Statement on legislative consent. Lords third reading. Amendment 1 agreed to on division (258 to 109). Amendments 2 to 9 agreed to. Privilege amendment agreed to. Bill passed and sent to the Commons.

Statement on legislative consent. Lords third reading. Amendment 1 agreed to on division (258 to 109). Amendments 2 to 9 agreed to. Privilege amendment agreed to. Bill passed and sent to the Commons.

My Lords, as this is Third Reading, I want to start by extending my warm thanks to the Minister and his team for their work on the Bill. I welcome the movement that the Government have shown on several of the issues that we have raised during the passage of...

My Lords, as this is Third Reading, I want to start by extending my warm thanks to the Minister and his team for their work on the Bill. I welcome the movement that the Government have shown on several of the issues that we have raised during the passage of...

My Lords, I close by acknowledging the considerable degree of cross-party support and engagement that has underpinned most of our discussions on the Bill. I thank the Minister and his officials for their work, as well as the noble Lord, Lord Stockwood, for guiding the Bill through Second Reading and...

My Lords, I close by acknowledging the considerable degree of cross-party support and engagement that has underpinned most of our discussions on the Bill. I thank the Minister and his officials for their work, as well as the noble Lord, Lord Stockwood, for guiding the Bill through Second Reading and...

Lords report stage second day. Amendments 37, 40, 43, 44, 46 to 50, 58 and 59 agreed to. Amendment 60 agreed to on division (248 to 163). Amendment 64 agreed to on division (226 to 162). Amendments 73 to 79 and 81 agreed to. Amendment 88 agreed to on division (194 to 138). Amendment 93 agreed to on division (196 to 138). Amendment 98 agreed to on division (188 to 125). Amendments 100 to 103 agreed to. Bill, as amended, ordered to be printed (HL Bill 53).

Lords report stage second day. Amendments 37, 40, 43, 44, 46 to 50, 58 and 59 agreed to. Amendment 60 agreed to on division (248 to 163). Amendment 64 agreed to on division (226 to 162). Amendments 73 to 79 and 81 agreed to. Amendment 88 agreed to on division...

My Lords, we have a lot to cover today, so I will be brief.

We do not believe that imposing additional reporting duties, transition plan requirements and regulatory processes on financial services firms is the right way to address the concerns that have been addressed in these amendments this evening. One...

My Lords, we have a lot to cover today, so I will be brief.

We do not believe that imposing additional reporting duties, transition plan requirements and regulatory processes on financial services firms is the right way to address the concerns that have been addressed in these amendments this evening. One...

My Lords, we welcome the Government’s decision to retain proportionality as an express statutory consideration for both the FCA and the PRA when they exercise their general functions. This responds to productive discussions in and outside Committee, for which I thank the Minister and indeed the noble Lord, Lord Stockwood,...

My Lords, we welcome the Government’s decision to retain proportionality as an express statutory consideration for both the FCA and the PRA when they exercise their general functions. This responds to productive discussions in and outside Committee, for which I thank the Minister and indeed the noble Lord, Lord Stockwood,...

My Lords, this is an important and forward-looking group of amendments, covering open finance, digital market infrastructure and the future of digital assets. I am very grateful to my noble friend Lord Holmes of Richmond for his amendments, and for explaining the scale of the digital tide and the AI...

My Lords, this is an important and forward-looking group of amendments, covering open finance, digital market infrastructure and the future of digital assets. I am very grateful to my noble friend Lord Holmes of Richmond for his amendments, and for explaining the scale of the digital tide and the AI...

Moved by

Baroness Neville-Rolfe

88: After Clause 46, insert the following new Clause—

“Digital assets strategy

(1) Within 12 months of the day on which this Act is passed, the Treasury must prepare, publish and consult on a strategy for the regulation and development of digital assets and related digital financial market infrastructure in...

Moved by

Baroness Neville-Rolfe

88: After Clause 46, insert the following new Clause—

“Digital assets strategy

(1) Within 12 months of the day on which this Act is passed, the Treasury must prepare, publish and consult on a strategy for the regulation and development of digital assets and related digital financial market infrastructure in...

Amendment 88 addresses a simple problem: digital assets are developing rapidly, but UK policy remains fragmented and uncertain relative to international competitors. Despite the good work being done by Chris Woolard and the Bank of England, I beg leave to test the opinion of the House on my amendment.

Amendment 88 addresses a simple problem: digital assets are developing rapidly, but UK policy remains fragmented and uncertain relative to international competitors. Despite the good work being done by Chris Woolard and the Bank of England, I beg leave to test the opinion of the House on my amendment.

Moved by

Baroness Neville-Rolfe

93: After Clause 47, insert the following new clause—

“Use of powers

The Treasury must publish and lay before Parliament a report setting out how the powers conferred by the following provisions are expected to be used—

(a) section 1;

(b) Schedule 1;

(c) section 13;

(d) Schedule 2;

(e) section 14;

(f) section 37;

(g) section...

