John Healey

John Healey

Labour — Rawmarsh and Conisbrough

Speaking in the House of Commons on 10 November 2026

Debate

Financial Services and Markets Bill [Lords]

Contribution

My hon. Friend is so expert and well read in this area. In fact, her assertion about an assumption that the firm is always right is incorrect. At the heart of what is proposed in the Bill is the consumer duty of the FCA, with a single, clear set of standards that firms must meet and that consumers who feel their service has fallen short are able to use as reference for challenge, redress and appeal to the ombudsman. Instead of the ombudsman having its own set of standards and criteria and the FCA having its own, which has led to confusion and inconsistency, we will have a single set of standards that are clear and consistent for both the consumer and firms. Turning to the fourth and final area, we must do more to increase lending and encourage firms to start and succeed here in Britain, as I did with measures in the Budget.

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