The House of Lords voted on 8 September 2026 to remove a section of the Financial Services and Markets Bill that would have allowed HM Treasury to amend legislation relating to access to banking services. Peers put forward and discussed over 30 amendments to the bill on day one of report stage. There were five divisions on proposed changes to the bill.
Peers disagreed to four amendments, including proposals preventing the removal or reduction of consumer credit protections. The bill abolishes the Payment Systems Regulator and transfers its functions to the Financial Conduct Authority.
The government brought forward concessionary amendments addressing concerns raised by peers at Grand Committee on regulatory accountability, access to cash and sustainability. The second report stage day falls on Wednesday 9 September 2026.