financial services – The Church of England in Parliament

Financial Services and Markets Bill: Bishop of Manchester supports amendments on regulation

The Bishop of Manchester spoke in support of amendments to the Financial Services and Markets Bill focused on strengthening adherence to regulatory principles on 29th June 2026:

The Lord Bishop of Manchester: My Lords, I, too, support all the amendments in this group, but I will limit my remarks to Amendment 80, to which I have added my name. I note that I appear to be the only man to have signed any of the amendments in this group. I hope that does not mean that climate concern is now becoming divided on gender lines; climate risks are not sex specific. Perhaps I might encourage some other men to rise and support amendments in this group.

Financial Services and Markets Bill: Bishop of Manchester speaks in committee

The Bishop of Manchester spoke at the first committee debate for the Financial Services and Markets Bill on 22nd June 2022, stressing the importance of face-to-face banking and financial services:

The Lord Bishop of Manchester: My Lords, it is a great honour to follow the noble Baroness., Lady Tyler. As I listened to her speech, I was crossing off most of the things that I was going to say, because she said them much more eloquently than I could have, and I am thankful for that. We need to be able to provide everybody with the best possible services, locally available. As the noble Baroness said, when people are at their most vulnerable, at the most crucial moments of their lives and taking the big decisions, being face to face makes all the difference.

Financial Services and Markets Bill: Bishop of Manchester speaks at second reading

The Bishop of Manchester spoke at the second reading of the Financial Services and Markets Bill on 8th June 2026, raising the issue of access to credit and impact of debt on vulnerable people and communities:

The Lord Bishop of Manchester: My Lords, I declare my interests as set out in the register. As with all my colleagues on these Benches—not that there seem to be many of them here today—my stipend, pension contributions, housing and working costs are provided by the Church Commissioners for England. As an issuer of bonds, something we started when I was chairing, it is a regulated body.

I welcome the intention behind the Bill to modernise our financial services and to support economic growth. However, our aim must be to enable economic opportunity for all communities. Amid what is still a cost of living crisis, we must measure economic success not only by the growth of the economy itself but by how it promotes the dignity of those most in need and protects individuals at times when the system fails. It is a large Bill, so I will focus on just a few main aspects: access to credit, credit unions, consumer protection, and access to wider banking services. These are probably the issues that are most appropriate for one who is a bishop, not a banker.

Bishop of St Albans asks about financial regulation

The Bishop of St Albans received the following written answers on 6th January 2025:

The Lord Bishop of St Albans asked His Majesty’s Government:

what assessment they have made of the Report on the Call for Evidence about the Financial Conduct Authority, published by the APPG for Investment Fraud and Fairer Financial Services, and what steps they are taking to implement its recommendations.
what assessment they have made of the recommendation from the APPG for Investment Fraud and Fairer Financial Services to establish a Financial Regulators’ Supervisory Council and to conduct periodic reviews of the operational effectiveness of the Financial Conduct Authority.

Bishop of St Albans asks about statutory right to use and access cash

The Bishop of St Albans received the following written answer on 12th November 2024:

The Lord Bishop of St Albans asked His Majesty’s Government

what steps they are taking to support people who rely solely on cash (1) to access cash, and (2) to access digital banking alternatives to cash.
whether they intend to introduce a statutory right to pay for goods and services in cash; and if so, whether this would be subject to financial limits.

Bishop of St Albans asks about access to bank accounts and services for small businesses

The Bishop of St Albans received the following written answer on 5th February 2024:

The Lord Bishop of St Albans asked His Majesty’s Government:

what assessment they have made of the impact on small businesses in rural areas of having their bank accounts frozen or closed entirely.
what assessment they have made of the impact on small businesses of many banks, including HSBC, NatWest and Santander, not allowing them to open accounts.
what plans they have to ensure that banks do not unfairly refuse applications to small businesses to open accounts, given that there is no requirement currently to tell a customer why they have been turned down.

Baroness Vere of Norbiton (Con, Treasury): The Government recognises the vital role SMEs play in fuelling economic growth, and it is important they can access the banking services they need.

Votes: Levelling-up and Regeneration Bill

On 4th September 2023, the House of Lords debated the Levelling-up and Regeneration Bill in the report stage. Votes were held on amendments to the bill, in which a Bishop took part:

Financial Services and Markets Bill: Archbishop of Canterbury supports effort to prevent changes that would go against Banking Standards Commission Report

On 13th June 2023, the House of Lords debated the Financial Services & Markets Bill in the third day of the report stage. During the debate, the Archbishop of Canterbury spoke in support of an amendment to the bill tabled by Baroness Kramer that would “prevent the Government from making substantive changes to the policy on ring-fencing and SMCR by statutory instrument, and would prevent policy from being amended in a way that departs from the report from the Parliamentary Commission on Banking Standards.”

The Lord Archbishop of Canterbury: My Lords, I have joined the noble Baroness in supporting her Amendment 106, as I did her two amendments on this topic in Committee. This amendment seeks to prevent change which goes against the two years of work of the Parliamentary Commission on Banking Standards, which looked in detail at both issues and produced its final report, Changing Banking for Good, 10 years ago. I declare an interest: I sat on the commission along with the noble Baroness.

As I said in Committee on 21 March, the underlying motivation of this amendment is to ask us not to forget the hard lessons learned after the 2008-09 financial crash, for which the whole country, especially the poorest, paid, then and to this day. Recent events show that the memory in the markets is strong, even if it is not in the Government. Alarm spreads easily.

Votes: Financial Services & Markets Bill

On 13th June 2023, the House of Lords debated the Financial Services & Markets Bill in its third day of the report stage. Votes were held on two amendments to the bill, in which the Archbishop of Canterbury took part.

Bishop of St Albans asks about cases of whistleblowing in financial institutions and services

The Bishop of St Albans received the following written answers on 5th June 2023:

The Lord Bishop of St Albans asked His Majesty’s Government how many cases of whistleblowing were (1) reported, and (2) investigated, by the Financial Conduct Authority in (a) 2020 (b) 2021, (c) 2022, and (d) 2023.

Baroness Penn (Con): The FCA has reported and investigated the following number of whistleblowing cases for each year given:

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