U.K., Nov. 11 -- UK Parliament issued the following news:

Do you have relevant expertise and experience or a special interest in the Financial Services and Markets Bill [HL], which is currently passing through Parliament?

If so, you can submit your views in writing to the House of Commons Public Bill Committee.

The Public Bill Committee will meet for the first time on Tuesday 24 November 2026 to scrutinise the Financial Services and Markets Bill [HL] line by line. and is expected to report by 5.00pm on Tuesday 15 December 2026.

When the Committee concludes its consideration of the Bill, it is no longer able to receive written evidence.

Anyone considering submitting written evidence is strongly advised to do so as soon as possible, as the Committee can conclude its considerations earlier than the expected deadline.

Aims of the Bill

The bill would introduce a broad package of reforms to UK financial services regulation as part of the government's wider financial services reform agenda.

Consumer-facing changes include:

Reforming consumer credit law: this involves repealing significant parts of the Consumer Credit Act 1974 framework, some of which would be replaced by non-statutory Financial Conduct Authority (FCA) rules.

Widening access to credit unions, cooperative organisations where members pool their savings to lend to each other.

Reforming the Financial Ombudsman Service (FOS), which investigates complaints about finance businesses:

the bill would require that the ombudsman's decisions are more closely aligned with FCA rules

it would require the FOS to refer matters to the FCA where there may be legal ambiguity in relevant rules or the case has potential wider implications

it would prevent consumers from bringing complaints to the FOS if they referred to events more than 10 years old

To consolidate regulation in the sector, and to reduce administrative burden for firms and for regulators, the bill would:

Abolish the Payments Systems Regulator, transferring its responsibilities to the FCA.

Give the FCA new responsibilities relating to payment systems regulation and anti-money laundering (AML)/counter-terrorist financing (CTF) regime for non-financial sectors.

Reduce the number of "regulatory principles" to which the FCA and the Prudential Regulation Authority (PRA) must have regard in day-to-day work.

Reduce the scope of the Senior Managers and Certification Regime, a framework of conduct, fitness and propriety requirements for people working in authorised financial services firms.

Amend the requirement on the PRA to make ring-fencing rules. The purpose is to give the regulator more flexibility, in particular to avoid duplication with the resolution regime. The ring-fencing regime requires large banks to separate core retail banking functions from investment banking and other activities, and was implemented after the 2008 financial crisis. The resolution regime applies when banks fail and aims to prevent them causing systemic disruption or being rescued at the taxpayer's expense.

Follow the progress of the Financial Services and Markets Bill [HL]

The Financial Services and Markets Bill [HL] 2026-27 was presented in the House of Commons on 15 September 2026 and had its second reading on 10 November 2026.

Bills before Parliament: Financial Services and Markets Bill [HL]

Read the Explanatory Notes for the Financial Services and Markets Bill [HL]

House of Commons Library Briefing Paper on the Financial Services and Markets Bill [HL]

There will be no oral evidence sessions for this Bill.

Guidance on submitting written evidence

Deadline for written evidence submissions

The Public Bill Committee is now able to receive written evidence. The sooner you send in your submission, the more time the Committee will have to take it into consideration.

Amendments tabled to the Bill, and information regarding the order in which amendments will be taken in Committee, will be available in due course on t he Bill's publications page (under 'Amendment paper' and 'Selection of amendments').

Once the Committee has dealt with an amendment, it will not revisit it. Your submission should be emailed to scrutiny@parliament.uk

Further guidance on submitting written evidence (pdf, 771KB)

EasyRead guidance on submitting written evidence to public bill committees

Image: House of Commons

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