Financial Services Regulation Committee

LordsSelectest. 24 Jan 2024Email ↗● Actively Monitored
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Sessions analysed36
Commitments35
Positions148
Recommendations105

Latest Signals

02 Sept 2026Consumer duty is central, but prescription still has a rolePosition
“[Speaker: David Geale] The consumer duty is an incredibly important tool. It is something that we use on a regular basis. We can point to a number of areas where we have seen positive outcomes as a result of the duty being in force. For example, if we look at the GAP insurance market, we took action under the consumer duty looking at fair value. We have seen savings generated of around £70 million a year for consumers, so we do use it in those areas.”
02 Sept 2026FOS says consumer-duty effects are too early to measureConcern
02 Sept 2026Complaint data show trust and information gapsConcern
02 Sept 2026Claims handling remains a major consumer harm in home and travelConcern
02 Sept 2026AI tools are outside FCA perimeter, but pose consumer risksConcern
02 Sept 2026Most FOS insurance complaints are about claims, especially decline or delayConcern
22 Jul 2026Consumer Duty is embedded but still improving outcomesAdmiralPosition
22 Jul 2026AI must not reduce human access or customer choiceAdmiralConcern

Recent Sessions

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02 Sept 2026Consumer insurance: FCA and FOS on claims, duty, AI
2 commit1 pos5 concern1 rec
22 Jul 2026Consumer insurance: claims, duty and AI
5 pos3 concern1 rec2 leg
15 Jul 2026Consumer insurance: FCA, claims data and AI
1 commit3 pos5 concern4 rec1 disag1 leg
24 Jun 2026Consumer insurance: claims, brokers and comparison sites
1 commit2 pos3 concern5 rec1 disag1 leg
17 Jun 2026Consumer insurance: claims, comparison sites and FCA duty
2 pos5 concern3 rec1 disag2 leg
10 Jun 2026Consumer insurance: claims, transparency and duty
5 pos11 concern7 rec1 leg

Recent Commitments

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Recent Recommendations

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Frequent Witnesses

HM Treasury4× · 47 insights
Bank of England4× · 40 insights
Financial Conduct Authority3× · 30 insights
Which?2× · 16 insights
University of Oxford / Clifford Chance2× · 13 insights
UK Finance2× · 11 insights

About this committee

Scrutinising financial services regulation falls within the remit of this Lords select committee, which examines policy, practice, and legislation affecting the regulation of the financial sector. The committee operates in the House of Lords and conducts oral evidence sessions with witnesses from industry, regulators, and expert commentators. Recent inquiries have focused intensively on the emerging UK stablecoins regime, reflecting the rapid development of digital asset markets and associated regulatory gaps. The committee has heard testimony from major fintech firms including Revolut and Circle, alongside payments incumbents such as Mastercard, to understand commercial implementation timelines and competitive implications. Evidence sessions with the Bank of England and blockchain analytics firm Chainalysis have examined the central bank's approach to stablecoins oversight and the technical compliance challenges firms face. The committee's sustained focus on the pace and design of UK stablecoins regulation demonstrates an assessment that this area merits ongoing parliamentary scrutiny as the Treasury and Financial Conduct Authority develop the framework.