Lords examines Financial Guidance and Claims Bill

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13 September 2017

The Financial Guidance and Claims Bill concluded committee stage, the first chance for line by line scrutiny, in the Lords on Wednesday 13 September.

Members discussed subjects including the regulation of claims management services, banning unsolicited approaches by phone or email and the provision of replacement motor vehicles.

Report stage, a further chance to examine the bill and make changes, is scheduled to begin on 24 October.

Lords committee stage day three: Monday 11 September

Members discussed subjects including the standards set by the single financial guidance body and the funding of debt advice in Scotland, Wales and Northern Ireland.

Lords committee stage day two: Wednesday 6 September

Members discussed subjects including pensions guidance, banning unsolicited communications and improving the ability of individuals to plan for sudden income variations.

Lords committee stage day one: Wednesday 19 July

Members discussed subjects including the function and sufficiency of debt advice services, creating a breathing space scheme, increased financial inclusion and the duties of the proposed single financial guidance body.

Lords second reading: Wednesday 5 July

Members discussed the two key purposes of the bill, namely the merger of three financial advice and guidance services and the transfer of claims management regulation from the Ministry of Justice (MoJ) to the Financial Conduct Authority (FCA).

The debate covered financial education in the context of financial exclusion, coverage of the legislation in devolved nations and funding of the proposed single financial service.

Financial Guidance and Claims Bill

This bill will aim to:

  • create a single financial guidance body by merging three existing government-sponsored financial and pension guidance services
  • provide for funding of debt advice in Scotland, Wales and Northern Ireland
  • transfer claims management regulation from the Claims Management Regulation Unit of the Ministry of Justice to the Financial Conduct Authority

Further information

Image: iStockphoto

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