Key Facts

• The Committee will meet on October 19, 25, 27, November 1, and November 3.
• Witnesses include representatives from various financial regulatory bodies such as the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
• The Bill will be considered in a specific order with scheduled deadlines.
• The Bill aims to set a framework for financial services that is world leading.
• Independent regulators are associated with better financial stability and economic stability outcomes.
• A new secondary objective promotes competitiveness and growth in the medium and long term.
• Sheldon Mills recalls having most of the necessary powers for supporting British Steel pension scheme holders.
• There is no indication that the Bill provides additional powers relevant to the British Steel pension issue.
• The FCA will need to consider rule-making and enforcement powers file by file under the transfer of retained EU files.
• Mills states the FCA does not need a 'have regard' for financial inclusion.
• The FCA's consumer duty asks firms to meet a higher standard.
• A financial inclusion policy sprint will be held in autumn.
• Sharma supports the Financial Services and Markets Bill.
• The Bill includes proposals for a financial markets infrastructure sandbox and critical third parties.
• Regulatory agility is important, balancing speed with transparency and accountability.
• David Postings is the chief executive of UK Finance.
• Emma Reynolds is the managing director of public affairs, policy and research at TheCityUK.
• The Financial Services and Markets Bill includes a new secondary objective on international competitiveness and economic growth.
• Emma Reynolds suggests amending the Bill to include a power for the Treasury to demand that regulators report metrics.
• The panel discusses the need for tight definition and sparing use of intervention powers to maintain regulatory independence.
• David Postings refers to an Australian example where such powers exist but have never been used.
• The Bill proposes to repeal around 250 pieces of European legislation.
• The Treasury is expected to replace EU legislation through a process allowing for limited parliamentary oversight.
• Regulatory changes are planned to be implemented in a phased manner to manage compliance costs.
• The Financial Services and Markets Bill contains substantial provisions to safeguard access to cash.
• The bill aims to halt the decline in banking closures and free-to-use ATMs.
• The Financial Services and Markets Bill is under examination.
• Chris Hemsley from the Payment Systems Regulator provides testimony on the importance of payment systems in financial services.
• The Bill offers opportunities to correct existing regulatory limitations and support new technologies like stablecoin and cryptopayments.
• The Bill provides for reimbursement of faster payment system fraud victims.
• The Bill allows the use of full suite of powers for all payment systems.
• PayPal Europe's exit from certain accounts raised concerns about freedom of speech protection.
• Charlotte Clark is director of regulation at the Association of British Insurers.
• Karen Northey is director of corporate affairs at the Investment Association.
• The Investment Association represents investment managers managing £10 trillion worth of assets, with £4.6 trillion from overseas investors.
• The UK is recognised as a centre for green finance.
• Regulators are already engaging in stress tests, establishing climate financial risk forums, and working on disclosure regarding climate change.
• There is concern about whether giving regulators an objective would direct investment and alter their current responsibilities.
• The regulatory framework is seen as a barrier to investment with costs up to 14 times higher than in competitor countries.
• Ireland can approve funds within 24 hours compared to the FCA's target of a month.
• Less than 10% of people are getting advice at retirement points.
• The meeting ends at 11:25 am.
• The Committee adjourns until 2 pm on the same day.