FSMB amendment paper published

The House of Commons has published an updated version of the  FSM Bill amendment paper which lists all amendments tabled to the Bill together with any withdrawn amendments.

The tabled amendments include:

• Government proposals for new clauses for:
  • the PSR Chair to be a member of the FCA Board;
  • amending FSMA to clarify that the powers relating to fin proms and regulated activities can be relied on to regulate crypto. Cryptoasset is also defined, with a power to amend the definition;
• bringing the non-interest-bearing elements of BNPL lending into regulation;
• imposing a duty on FCA to report on financial inclusion;
• requiring Treasury and FCA to conduct and publish a review of community access to essential in-person banking services, and enabling FCA to ensure areas in need of such services have a minimum level of access to them;
• requiring Treasury to publish a national strategy for the detection, prevention and investigation of fraud and associated financial crime;
• requiring Treasury to publish an updated Green Finance Strategy;
• amendments to guarantee a minimum level of access to free of charge cash access services for UK consumers and SMEs; and
• regulators to be subject to civil damages actions if a consumer has suffered loss in circumstances where the regulator has not taken sufficient action to prevent the activity that caused the loss.