The Financial Services and Markets Bill [HL] is a government bill that would make reforms to several areas of financial regulation, including reforms to the Financial Ombudsman Service, abolishing the Payment Systems Regulator, introducing a ‘provisional licences’ authorisation scheme, and making reforms to the UK’s bank ring-fencing regime. Its second reading in the House of Lords is scheduled to take place on 8 June 2026.
Financial Services and Markets Bill [HL] (561KB PDF)
Approximate read time: 61 minutes
The bill aims to support growth and investment and modernise the regulation of financial services. It would make reforms to several areas of financial regulation, including:
Many of the provisions follow consultations conducted by the government and reflect different government strategy documents including its ‘Financial services growth and competitiveness strategy’ and ‘Regulation action plan’. The bill would also reform what it sees as a complex, inflexible and disproportionate consumer credit regime. Other reforms include to bank ring-fencing and senior manager rules. The bill contains a number of provisions that would create delegated powers, for example in relation to the independent review into in-person banking access.
Following publication of the bill, political reaction has so far been limited. However, other comment since the bill’s publication suggests that changes including those proposed to the Financial Ombudsman Service, consumer credit regulation and the access to banking services review will be of interest to stakeholders.
Photo by Tadas Petrokas on Unsplash
Financial Services and Markets Bill [HL] (561KB PDF)
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![Commercial Payments Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/01/Business-VIGs-568x426.jpg)
The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
![Financial Services and Markets Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/09/Economy-568x426.png)