House of Lords appoints new Financial Services Regulation Committee

The House of Lords has today appointed members to its new select committee on Financial Services Regulation.

The committee will be 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
• Lord Vaux of Harrowden

The creation of the committee follows the passing of the Financial Services and Markets Act 2023 (FSMA 2023) which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom.

Lord Forsyth of Drumlean, Chair of the new Financial Services Regulation Committee, commented:

“The financial services sector is an essential part of the UK economy and effective regulation is a key component in securing growth and competitiveness. This is a highly experienced Committee which will bring increased scrutiny and accountability to regulators. In common with all Lords Committees, its work will be evidence-based and thematic.”

The committee’s work can be followed on its website.