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

At 10.05am, the committee will hear from:

• Sir Howard Davies, Former Chair of NatWest Group and Former Chair of the Financial Services Authority (FSA).

At 11.05am, the committee will hear from:

• Richard Davies, Chief Executive Officer of Allica Bank
• Charles McManus, Chief Executive Officer of ClearBank.

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:

• Should the Government or regulators be leading conversations setting the appetite for risk.
• Whether higher risk tolerance would be counter-productive to the UK’s competitiveness and growth.
• How the Treasury could use its statutory powers to give greater direction to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) on the secondary growth and competitiveness objective.
• Regulatory overlap and the risk of creating inconsistency in rules.
  • Protecting people from Authorised Push Payment (APP) fraud which has relied on social manipulation.
• The cost of the UK’s regulatory framework compared to international counterparts.
• How well the secondary objective has been embedded into the regulators’ culture.

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Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.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