Moved by

Baroness Neville-Rolfe

93: After Clause 47, insert the following new clause—

“Use of powers

The Treasury must publish and lay before Parliament a report setting out how the powers conferred by the following provisions are expected to be used—

(a) section 1;

(b) Schedule 1;

(c) section 13;

(d) Schedule 2;

(e) section 14;

(f) section 37;

(g) section...

Amendment 93 and its consequentials are intended as a compromise with the Government. I do not feel that the Government have fully engaged with the practical proposal that we put forward on Monday, and I therefore wish to test the opinion of the House on Amendment 93.

Amendment 93 and its consequentials are intended as a compromise with the Government. I do not feel that the Government have fully engaged with the practical proposal that we put forward on Monday, and I therefore wish to test the opinion of the House on Amendment 93.

Moved by

Baroness Neville-Rolfe

98: Leave out Clause 50

Moved by

Baroness Neville-Rolfe

98: Leave out Clause 50

My Lords, Amendment 98 would remove Clause 50, thus returning us to the broad principle that we raised in our discussions on Clause 3, which led to a majority of 81 in a vote on its deletion. Clause 50 will allow the Treasury to amend or repeal primary legislation without...

My Lords, Amendment 98 would remove Clause 50, thus returning us to the broad principle that we raised in our discussions on Clause 3, which led to a majority of 81 in a vote on its deletion. Clause 50 will allow the Treasury to amend or repeal primary legislation without...

My Lords, the fact is that Clause 50 gives Ministers a broad and potentially permanent power to amend or appeal primary legislation, including devolved legislation, without the full scrutiny afforded to a Bill. Unlike other Bills, this is a Bill with many new, unspecified powers, so I seek to test...

My Lords, the fact is that Clause 50 gives Ministers a broad and potentially permanent power to amend or appeal primary legislation, including devolved legislation, without the full scrutiny afforded to a Bill. Unlike other Bills, this is a Bill with many new, unspecified powers, so I seek to test...

Moved by

Baroness Neville-Rolfe

100: Clause 52, page 55, line 31, leave out subsection (1) and insert—

“(1) The following provisions cannot come into force until the requirement set out in section (Use of powers) has been met—

(a) section 1;

(b) Schedule 1;

(c) section 13;

(d) Schedule 2;

(e) section 14;

(f) section 37;

(g) section 46.”

Member’s explanatory...

Moved by

Baroness Neville-Rolfe

100: Clause 52, page 55, line 31, leave out subsection (1) and insert—

“(1) The following provisions cannot come into force until the requirement set out in section (Use of powers) has been met—

(a) section 1;

(b) Schedule 1;

(c) section 13;

(d) Schedule 2;

(e) section 14;

(f) section 37;

(g) section 46.”

Member’s explanatory...

Lords committee stage third day. Clauses 17 to 19 agreed to. New clause under consideration.

Lords committee stage third day. Clauses 17 to 19 agreed to. New clause under consideration.

My Lords, I am grateful to my noble friend Lord Holmes and other noble Lords for bringing forward their amendments in this group.

I was glad to hear that the Minister will meet the Financial Services Regulation Committee to discuss this part of the Bill. I am sure he will be...

My Lords, I am grateful to my noble friend Lord Holmes and other noble Lords for bringing forward their amendments in this group.

I was glad to hear that the Minister will meet the Financial Services Regulation Committee to discuss this part of the Bill. I am sure he will be...

Perhaps I might press the Minister on the subject of smaller businesses and the Bowles amendment to the proportionality proposal, which takes account of differences in the size, nature and objectives of businesses when the regulators are plying their trade. I am not quite clear what the Minister feels about...

Perhaps I might press the Minister on the subject of smaller businesses and the Bowles amendment to the proportionality proposal, which takes account of differences in the size, nature and objectives of businesses when the regulators are plying their trade. I am not quite clear what the Minister feels about...

My Lords, we understand the reasoning behind these amendments. Financial inclusion is, of course, an important objective, as the noble Baroness, Lady Tyler, explained so clearly. Indeed, that is precisely why we have tabled amendments on financial education, to be discussed at a later stage. We believe that one of...

My Lords, we understand the reasoning behind these amendments. Financial inclusion is, of course, an important objective, as the noble Baroness, Lady Tyler, explained so clearly. Indeed, that is precisely why we have tabled amendments on financial education, to be discussed at a later stage. We believe that one of...

My Lords, this is an important clause, and I understand why noble Lords wish to probe the Government’s approach to Clause 17. It is always right that we scrutinise carefully any change to the statutory framework governing our financial regulators, and the sponsors have set out their case well. I...

My Lords, this is an important clause, and I understand why noble Lords wish to probe the Government’s approach to Clause 17. It is always right that we scrutinise carefully any change to the statutory framework governing our financial regulators, and the sponsors have set out their case well. I...