On 18 June 2026, the Financial Services Regulation Committee (the Committee), a House of Lords Select Committee, published a letter to Lord Stockwood, Minister for Investment, about the Financial Services and Markets Bill.
The letter outlines the Committee’s concerns with clause 17 of the Bill, which removes the requirement that the Prudential Regulation Authority and the Financial Conduct Authority must have regard to the regulatory principles in section 3B of the Financial Services and Markets Act 2000, and removes the requirement for the regulators to show how they have had regard to the regulatory principles when notifying the Committee of consultations. As a result, the Committee is concerned that the framework of accountability to Parliament will be effectively eliminated and that the Committee will no longer be able to do the job that Financial Services and Markets Act 2023 and parliamentary resolutions require of it.
The Committee have asked to discuss this with the Minister.