Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, the Committee will consider together two statutory instruments made under the Financial Services and Markets Act 2023, known as FSMA 2023. Although these instruments address different areas of financial regulation, they share a common purpose, which is to ensure that the UK’s regulatory framework remains stable, proportionate

and...

My Lords, the Committee will consider together two statutory instruments made under the Financial Services and Markets Act 2023, known as FSMA 2023. Although these instruments address different areas of financial regulation, they share a common purpose, which is to ensure that the UK’s regulatory framework remains stable, proportionate

and...

My Lords, I will address each of these instruments separately. First, on the overseas prudential requirements regime, in the Government’s perspective, this statutory instrument is simply the application of the FSMA model to decisions on equivalence. The Government know that I am quite concerned that the FSMA model removes from...

My Lords, I will address each of these instruments separately. First, on the overseas prudential requirements regime, in the Government’s perspective, this statutory instrument is simply the application of the FSMA model to decisions on equivalence. The Government know that I am quite concerned that the FSMA model removes from...

My Lords, I am grateful to the Minister for setting out the purpose and effect of these two instruments. Although both are technically dense, they share a common and quite straightforward purpose: they replace parts of the inherited or temporary post-EU framework with permanent UK arrangements. It gives us an...

My Lords, I am grateful to the Minister for setting out the purpose and effect of these two instruments. Although both are technically dense, they share a common and quite straightforward purpose: they replace parts of the inherited or temporary post-EU framework with permanent UK arrangements. It gives us an...

My Lords, I thank the noble Baronesses for their comments, some of which go a little beyond what we are trying to address here with these statutory instruments. I understand the concern of the noble Baroness, Lady Kramer, about the FSMA regime, how it works, parliamentary oversight and the rest...

My Lords, I thank the noble Baronesses for their comments, some of which go a little beyond what we are trying to address here with these statutory instruments. I understand the concern of the noble Baroness, Lady Kramer, about the FSMA regime, how it works, parliamentary oversight and the rest...

I have just one question. The Minister gave a very helpful reply. He seems to be saying that the second instrument is essentially carrying things over—that both instruments are carrying over from previous EU law, rushed through after Brexit—and putting them on a permanent basis. My questions were about assessment...

I have just one question. The Minister gave a very helpful reply. He seems to be saying that the second instrument is essentially carrying things over—that both instruments are carrying over from previous EU law, rushed through after Brexit—and putting them on a permanent basis. My questions were about assessment...

It would come to Parliament for approval, with an assessment.

It would come to Parliament for approval, with an assessment.

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase access to finance for growing businesses and position the UK at the forefront of financial...

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase access to finance for growing businesses and position the UK at the forefront of financial...

My honourable friend, Rachel Reeves MP (Chancellor of the Exchequer) has today made the following statement.

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase...

My honourable friend, Rachel Reeves MP (Chancellor of the Exchequer) has today made the following statement.

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase...

Lords committee stage fourth day. Clauses 20 to 22 agreed to.

Lords committee stage fourth day. Clauses 20 to 22 agreed to.

My Lords, I am sure everyone has reread the Hansard transcript and is fully on top of the debate that took place on Monday, so I will attempt to keep my remarks brief.

I am tempted to engage with the challenge from the noble Lord, Lord Bridges, on this group of...

My Lords, I am sure everyone has reread the Hansard transcript and is fully on top of the debate that took place on Monday, so I will attempt to keep my remarks brief.

I am tempted to engage with the challenge from the noble Lord, Lord Bridges, on this group of...

My Lords, for me, the group speaks to the essential balance which underpins the purpose and function of effective financial regulation. Of course regulation must promote safety, stability and confidence in the system, but regulation must also support growth, competitiveness and innovation. It must help ensure that the United Kingdom...

My Lords, for me, the group speaks to the essential balance which underpins the purpose and function of effective financial regulation. Of course regulation must promote safety, stability and confidence in the system, but regulation must also support growth, competitiveness and innovation. It must help ensure that the United Kingdom...

My Lords, the Government share the views of many in this debate, particularly on the importance of ensuring that the secondary growth and competitiveness objectives are comprehensively embedded in the work of the regulators. That is why the Bill legislates to extend the requirement for the regulators to produce annual...

My Lords, the Government share the views of many in this debate, particularly on the importance of ensuring that the secondary growth and competitiveness objectives are comprehensively embedded in the work of the regulators. That is why the Bill legislates to extend the requirement for the regulators to produce annual...

My Lords, I thank all noble Lords who have spoken today and the previous day. These amendments all relate to the secondary competitive and growth objective. I think that we share the same desire to have an effective secondary competitive and growth objective, which my lead amendment, in particular, was...

My Lords, I thank all noble Lords who have spoken today and the previous day. These amendments all relate to the secondary competitive and growth objective. I think that we share the same desire to have an effective secondary competitive and growth objective, which my lead amendment, in particular, was...

Moved by

Baroness Neville-Rolfe

105: Clause 21, page 26, line 3, leave out “changing” and insert “reducing”

Member’s explanatory statement

These amendments ensure that the Treasury has the power to reduce various time limits for regulatory approvals, but not to increase them.

Moved by

Baroness Neville-Rolfe

105: Clause 21, page 26, line 3, leave out “changing” and insert “reducing”

Member’s explanatory statement

These amendments ensure that the Treasury has the power to reduce various time limits for regulatory approvals, but not to increase them.

My Lords, I rise enthusiastically —we have to get going for the football—to move Amendment 105, in my name and the name of my noble friend Lord Altrincham. I will also speak to the other amendments in the group.

I am grateful to my noble friend Lord Holmes for his amendments,...

My Lords, I rise enthusiastically —we have to get going for the football—to move Amendment 105, in my name and the name of my noble friend Lord Altrincham. I will also speak to the other amendments in the group.

I am grateful to my noble friend Lord Holmes for his amendments,...

My Lords, what a pleasure it is to follow my noble friend Lady Neville-Rolfe. I agree with everything she said, with all the principles she set out and with the amendments in this group.

I shall speak to Amendment 106 and the other amendments in my name. We are asking a...

My Lords, what a pleasure it is to follow my noble friend Lady Neville-Rolfe. I agree with everything she said, with all the principles she set out and with the amendments in this group.

I shall speak to Amendment 106 and the other amendments in my name. We are asking a...

My Lords, I declare my interest as an employee of Marsh, an FCA-regulated entity. These amendments in the names of my noble friends Lady Neville-Rolfe, Lord Altrincham and Lord Holmes concern Clause 21, which I very much welcome in principle. The improvements to regulators’ approval timelines are a positive step,...

My Lords, I declare my interest as an employee of Marsh, an FCA-regulated entity. These amendments in the names of my noble friends Lady Neville-Rolfe, Lord Altrincham and Lord Holmes concern Clause 21, which I very much welcome in principle. The improvements to regulators’ approval timelines are a positive step,...