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An overview of the UK's financial services sector and key statistics including economic output, jobs, trade and tax.
An overview of the UK's financial services sector and key statistics including economic output, jobs, trade and tax.
Letter dated 17/08/2026 from Lord Pitt-Watson to Lord Hope of Craighead regarding issues raised at s meeting following the Committee stage (second day) of the Financial Services and Markets Bill: the Financial Conduct Authority's ongoing funding model, how the FCA will supervise professional services sectors, how professional services firms will adapt to the change in supervisory arrangements. 5p.
Letter dated 17/08/2026 from Lord Pitt-Watson to Lord Hope of Craighead regarding issues raised at s meeting following the Committee stage (second day) of the Financial Services and Markets Bill: the Financial Conduct Authority's ongoing funding model, how the FCA will supervise professional services sectors, how professional services firms will...
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.
What cryptoassets are, how they work, their history, the benefits and risks, and UK regulation.
What cryptoassets are, how they work, their history, the benefits and risks, and UK regulation.
Find out how customers can complain about financial services, and use the impartial, free ombudsman service, without going to the courts.
Find out how customers can complain about financial services, and use the impartial, free ombudsman service, without going to the courts.
To ask His Majesty's Government what assessment they have made of the implications of limited access to frontier artificial intelligence models for the competitiveness of the UK's financial services sector.
To ask His Majesty's Government what assessment they have made of the implications of limited access to frontier artificial intelligence models for the competitiveness of the UK's financial services sector.
The government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Financial Services Growth and Competitiveness Strategy, it is the government’s ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in Financial Services (FS) and AI to drive growth and productivity, and deliver consumer benefits.
The FS AI Adoption Plan, authored by the FS AI Champions, Harriet Rees and Rohit Dhawan, is an important step towards achieving that aim, and sets out the next steps for industry, regulators, and government to grasp the opportunities for safe adoption of AI in FS.
The government works closely with the Financial Conduct Authority, the Prudential Regulation Authority, and the AI Safety Institute to monitor developments in AI capability and access across the sector.
The government is aware that access constraints may arise for a number of reasons, however it is not currently concerned about the availability of frontier models for UK FS firms.
The government will continue to monitor this issue and will consider what further steps may be necessary to ensure that the UK financial services sector can access the AI capabilities it needs to remain globally competitive. We are also supporting the UK’s own sovereign AI capabilities through the Sovereign AI Unit backed by £500mn of funding.
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...
The referral mechanism in the Financial Services and Markets Bill is designed to ensure consistent application of the standards set by the Financial Conduct Authority (FCA) in Financial Ombudsman Service (FOS) determinations. It will support the efficient resolution of complex complaints where the FOS considers there is ambiguity in a relevant FCA rule and that is relevant to its determination of a complaint, while preserving the FOS’s ability to resolve the vast majority of complaints without making a referral.
The exact number of referrals will depend on the issues which arise in FOS casework and the extent to which it considers these raise ambiguity or wider implications for financial services firms and consumers. The Government expects that there may be relatively more referrals initially, which will then reduce as clarifications are provided by the FCA – with only a very small proportion of cases being referred even in the early stages.
To prepare for the changes, the FCA and the FOS are operating a trial version of the referral mechanism, which is limited to issues with wider implications. Since July 2025, when they updated their Memorandum of Understanding to agree the trial version, the FOS has made three referrals to the FCA. While the Government would expect more referrals once the new framework covering ambiguity is in place, this supports an assessment that overall volumes will be manageable.
The Bill allows HM Treasury to specify further conditions that must be met for the FOS to make a referral through a statutory instrument. This will allow the Government to address any potential issues that arise during implementation, including making sure that the volume of referrals remains reasonable and supports efficient resolution of cases.
The Bill provides for HM Treasury to set in regulations a timeframe for the FCA to respond to a referral to avoid unnecessary delays. The Government’s consultation response, published on 16 March 2026, confirms its intention is to set this timeframe at 30 days in most cases.
This briefing covers the scale of banking fraud, how the police respond to fraud, and what the public and private sectors are doing to reduce the impact of banking fraud.
This briefing covers the scale of banking fraud, how the police respond to fraud, and what the public and private sectors are doing to reduce the impact of banking fraud.
The government plans to change consumer credit law. This briefing looks at how this affects borrowers, buy-now-pay-later regulation and car finance misselling.
The government plans to change consumer credit law. This briefing looks at how this affects borrowers, buy-now-pay-later regulation and car finance misselling.
To ask His Majesty's Government what assessment they have made of the number of individuals holding Russian passports currently working in the UK in the financial services sector.
To ask His Majesty's Government what assessment they have made of the number of individuals holding Russian passports currently working in the UK in the financial services sector.
The Home Office publishes data on sponsored work visas issued, broken down by occupation, industry, and nationality, in table Occ_D02 of the Sponsored work visas by occupation and industry dataset of the ‘Immigration System Statistics Quarterly Release.
The published statistics refer to the number of visas granted, not the number of people in the country at a given point in time. They do not include the work status of all Russian passport holders – for example, dual nationals using their non-Russian passport, Russian nationals with indefinite leave, those on unsponsored visa routes, or dependents of other visa holders.
To ask His Majesty's Government what assessment they have made of the cyber security risks to the UK financial sector arising from the use of frontier artificial intelligence models.
To ask His Majesty's Government what assessment they have made of the cyber security risks to the UK financial sector arising from the use of frontier artificial intelligence models.
