19:30 Pat McFadden (Labour)

Let me start tonight with some of the areas where we agree with what the House of Lords has done with the Bill. Lords amendments 16 to 19 make the UK’s net zero targets part of the remit of the financial services regulators. We moved similar amendments in this House, both in Committee and on Report, and both times the Minister led MPs on the Government Benches to vote them down. Indeed, when the House last discussed the Bill, on 13 January, the Minister said

There are many reasons to oppose legislative propositions in this House, but “not invented here” has to be one of the weakest. We have argued throughout the passage of the Bill that financial services, including the work of the regulators, are a vital part of the drive towards net zero. There was no good reason for the Government to oppose the idea during the earlier debates on the Bill. Every sector of the economy will have to adapt to the change and it will be for Government Members to explain to their constituents why they voted the amendments down.

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19:45 Alun Cairns (Vale of Glamorgan) (Con)

We all know the impact the big bang had in the 1980s, elevating the UK to a leading global position in this field, but it is fair to say also that some challenges stem from such radical change, and that is why I am pleased that, at the heart of the Bill, is recognition of the need to enhance our prudential standards and commitments to maintain the highest regulatory standards. Lords amendments 16 to 19 are welcome in that they extend the reach of the Prudential Regulation Authority and the Financial Conduct Authority to take account of our climate change commitments. That shows how serious the Government are about contributing to our regulatory standards and expectations and enhancing our reputation globally in our attitude to both climate change and strong financial regulation. Lords amendment 7 and the string of amendments relating to the Proceeds of Crime Act 2002 are also welcome, updating legislation to ensure that it remains fit for purpose in the fight against market abuse and the fight against crime, and recognising the status of legislative consent, specifically in relation to Northern Ireland.

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20:45 Jim Shannon (DUP)

Let me start by addressing the right hon. Member for Wolverhampton South East (Mr McFadden). I said to him during the Committee stage that I was always listening. I think that I have proved that to be the case in the way that the Government have responded on the climate change amendment and on “buy now, pay later”. I listened very carefully to the hon. Member for Walthamstow (Stella Creasy) who spoke with characteristic deep knowledge of the sector. It is absolutely clear that we need to get the legislation and the intervention right when it comes to “buy now, pay later”. She rightly asserted the massive growth in that sector and the unfortunate consequences that will certainly befall, and that does befall, a number of consumers. We will work quickly to examine that market and what interventions will meet the need.

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