Financial Services and Markets Bill [HL]

What this bill does

Currently at 1st Reading in the Commons.

Rewrites UK financial rules and moves payment system oversight to the FCA.

This Bill is at the introduced stage and would make wide-ranging changes to how financial services are regulated in the UK. It would reshape complaints and redress, change consumer credit and banking access rules, overhaul payment systems oversight by abolishing the PSR and transferring its powers to the FCA, and update several other regulator and market frameworks. The Government says the aim is to make the system simpler, faster and better suited to modern markets while keeping protections in place.

• Amend consumer credit law and expand some credit union membership rules
• Allow the Treasury to make regulations about access to banking services, including in-person banking access
• Rename and reshape the Financial Ombudsman, change complaint time limits, and expand when complaints can be referred to the FCA
• Change how consumer redress schemes work and how they interact with the ombudsman scheme
• Abolish the Payment Systems Regulator and transfer payment systems functions to the FCA
• Create a new Part 8C framework for payment systems, including FCA powers over designated payment systems, access, directions, pricing and competition
• Give regulators new long-term strategy duties and remove or simplify some existing consultation and reporting duties
• Change how appointed representatives are authorised and supervised
• Create a temporary Part 4A permission regime for short-term permissions
• Remove or repeal some senior managers and certification regime provisions
• Expand powers over cryptoassets, overseas recognition regimes, ring-fencing, and transformer/insurance vehicles
• Update many related Acts and create new parliamentary control or regulation-making powers in several areas

The stage line is the same Parliament bill record as the heading. The summary is AI-generated and not independently reviewed. Report an error.

Progress

1. 1st reading · Lords
2. 2nd reading · Lords
3. Committee stage · Lords
4. Report stage · Lords
5. 3rd reading · Lords
6. 1st reading · Commons
7. 2nd reading · Commons
8. Money resolution · Commons
9. Ways and Means resolution · Commons