A Conservative Peer has criticised fellow politicians for failing to question the Retail Distribution Review (RDR) commission ban and warned of the unintended consequences.
The government is considering the ability of financial advisers to advise on social investments as part of an effort to boost activity in the area.
A House of Lords committee has called for a ban on commission payments to financial advisers across Europe, regardless of their status.
An amendment to the Financial Services Bill proposed by two Labour peers could open up the possibility of financial advisers not having to be regulated if they do not charge for their services.
A Conservative peer has drawn parallels between the collapse of Arch Cru and the Bernie Madoff scandal, stressing the need for the regulator to do more to protect consumers.
The Financial Services Bill has been branded a 'dog's breakfast' by a prominent Labour peer and criticised for being put together too quickly.
The Treasury is under so much pressure it should consider getting funding directly from the financial services industry, former cabinet secretary Gus O'Donnell has said.