UK Parliament has announced that the House of Lords will hold the second reading of the Financial Services and Markets Bill on Monday 8 June, beginning Lords scrutiny of a bill that would reform several parts of the UK financial regulatory framework. The bill covers changes to the Financial Ombudsman Service, the abolition of the Payment Systems Regulator, a new provisional licences authorisation scheme, and reforms to the UK bank ring-fencing regime. At second reading, members are expected to debate the bill’s main principles and highlight concerns or areas where amendments may be needed. Lord Stockwood, the Minister for Investment, is due to open the debate and respond on behalf of the government.
UK Parliament2026-06-05
UK Parliament schedules House of Lords second reading of Financial Services and Markets Bill covering Ombudsman PSR provisional licences and ring fencing reforms
The UK Parliament has scheduled the House of Lords second reading of the Financial Services and Markets Bill, marking the start of Lords scrutiny of reforms to the UK financial regulatory framework. The bill proposes changes to the Financial Ombudsman Service, abolishes the Payment Systems Regulator, introduces a provisional licences authorisation scheme, and reforms the UK bank ring-fencing regime.