Peers continue committee scrutiny of reforms covering financial regulation and banking
Members of the House of Lords are set to continue their detailed examination of the Financial Services and Markets Bill as the legislation enters the next stage of committee scrutiny on 29 June 2026. The Bill proposes reforms across several areas of financial regulation, including changes to the Financial Ombudsman Service, the abolition of the Payment Systems Regulator, the introduction of a provisional licences authorisation scheme and reforms to the UK’s bank ring-fencing regime.
The committee stage involves a detailed, clause-by-clause examination of the legislation. Peers consider amendments to the wording of the Bill and proposals for additional clauses as they work through the legislation in order.
The third day of the committee stage is scheduled for Monday, 29 June, following earlier sittings on 22 and 24 June. Further committee sessions are currently scheduled for 1, 6 and 8 July, although Parliament has indicated that the timetable remains subject to change and additional dates may be added if required.
During the latest stage of scrutiny, members of the House of Lords are expected to debate amendments covering a range of regulatory issues. Among the proposed amendments are measures requiring the Treasury to publish a statement of concern where rules or guidance issued by regulators appear to be inconsistent.
Peers are also expected to consider amendments relating to the competitiveness and growth objective for Financial Markets Infrastructure functions, reporting requirements concerning climate risk and environmental principles, and proposals requiring the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to publish annual reports to the Treasury. The Financial Services and Markets Bill forms part of the Government’s programme of financial regulatory reform and seeks to make changes affecting regulatory oversight, authorisation processes and aspects of the UK’s financial services framework.
During the second day of the committee stage on 24 June, members debated amendments relating to the regulation of payment systems, support for anti-money laundering provisions, the Financial Conduct Authority’s long-term strategies and a government review of regulatory principles.
Committee stage involves detailed examination of the individual clauses of the Bill, with members considering amendments and proposals for new clauses as they work through the legislation. Parliament TV will broadcast proceedings from 3.45 pm on 29 June, while a Hansard transcript will be published after the debate. A House of Lords Library briefing is also available to provide further information on the Bill.