Lords Grand Committee — sitting of 1 July 2026: transcript & video · Polyfact

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Lords Grand Committee

1 July 2026

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Contents updated on 1 Jul 2026

The Chair opens the Grand Committee sitting on the Financial Services and Markets Bill, sets procedural parameters, and peers immediately move into debate on regulators’ statutory objectives, international standards, and the balance between financial stability and a secondary competitiveness and growth objective, ending with withdrawal of amendments and confirmation that Clause 20 stands part.

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Committee opening and regulators’ objectives

21:41

Opening of Committee and procedural framework

21:41

Opening of Grand Committee and procedural guidance

21:41

Regulators’ objectives — international standards and competitiveness

23:47

Baroness Kramer — defence of international standards and stability

23:47

Baroness Neville-Rolfe — strengthening competitiveness and growth objective

27:01

Government response on Amendments 99, 100, 101, 102 and 104A

31:36

Baroness Noakes withdraws amendment; Clause 20 agreed

36:12

FCA/PRA authorisation timelines and flexibility

38:28

Peers’ amendments to accelerate FCA/PRA approvals

38:28

Baroness Neville-Rolfe — faster regulatory approvals and Treasury powers

38:28

Baroness Neville-Rolfe — limits on ‘stop the clock’ and questions to Government

41:31

Lord Holmes of Richmond — embedding efficiency and high performance

44:48

Support from insurance market — continuous improvement in timelines

47:18

Banco Santander adviser — CityUK evidence on FCA delays

50:26

Amendment 151 — fast‑track FCA authorisation for proven professionals

52:43

Minister and peers on FCA authorisation deadlines and stop-the-clock powers

56:33

Minister — defence of flexible statutory deadlines and rejection of ratchet

56:33

Stop‑the‑clock powers — justification, limits and usage data

59:18

Committee Q&A — scope to extend timelines and Treasury role

01:03:11

Minister’s response on Amendment 151 — firm‑level assessment and provisional licences

01:04:54

Neville-Rolfe — concern over delays and withdrawal of amendment

01:06:42

Sections 165–166 powers — threshold, safeguards and ministerial stance

01:10:19

Section 166 and 165 powers — proposed safeguards

01:10:19

Bowles introduces Amendments 117 and 123 on sections 166 and 165 FSMA

01:10:19

Noakes — Amendment 118 to raise the section 166 threshold

01:16:02

Support for tighter guardrails on sections 166 and 165

01:18:06

Minister’s response and withdrawal of section 166 amendment

01:24:35

Government rejects tighter controls on sections 166 and 165

01:24:35

Proportionality principle and withdrawal of section 166 amendment

01:28:07

Regulatory burden panels and bank capital rules

01:30:47

CBA panels — remit, cumulative burden and ministerial response

01:30:47

Amendment 119 — expanding CBA panels’ remit and guidance scrutiny

01:30:47

Amendment 129 — strengthening cost-benefit panels’ resources and visibility

01:36:13

CBA panels — cumulative burden and guidance remit

01:37:43

Minister — defence of flexible, non‑prescriptive CBA panels

01:42:45

Committee Q&A — scope of cumulative CBA and guidance coverage

01:45:56

Baroness Noakes — call for wider review and withdrawal

01:48:49

Opposition amendment on bank capital competitiveness

01:50:06

Neville-Rolfe — amendment on bank capital and competitiveness

01:50:06

Peer response — support for review but scepticism over £450bn claim

01:56:11

Bank capital requirements — competitiveness vs financial stability

01:57:47

Baroness Kramer — defence of financial stability as primary objective

01:57:47

Santander adviser — complexity of international comparisons and regulator culture

02:03:17

Kramer reply — SME credit demand and cumulative risk from reforms

02:07:02

Minister — FPC review of bank capital framework

02:08:44

Neville-Rolfe — defence of amendment and withdrawal

02:11:50

Independent reviews and OFRA proposal

02:14:45

Peers’ proposals for independent regulator reviews and OFRA

02:14:45

Bowles — Amendment 121 on independent regulator oversight

02:14:45

Lord Bridges — introduction of OFRA amendments

02:22:57

Lord Bridges — OFRA’s functions and limits vs CBA panels

02:26:36

Baroness Noakes — select committee capacity and need for OFRA

02:31:15

Baroness Lawlor — case for OFRA and stronger accountability

02:35:41

Baroness Lawlor — Amendment 135A on implementation precedents

02:38:32

Baroness Wheatcroft and others — independent scrutiny, concierge support and nurturing CBA panels

02:42:02

Baroness Kramer — oversight to support, not oppose, regulators

02:46:09

Regulators’ accountability and proposal for OFRA

02:48:11

Baroness Neville-Rolfe — diagnosing the accountability gap

02:48:11

Baroness Neville-Rolfe — support for OFRA model and priority on scrutiny

02:50:52

Minister — rejection of independent reviews and OFRA

02:53:39

Q&A — committees’ capacity vs need for analytical body

02:57:03

Bowles — comparative experience and oversight information gap

03:01:51

Regulator coordination, burden duties and open finance

03:07:43

FCA–PRA coordination and regulatory burden amendments

03:07:43

Amendment 122 — FCA–PRA information sharing to cut duplication

03:07:43

Amendment 166 — duty to minimise cumulative regulatory burden

03:10:16

Minister — defence of existing FCA–PRA MoU and burden‑reduction tools

03:13:50

Clarification on future powers and withdrawal of Amendment 122

03:17:57

Open finance framework and FCA innovation capacity

03:19:47

Lord Holmes — Amendment 126 on open finance and financial inclusion

03:19:47

Amendment 127 — FCA innovation unit and support for open finance

03:23:35

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Lords Grand Committee

1 July 2026

Lords Grand Committee Wed, 1 Jul 2026 Actual start 16:00 House of Lords

21:41 - 21:55

Speaker 2

My Lords. If there is a division in the chamber while we are sitting, this committee will adjourn as soon as division bells are rung and resume after 10 minutes. Grand Committee on the Financial Services and Markets Bill.

21:55 - 23:12

Speaker 1

I will just highlight a few key areas before we begin. First, we are starting today with the debate on an adjourned group. Only those noble Lords present at the start of the group last week should contribute.

We have a list to help manage that. I'm expecting, based on last week's debate, that debate goes straight to frontbench contributions. Second, on the general rules, I remind noble Lords again that they should declare any relevant financial interest the first time they speak at each stage of the bill. This means that in committee, relevant financial interest should be declared during the first group in which the noble Lord contributes. The declaration does not need to be repeated on debate on later groups at this stage.

Declarations should be specific and brief. Members should briefly indicate the nature of their financial interest and not simply refer to their entry in the register of lords' interests. I also want to remind the committee again of the guidance in the companion on paragraph 8.82 that when withdrawing an amendment, when withdrawing an amendment, noble lords should be brief, need not respond to all the points made during the debate and should not revisit points made when moving the amendment.

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