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 […]

Financial Services Bill Amendments: Timetable and Funding for SDRP Arrangements

A further two amendments that I put forward today (3 March 2021) during committee stage of the Financial Services Bill deal with both the timetable and funding of Statutory Debt Repayment Plan (SDRP) arrangements. The Financial Guidance and Claims Act 2018 created the Debt Respite Scheme – a welcome piece of legislation that will bring […]

Financial Services Bill Amendment: Provision of Debt Advice

Today (3 March 2021) I am putting forward an amendment to the Financial Services Bill that aims to support financial education by formalising the provision of debt advice. Its purpose is straight forward – to ensure that those who are within the Statutory Debt Repayment Plan scheme will receive debt advice. The full wording of […]

Financial Services Bill Amendment: Updating the Know Your Customer [KYC] Process.

Today (3 March 2021) is day four of the House of Lords committee stage debate on the Financial Services Bill. I am proposing an amendment to highlight the current, sub-optimal, identity verification requirement in financial services known as Know Your Customer [KYC]. This amendment also offers a pathway to transforming our approach, our outcomes and […]

Financial Services Bill Amendments: ‘Lead Generators’ – Time for Regulation.

Today (3 March 2021), in the House of Lords, I am putting forward an amendment to the Financial Services Bill which would increase protection for those who find themselves vulnerable to the sharp practice of ‘lead generators’ when they are seeking debt advice. The amendment is designed to prevent practice of so called ‘lead generation’. […]

Financial Services Bill Amendment: The Case for Regional Mutual Banks

Today (1 March 2021) is day 3 of committee stage for the Financial Services Bill in the House of Lords. I am putting forward an amendment to the bill which could positively impact the levelling up agenda. If accepted, this amendment could: Dramatically increase financial inclusion for our superb SME businesses. Develop an effective ‘patient’ […]

Financial Services Bill Amendment: Duty to Report on ESG Status of Funds

Today (1 March 2021) is day three of committee stage for the Financial Services Bill in the House of Lords. I am putting forward an amendment which would require fund managers to report to the Financial Conduct Authority on how their funds, and each constituent part of their funds, satisfy such environmental, social and governance […]

Financial Services Bill Amendments: Adding a Financial Inclusion Objective to the FCA Remit

Today (22 February 2021) is the first day of Committee Stage for the Financial Services Bill in the House of Lords. I will be speaking in support of several amendments and putting forward three amendments in my own name; to better protect small and medium-sized enterprises, to review financial services regulation and to ensure more […]

Financial Services Bill Amendment: Introducing a Review of Financial Services Regulations

Today (22 February 2021) is the first day of committee stage for the Financial Services Bill in the House of Lords. I will be speaking in support of several amendments and putting forward three particular amendments in my own name. Second of my amendments to be debated during todays proceedings will be amendment 113, which […]