Financial Services and Markets Bill [HL]
Debate between Lord Pitt-Watson and Lord Holmes of RichmondWednesday 9th September 2026
(3 weeks, 4 days ago)
Lords ChamberRead Full debate Financial Services and Markets Bill [HL] 2026-27 View all Financial Services and Markets Bill [HL] 2026-27 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 5-R-II(a) Amendment for Report (Supplementary to the Second Marshalled List) - (8 Sep 2026)
Lord Pitt-Watson (Lab)
He did indeed take that on board, and I thank the noble Lord, Lord Ranger, for making that point. He was also asked whether at this point further primary legislation was needed. He said that it was not but was invited, should that situation change, to talk to the Ministers in the Treasury. Therefore, I ask the noble Lord, Lord Holmes, to withdraw his amendment.
Lord Holmes of Richmond (Con)
My Lords, I thank everyone who has taken part in this debate. I thank the Minister for his answer, and I echo every word he said about the fantastic work that Chris Woolard and, indeed, Mark Austin have done in this area. For the time being, I will withdraw the amendment, but it remains to be seen whether we are building a faster horse or regulating existing products in a digital form. I suggest that there is still more thinking to be done on composability and the extraordinary opportunities that exist, but it is fantastic that we have such champions in Chris Woolard and others working in this area. I look forward to seeing how it develops. For the moment, I withdraw the amendment.