House of Lords

A House of Lords committee has called for a ban on commission payments to financial advisers across Europe, regardless of their status.

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An amendment to the Financial Services Bill proposed by two Labour peers could open up the possibility of financial advisers not having to be regulated if they do not charge for their services.

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A Conservative peer has drawn parallels between the collapse of Arch Cru and the Bernie Madoff scandal, stressing the need for the regulator to do more to protect consumers.

The Financial Services Bill has been branded a 'dog's breakfast' by a prominent Labour peer and criticised for being put together too quickly.

The Treasury is under so much pressure it should consider getting funding directly from the financial services industry, former cabinet secretary Gus O'Donnell has said.

The Financial Services Bill has passed through to the House of Lords without any significant amendments affecting financial advisers, including the reintroduction of a long-stop.

The Association of Independent Financial Advisers (AIFA) and the Association of British Insurers (ABI) is to co-host a roundtable event looking at how upcoming regulatory changes will affect IFAs.

Government ministers will aim to overturn the exclusion of means-testing of cancer patients receiving Employment and Support Allowance (ESA) as the coalition's government's Welfare Reform Bill moves back to the House of Commons.