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Twenty Members of the House of Lords contributed to the main debate on the key principles of the Financial Services Bill on 23 February
A wide-ranging discussion took place on issues including: remuneration practices that incentivise excessive risk taking; financial recovery and resolution plans; customer involvement and engagement with retail banks; duties of the Financial Services Authority (FSA); and regulation and supervision of financial services.
This is the third piece of financial services legislation since 2007 to respond to the banking and financial crisis. It also includes measures designed to improve the position of financial services’ customers.
Committee stage in the House of Lords - line by line examination of the Bill - is yet to be scheduled.
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