My Lords, “I learned by touring Europe in the 60s. Young artists need the same chance”. Those are the words of Elton John. Would my noble friend agree that the Rocket Man is right? We need a long-term, sustainable solution, but we also need a short-term fix. Would the Minister agree that the department could […]
Financial Services Bill Amendments: Digital ID and Other Digital ‘Infrastructure’
On day 6 (10 March 2021) of the committee stage of the Financial Services Bill in the House of Lords I put forward a large group of amendments under the broad heading of fintech. One important amendment would introduce distributed digital identification (Digital ID) and others would encourage digital operational resilience and the modernisation of […]
Financial Services Bill Amendments: Distributed Ledger Technologies
On day six of committee stage of the Financial Services Bill in the House of Lords I am putting forward several amendments – broadly under the heading of fintech – with two specifically designed to encourage the development of use cases for distributed ledger technologies (DLT). Following our departure from the EU it seems an […]
Financial Services Bill Amendments: Fintech Strategic Review Recommendations
Today (10 March 2021) on day 6 of committee stage of the Financial Services Bill I have tabled amendments that seek to implement recommendations from the Fintech Strategic Review. Ron Kalifa’s review for the government is a fine piece of work, engaging hundreds of experts across FinTech and financial services. It has excellent chapter heads […]
Financial Services Bill Amendments: Ethical AI
Today (10 March 2021) is day 6 of committee stage of the Financial Servces Bill in the House of Lords and I am putting forward several amendments dealing with various aspects of digital technology in financial services. Two amendments deal with Artificial Intelligence (AI) – the general principle of ensuring the ethical use of AI […]
Data Protection Act 2018: Children – Question | Lords debates
My Lords, does my noble friend the Minister agree that there is a pressing need for much greater levels of awareness and understanding? Furthermore, does would she agree that it is crucial that we enable our young people, and indeed all people, to be financially, digitally and—crucially—data literate and aware?
Financial Services BIll Amendment: Review on Cashback Without Purchase
Today (8 March 2021) in committee stage of the Financial Services Bill I will be putting forward an amendment suggesting the Secretary of State report to Parliament on the options for enabling cash back without a purchase. This option is currently not permissible under EU regulations for payment services, Payment Services Directive (PSD). The full […]
Financial Services Bill Amendment: Financial Policy Committee & Financial Exclusion
Today (8 March 2021), in committee stage of the Financial Services Bill I will be putting forward an amendment suggesting an objective on the Financial Policy Committee (FPC) of the Bank of England to monitor financial exclusion in the UK and report to Parliament on their findings. The full wording of the amendment: Insert the […]
Financial Services Bill Amendment: Sale of Mortgage Loan Books
Today (8 March 2021) in committee stage of the Financial Services Bill I will be putting forward an amendment to prohibit the sale of mortgage loan books from authorised to non authorised entities. The amendment in full: Insert the following new Clause— “Sale of mortgage loan books – (1) The Secretary of State must, within […]