As a House of Lords hearing revisits the work of the Financial Exclusion Select Committee I consider how my proposed amendments to the Financial Services Bill can deliver the change we still need to see. Financial services should enable and empower, and I want us all to have: “the ability to manage day to day […]
Category archives: The House of Lords
Reforming the Computer Misuse Act: time to CyberUp
Cyber security has never been more important than it is today. As digital technology continues to advance apace and COVID-19 has prevented normal in-person interaction, almost everything in our personal and working lives has become digital. The CyberUp campaign highlights the way current legislation inhibits rather than promotes the important work of cyber security. As […]
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 […]
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 […]