights under any regulated credit agreement or regulated mortgage contract are assigned, sold, securitised or otherwise transferred to a person...

My Lords, I had hoped that the life-crippling injustice visited on mortgage prisoners by government would produce a more sympathetic approach. In fact, it is hard to tell what approach, if any, the Government are proposing. What are they proposing to do about this long-standing and obvious injustice? Let me...

My Lords, I had hoped that the life-crippling injustice visited on mortgage prisoners by government would produce a more sympathetic approach. In fact, it is hard to tell what approach, if any, the Government are proposing. What are they proposing to do about this long-standing and obvious injustice? Let me...

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...