Lords examines Financial Services (Implementation of Legislation) Bill
07 February 2019
The Financial Services (Implementation of Legislation) Bill had its third reading, a chance to 'tidy up' the bill and make changes, in the Lords on Wednesday 6 February.
No changes were suggested to the bill ahead of third reading. Members discussed the passage of the bill at the conclusion of its Lords stages.
Following the completion of third reading, the bill will go to the House of Commons for its consideration.
Lords report stage: Tuesday 29 January
Members discussed the scope of possible adjustments to financial services legislation resulting from the UK's exit from the EU, how and when the Treasury must report any changes made, and additional regulations to be covered. These changes were agreed without a division (a vote).
Lords committee stage - Tuesday 8 January
Members discussed a range of subjects, including:
- limiting the new regulations to ensure there are no changes in government policy other than to reflect the UK's status as a non-EU member
- ensuring the competitiveness of UK financial markets is not affected by EU withdrawal
- requiring HM Treasury to begin reporting on the use of its powers by October 2019 and every six months thereafter.
Baroness McDonagh (Labour) laid a motion against the debate, recommending that committee stage of the bill be postponed until after the scheduled date for the Lords committee stage of the Trade Bill had been published in the House of Lords Business Paper.
Following a statement by Baroness McDonagh, she withdrew her motion.
Lords second reading: Tuesday 4 December
Members discussed a range of issues raised by the bill, including restrictions within the EU (Withdrawal) Act 2018 on the use of delegated legislation, the accurate number of 'in flight' pieces of EU legislation and shortening the bill's regulatory period following a 'no deal' scenario down from the current twelve-month proposal.
Lord Bates (Conservative), minister of state in the Department for International Development, responded on behalf of the government.
Financial Services (Implementation of Legislation) Bill summary
This bill will aim to provide the government with powers to implement and make changes to 'in flight' files of EU financial services legislation. The powers will last for two years after UK withdrawal from the EU, in the event of a 'no-deal' scenario.
'In flight' refers to pieces of EU legislation that:
- have been adopted by the EU but not yet enacted, and so would not apply under the European Union (Withdrawal) Act 2018
- are currently in negotiation and may be adopted up to two years following EU withdrawal
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