Lords Grand Committee — sitting of 29 June 2026: transcript & video · Polyfact

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Lords Grand Committee

29 June 2026

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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and the Minister’s defence of the Government’s existing green finance and regulatory framework before amendments are withdrawn.

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Clause 17 — climate and nature duties in regulators’ mandates

15:28

Committee opening and Clause 17 climate mandate

15:28

Committee opening and Clause 17 context

15:28

Opening of Grand Committee and procedural guidance

15:28

Baroness Northover — Clause 17, loss of climate and sustainability principles

16:43

Baroness Northover — climate risk impacts and regulators’ reporting duties

20:08

Climate risk, environmental crime and regulator mandates

24:08

Baroness Bennett — Amendments 83B and 86A on climate risk and environmental crime

24:08

Baroness Bennett — Environmental crime, security risks and UK responsibility

27:02

Support for Amendment 83B and concerns over lost climate consensus

29:38

Amendments 140 and 142 — mandatory climate and nature disclosures

32:55

Amendment 140 — Mandatory transition plans and investor certainty

32:55

Amendment 142 — mandatory nature‑related financial disclosures (TNFD)

36:59

Deforestation finance, TNFD and nature disclosures

41:12

Amendments 172 and 80 — deforestation finance and Clause 17

41:12

Amendment 172 — deforestation due diligence and FSMA review

41:12

Amendment 80 — opposing Clause 17 deregulation on climate

46:18

Climate and nature risk disclosures — TNFD and transition plans

50:39

Baroness Coffey — support for TNFD and deforestation regulation

50:39

Former Treasury Minister — experience with Transition Plan Taskforce

55:21

Call for government clarity on mandatory transition plans

57:52

Regulators’ climate and nature duties — peers and Minister

59:38

Peers — competing views on regulators’ climate duties

59:38

Peer highlights FCA progress and seeks oversight on climate risk

59:38

Liberal Democrat peer — warning of rollback on regulators’ climate remit

01:02:54

Conservative peer — opposition to new climate duties

01:09:17

Treasury Minister — climate remit, transition plans, nature and deforestation

01:13:53

Treasury Minister — government climate finance strategy and Clause 17 rationale

01:13:53

Q&A — FCA five‑year strategy and mandatory transition plans

01:18:46

Treasury Minister — nature disclosures, deforestation review and environmental crime

01:22:13

Clause 17 — proportionality, growth and regulator duties

01:26:12

Clause 17 — climate concerns and move to new amendment group

01:26:12

Baroness Northover — reaction to Minister and withdrawal of amendment

01:26:12

Peer — Amendments 81 and 87 on tailored regulatory intervention

01:27:28

Peers — proportionality, sustainable growth and LRRA duties

01:30:31

Peer — Amendments 83–85 to entrench proportionality in FCA/PRA duties

01:30:31

Peer — proportionality, thresholds and smaller firms’ treatment

01:33:29

Peer — Amendment 86 to import Legislative and Regulatory Reform Act principles

01:36:03

Peer — origins of sustainable growth duty and link to proportionality

01:38:26

Peers — proportionality for wholesale vs retail and growth

01:43:22

Peer — support for Bowles’ proportionality amendments and concern over competitiveness test

01:47:45

Baroness Neville-Rolfe — SMEs, proportionality and LRRA principles

01:51:00

Proportionality duty — Minister’s defence and amendment withdrawal

01:55:54

Treasury Minister — defence of regulator independence and proportionality shift

01:55:54

Q&A — proportionality in practice, Clause 17 and LRRA principles

01:59:42

Mover’s response and withdrawal of proportionality amendment 81

02:07:18

Financial inclusion — FCA mandate, poverty premium and vulnerable consumers

02:10:21

Financial inclusion principles, FCA mandate and poverty premium

02:10:21

Regulatory principles and FCA reporting on financial inclusion

02:10:21

Peer — Amendment 82 to add financial inclusion principle

02:10:21

Peer — Amendments 95 and 97 on FCA financial inclusion reporting

02:13:15

Financial inclusion mandate, FCA powers and poverty premium

02:18:34

Peer — fintech, FCA financial inclusion unit and data sharing (Amendments 104, 161 etc.)

