On the 7th December the Financial Services and Markets Bill returned to the House of Commons for the 3rd reading. The Bill presents an opportunity to set out a new, responsible and green vision for the city and financial services. But the government is squandering that opportunity.

Instead the Bill is a disappointing piece of legislation that prioritises global “competitiveness” and financial profit over public need and climate action. The Bill will rip up already weak banking regulations brought in post crash; further destabilise our economy; accelerate a global race to the bottom on social and environmental standards; and make food prices even more volatile.

That’s why I supported a number of amendments to the Bill that enshrine climate protection and harness the power of the city to act as a force for people and planet. Here are the four amendments I tabled:

• NC9 empowers the Financial Conduct Authority to make rules about the kind of things pension investors need to report in terms of their stewardship of a pension fund – to publish information like how they engage with “thematic priorities” (like the climate emergency), set by the FCA, in their investment decisions.
• NC8 requires pension investors to publish information on how they engage companies in relation to their own “thematic priorities”, making things like “greenwashing” harder.
• NC36 creates a legal duty for financial service providers to report fraud or suspected fraud once they become aware of it, and to publish a report of how they plan to prevent and reduce fraudulent activity.
• Amendment 20 makes it clear that credit/debit card companies have a duty to ensure that the victims of fraud are reimbursed, and where they fail in that duty, they face a financial penalty.

You can watch my speech during the debate below. I also held a Westminster Hall debate on greening the financial sector, which you can watch here.