Lords Grand Committee

29 June 2026

Contents updated on 29 Jun 2026

Peers and the Minister debate how Clause 17 reshapes the FCA and PRA’s responsibilities on climate risk, environmental crime, deforestation finance and nature‑related disclosures, and whether statutory principles and Paris‑aligned transition plans should be hard‑wired into regulators’ objectives alongside proportionality and growth. The segment covers linked amendments on sustainability, tailoring rules for smaller firms and wholesale markets, and the Minister’s defence of the Government’s existing green finance and regulatory framework before amendments are withdrawn.

Chamber Mon, 29 Jun 2026 Actual start 15:30 House of Lords

15:28 - 15:29

Speaker 1

Good afternoon, my Lords.

15:30 - 16:43

Speaker 2

If there is a division in the chamber while we're sitting, this committee will adjourn as soon as the division bell rings and resume after ten minutes. This is the Grand Committee on Financial Services and Markets Bill. My Lords, before we start the debate on the first group, I remind the committee of the rules on declaring interests. Noble Lords should declare any relevant financial interest the first time they speak at each stage of a bill. This means that in committee, relevant financial interests should be declared during the first group on which a noble Lord speaks.

Thereafter, 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 noble Lords of guidance in the Companion at paragraph 8.82 that when withdrawing amendments, noble Lords should be brief and need not respond to all the points made during the debate. Clause 17, amendment 85, Baroness Northover.

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