His Majesty’s Government has assessed that advances in frontier artificial intelligence models have the potential to increase cyber security risks to the UK financial sector by increasing the speed, scale and accessibility of certain cyber capabilities. In particular, frontier AI models may assist in vulnerability discovery, exploitation, and other cyber operations, potentially shortening the time between vulnerabilities being identified and exploited. While frontier AI models may increase cyber risks, they also present opportunities to strengthen cyber defences and improve resilience.
The Government, working with the Bank of England, the Financial Conduct Authority, the National Cyber Security Centre and the AI Security Institute, continues to monitor developments closely and assess their implications for financial stability and operational resilience.
To support the sector’s preparedness, HM Treasury, the Bank of England and the Financial Conduct Authority have engaged extensively with industry and published a joint statement on frontier AI models and cyber resilience, which sets out the actions firms should take to mitigate cyber risks arising from advanced AI capabilities. The authorities have also drawn attention to relevant guidance produced by the National Cyber Security Centre on AI-enabled cyber threats and cyber resilience. The authorities continue to work with firms through established resilience frameworks and industry bodies, including the Cross Market Operational Resilience Group (CMORG), to ensure that the UK financial sector remains resilient to evolving cyber threats.
Lords second reading. Agreed to on question. Bill committed to a Committee of the Whole House.
Lords second reading. Agreed to on question. Bill committed to a Committee of the Whole House.
My Lords, I am grateful to the National Bargee Travellers Association and the Public Bill Office for their help in drafting this piece of legislation, which is long overdue and very important to those who make their homes on Britain’s rivers and canals. I thank those few noble Lords who...
My Lords, I am grateful to the National Bargee Travellers Association and the Public Bill Office for their help in drafting this piece of legislation, which is long overdue and very important to those who make their homes on Britain’s rivers and canals. I thank those few noble Lords who...
My Lords, I am pleased to speak in support of the Bill in the name of the noble Baroness, Lady Bakewell. I congratulate her on her exposition in moving Second Reading and, indeed, in outlining the rights and benefits as well as the problems. I have long taken an interest...
My Lords, I am pleased to speak in support of the Bill in the name of the noble Baroness, Lady Bakewell. I congratulate her on her exposition in moving Second Reading and, indeed, in outlining the rights and benefits as well as the problems. I have long taken an interest...
My Lords, it is a pleasure to follow the noble Lord, Lord Cashman, in his long campaign on this issue. My noble friend Lady Bakewell of Hardington Mandeville has long fought for those members of society who have found it hard, or impossible, to have their non-traditional homes recognised as...
My Lords, it is a pleasure to follow the noble Lord, Lord Cashman, in his long campaign on this issue. My noble friend Lady Bakewell of Hardington Mandeville has long fought for those members of society who have found it hard, or impossible, to have their non-traditional homes recognised as...
My Lords, I think I ought to declare a tangential interest, as my brother-in-law is a boat dweller. I am grateful to the noble Baroness, Lady Bakewell, for bringing forward this Bill and for how eloquently she raised the issues faced by boat dwellers, supported by the noble Lord, Lord...
My Lords, I think I ought to declare a tangential interest, as my brother-in-law is a boat dweller. I am grateful to the noble Baroness, Lady Bakewell, for bringing forward this Bill and for how eloquently she raised the issues faced by boat dwellers, supported by the noble Lord, Lord...
My Lords, I thank the noble Baroness, Lady Bakewell, for bringing forward this Private Member’s Bill. The noble Baroness raises a very important issue, which, as she knows, we have debated before in your Lordships’ House. The Government recognise the important role that the waterways play in enriching people’s lives...
My Lords, I thank the noble Baroness, Lady Bakewell, for bringing forward this Private Member’s Bill. The noble Baroness raises a very important issue, which, as she knows, we have debated before in your Lordships’ House. The Government recognise the important role that the waterways play in enriching people’s lives...
My Lords, I thank all those who have taken part in this very short debate, especially the noble Lord, Lord Cashman, for his expertise, as he has been dealing with this matter for a very long time. He is right that, when we tried to amend the Renter’s Rights Bill,...
My Lords, I thank all those who have taken part in this very short debate, especially the noble Lord, Lord Cashman, for his expertise, as he has been dealing with this matter for a very long time. He is right that, when we tried to amend the Renter’s Rights Bill,...
To ask the Chancellor of the Exchequer, whether she plans to publish guidance for financial institutions on contingency planning for disruption involving critical third parties.
To ask the Chancellor of the Exchequer, whether she plans to publish guidance for financial institutions on contingency planning for disruption involving critical third parties.
Cyber security is a top priority for the Government, and HM Treasury works with the financial regulators, industry and with international partners to strengthen the financial sector’s resilience to threats and hazards of all origins.
The financial authorities deploy a range of tools to test and ensure financial sector firms are resilient to the wide range of risks that they could face, and we also maintain robust exercising and incident response frameworks to ensure readiness for disruption and coordination across government and industry. The UK financial regulators have implemented an operational resilience framework for the UK financial sector, which sets out rules and supervisory expectations on operational resilience and risk management for financial services firms, including relating to third-party risk management. Technical advice on security and resilience is also provided by the National Cyber Security Centre and the National Protective Security Authority.
The Critical Third Party (CTP) regime complements but does not replace financial sector firms’ obligations in this area. Designated third parties will be subject to oversight by the UK financial regulators, helping to ensure they have robust arrangements in place to identify, manage and recover from operational disruption affecting critical services used across the financial sector. Through the new regime, the regulators will be able to gather information, assess resilience, and work with third parties to address risks to the continuity of critical services, including through making and enforcing CTP-specific rules where necessary. The regulators’ rules and guidance for CTPs include requirements on incident management.