Lord Reay

The Equality Act 2010 (‘the Act’) provides protection against discrimination, harassment and victimisation based on the following protected characteristics: age, disability, gender reassignment, marriage or civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation. The Government is proud of the Act and the rights and protections it affords, and we are committed to upholding this important piece of legislation. The Equality and Human Rights Commission is independent of the Government, therefore, we cannot speak on its behalf.

This is a matter for the Bank of England, Financial Conduct Authority (FCA), and Financial Ombudsman Service (FOS) which are independent, non-governmental bodies.

The Bank of England, FCA and FOS will each respond to the Noble Lord by letter, and a copy of these letters will be placed in the Library of the House of Lords.

The government has no plans to reform the Financial Conduct Authority (FCA), but it is committed to working with the FCA to ensure that it is supporting the government’s growth mission. Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector.

The FCA and Prudential Regulation Authority (PRA) are non-governmental bodies which are independent from the Treasury and have broad powers to make rules in order to advance their statutory objectives. The regulators are required by legislation to carry out their general functions, which include rule-making, in a way that advances their competitiveness and growth objectives.

In line with statutory requirements, the FCA and PRA have included in their consultations an explanation of the compatibility of the proposed rules with their duties, including consideration of the competitiveness and growth objectives.

The government has no plans to reform the Financial Conduct Authority (FCA), but it is committed to working with the FCA to ensure that it is supporting the government’s growth mission. Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector.

The FCA and Prudential Regulation Authority (PRA) are non-governmental bodies which are independent from the Treasury and have broad powers to make rules in order to advance their statutory objectives. The regulators are required by legislation to carry out their general functions, which include rule-making, in a way that advances their competitiveness and growth objectives.

In line with statutory requirements, the FCA and PRA have included in their consultations an explanation of the compatibility of the proposed rules with their duties, including consideration of the competitiveness and growth objectives.