"My Lords, the Committee will consider together two statutory instruments made under the Financial Services and Markets Act 2023, known as FSMA 2023. Although these instruments address different areas of financial regulation, they share a common purpose, which is to ensure that the UK’s regulatory framework remains stable, proportionate and …..." Lord Pitt-Watson - View Speech
"That the Grand Committee do consider the Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026...." Lord Pitt-Watson - View Speech
"My Lords, building societies are a vital part of the United Kingdom’s financial services sector, and the Government are committed to ensuring that their legislative framework remains fit for purpose. This order is the latest step in the Government’s programme of updates to the Building Societies Act 1986 to ensure …..." Lord Pitt-Watson - View Speech
"I thank noble Lords for their consideration of this order. I have listened carefully to the interventions made and will try to respond to them, if I can.
One was on the interest in common seals. Until I read this SI, I also had not realised that building societies were …..." Lord Pitt-Watson - View Speech
"On both those questions, may I write to the noble Baroness? My understanding is that this is the end of the road for this set of legislation, but I cannot predict whether further legislation may come forward. On small and big building societies, might I simply write to the noble …..." Lord Pitt-Watson - View Speech
"That the Grand Committee do consider the Building Societies Act 1986 (Assimilation to Company Law and Changes to Funding Limit) Order 2026...." Lord Pitt-Watson - View Speech
"My Lords, I thank the noble Baronesses for their comments, some of which go a little beyond what we are trying to address here with these statutory instruments. I understand the concern of the noble Baroness, Lady Kramer, about the FSMA regime, how it works, parliamentary oversight and the rest …..." Lord Pitt-Watson - View Speech
"My Lords, it is an honour to be answering this Question from the Dispatch Box. British business is competitive. It creates jobs, it produces the goods and services on which we depend, and it pays tax that funds public services. Those services in turn support business, and paying for them …..." Lord Pitt-Watson - View Speech