02:18:34

Lord Davies — Amendment 95: poverty premium in insurance

02:24:14

Lord Davies — FCA limits and government role on poverty premium

02:29:16

Peer — support for financial inclusion principles and critique of consumer duty

02:31:48

Peers — cross‑party backing and caution on over‑regulating inclusion

02:42:31

Financial inclusion and vulnerable consumers — amendments and ministerial response

02:35:48

Amendment 141 — child trust funds and disabled young adults

02:35:48

Peer — Amendment 141: child trust funds and disabled young adults’ access

02:35:48

Financial inclusion amendments — government stance and withdrawal

02:48:34

Baroness Neville-Rolfe — reservations on new financial inclusion duties

02:48:34

Treasury Minister — rejecting new financial inclusion duties

02:51:26

Mover’s reply — limits of existing inclusion mechanisms and withdrawal

02:59:58

Chair — closure of inclusion group and move to Clause 17

03:02:23

Clauses 17–19 — regulatory principles, oversight and competitiveness

03:03:19

Clause 17 — peers challenge impact on regulatory accountability

03:03:19

Peers and Regulation Committee — objections to Clause 17

03:03:19

Peer — Clause 17 as removal of operational principles and scrutiny

03:03:19

Peer — Clause 17, risk appetite and loss of operational principles

03:08:48

Peer — Five‑year strategies vs rule‑by‑rule scrutiny

03:15:36

Lord Eatwell — Clause 17 neuters the Regulation Committee

03:21:00

Conservative peer — Treasury letter, long‑term strategies and case‑by‑case accountability

03:24:02

Regulation Committee member — Clause 17 weakens FSMA accountability

03:27:52

Committee member — FCA workload, cost‑benefit analysis and ‘modernising protections’

03:31:23

Lord Davies — protect cross‑party Regulation Committee role

03:34:42

Clause 17 — peers on regulatory oversight and burden

03:35:57

Crossbench peer — defence of Clause 17 as targeted oversight

03:35:57

Peers — Parliament’s role vs regulator autonomy on Clause 17

03:43:09

Baroness Neville-Rolfe — probing deregulatory aims of Clause 17

03:50:36

Clause 17 agreed — Treasury–regulator escalation powers debate

03:55:47

Treasury Minister — defence of strategic use of regulatory principles

03:55:47

Division on Clause 17 and move to Amendment 88

04:00:01

Baroness Bowles — Amendment 88: Treasury ‘statement of concern’ power

04:00:26

Support for Amendment 88 and comparison with FSMA 2023 powers

04:05:22

Baroness Neville-Rolfe — regulator accountability and oversight mechanisms

04:07:11

Treasury Minister — defence of regulator independence and existing FSMA tools

04:10:48

Withdrawal of Amendment 88 and transition to Clause 18

04:14:03

Clause 18 — regulator duties, audit and parliamentary oversight

04:15:14

Clause 18 amendments — regulator duties and parliamentary role

04:15:14

Amendments 89 and 92 — preserving FCA/PRA guidance and consultation duties

04:15:14

Amendments 96 and 98 — updating FSMA for Lords Financial Services Regulation Committee

04:19:32

Amendments 93 and 94 — PRA–auditor meetings and cooperation rules made discretionary

04:20:00

Clause 18 stand part — loss of guidance, reporting and audit scrutiny hooks

04:22:36

Peers: mandatory auditor dialogue and CBA panels

04:25:24

Response on Amendments 93–94 — case for mandatory regulator–auditor dialogue

04:25:24

Baroness Neville‑Rolfe — Amendment 90 on cost‑benefit analysis panels

04:30:00

Clause 18 — ministerial defence and oversight challenge

04:35:36

Treasury Minister — justification for Clause 18 and streamlining duties

04:35:36

Q&A — Clause 18: guidance duties and ‘minor’ rule changes

04:39:26

Baroness Wheatcroft — Clause 18 oversight concerns and withdrawal

04:47:06

Post‑Clause 19 — competitiveness and growth mandate

04:50:53

Clauses 18–19 agreed; shift to competitiveness mandate

04:50:53

Chair — disposal of Clause 18 group and formal agreement of Clauses 18–19

04:50:53

Baroness Noakes — Amendments 99–102 on competitiveness, growth and FMIC

04:51:57

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Lords Grand Committee

29 June 2026

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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