Financial Services (Banking Reform) Bill — Report (1st Day) (Continued)

Part of the debate – in the House of Lords at 9:30 pm on 26th November 2013.

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Photo of Lord McFall of Alcluith Lord McFall of Alcluith Labour 9:30 pm, 26th November 2013

The issue here is a level playing field for continuous payment authorities, and direct debits and standing orders. There has to be a loud and clear message from the Financial Conduct Authority to banks, which have 30,000 complaints against them at the moment, and to companies, that we cannot tolerate an imbalance between the power and authority of a lender and the debtor, who can be in ignorance about what is happening to their account. If the Minister can assure me that he will send that message to the FCA, which in turn will send out the message that it needs a level playing field, at least that would be a step forward.