Two Labour peers have introduced an amendment to the Financial Services Bill seeking to minimise Financial services Compensation Scheme (FSCS) costs borne by levy-payers.
Presented by Baroness Hayter of Kentish Town and Lord Eatwell, the amendment addresses the ways in which the Prudential Regulation Authority should go about achieving its objectives.
It says one of these should be by "seeking to minimise, as far as possible, the costs to the FSCS or the use of public funds to support or rescue parts of the UK financial services industry".
A similar amendment was proposed by shadow financial secretary Chris Leslie MP when the bill had is commons committee stage, although he withdrew it following a request from Treasury financial secretary, Mark Hoban.
Meanwhile, another amendment revived from the commons stage of the bill is seeking to introduce the principle that, "where appropriate, authorised persons should have a fiduciary duty towards the consumers who are their clients".
This is also being proposed by Lord Eatwell and Baroness Hayter.
The Financial Services Bill's Lords committee stage resumes this afternoon although, with parliamentary recess on the horizon, it will not be until after the summer that any further progress will be made.
In the wake of the Barclays LIBOR scandal, a raft of fresh amendments are expected, including one to ensure any regulatory fines are diverted to the Exchequer instead of being used to offset fees for the next year.
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