Former Chair of the Financial Conduct Authority to give evidence to Lords Financial Services Regulation Committee

On Wednesday 23 October 2024, the House of Lords Financial Services Regulation Committee will hear evidence from four witnesses.

At 10.05am, the committee will hear from:

• Charles Randell CBE, Senior Consultant to Slaughter and May, and Former Chair of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) (2018-2022).

At 11.05am, the committee will hear from:

• Shachar Bialick, Founder and Chief Executive Officer of Curve
• Janine Hirt, Chief Executive Officer of Innovate Finance
• Robert Kerrigan, Chief Operating Officer of TrueLayer.

These sessions, which are open to the public, will be held in Committee Room 4 of the House of Lords and streamed live and on demand on Parliament TV.

Topics the committee is likely to cover in these sessions include:

• How the FCA and the Prudential Regulation Authority (PRA) should balance their primary and secondary objectives.
• Whether the FCA is consistent in its approach to listening to consumers and the concerns of industry.
• Protecting consumers from being the victims of fraud, particularly Authorised Push Payment (APP) fraud.
• How firms could better share their views on the ways in which the regulators’ performance and decision-making can impact the UK’s competitiveness and growth.
• The adoption of the long-term framework necessary to implement Open Banking.
• Whether the UK’s regulatory framework imposes a higher cost of compliance on firms than international counterparts.

This is the seventh evidence session of the committee’s inquiry into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority’s (PRA) secondary growth and competitiveness objective. This objective was introduced following the passage of the Financial Services and Markets Act 2023.

More about the new Financial Services Regulation Committee

The Financial Services Regulation Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.

The committee is chaired by Lord Forsyth of Drumlean. Its members are: Baroness Bowles of Berkhamsted; Baroness Donaghy; Lord Eatwell; Lord Grabiner; Lord Hill of Oareford; Lord Hollick; Lord Kestenbaum; Lord Lilley; Baroness Noakes; Lord Sharkey; Lord Smith of Kelvin; and Lord Vaux of Harrowden.

The committee’s work can be followed on its website.