Financial Services and Markets Bill [Lords]

Rupert Lowe Excerpts

Tuesday 10th November 2026 Commons Chamber

[John Healey]

As a very active member of the Defence Committee, my hon. Friend probably knows better than many about the threats to our computer and cyber-systems from cyber-attacks. She will be aware that Richard Lloyd has recently completed a report on access to banking, which the Government have just received. In Committee, we will look to reinsert a provision that will allow us to respond to the recommendations of Richard Lloyd’s report. I aim to publish that report and the Government’s response shortly.

The Bill does four key things. First, it streamlines regulation and reduces administrative burdens on business while maintaining high standards.

[Rupert Lowe (Great Yarmouth) (Restore Britain)]

Why does the Chancellor not go the whole hog by, rather than reforming regulation, scrapping the Financial Conduct Authority and the Prudential Regulation Authority, which since 2000 have held back London as a risk-taking centre? That would allow people to return to the concept of caveat emptor, which is what our success was built on, and release the UK economy from the manacles that are holding it back.

[John Healey]

I think that most would regard the total removal of consumer protection or regulation as a reckless move. I hope the hon. Gentleman accepts that the Bill will reduce and remove unnecessary and duplicative regulation. I also hope that, where he has constructive, practical suggestions to offer, he will offer them as part of the House’s scrutiny of the Bill.