Member

I would not normally be inclined to support the noble Lord, Lord Davies, as he will know, but here I cautiously welcome the principle behind Amendment 83, tabled by the noble Lord. The amendment seeks to ensure that financial services providers are not placed in the untenable position of breaching a reasonable duty of care to their customers when responding to eligibility verification notices issued under this Bill. This is a legitimate concern, and one that deserves serious reflection. The financial services sector is bound by well-established duties of care, trust and confidentiality in its relationship with its customers, and under the aegis of the likes of the FCA. The noble Lord, Lord Vaux, raised the importance of the role, input and oversight of the FCA. These obligations are foundational to the stability and integrity of the financial system, and we should not lightly dismiss the potential conflict that may arise when the state compels those institutions to disclose sensitive information.