Financial Services Bill — Report (2nd Day) — Amendment 21 — 14 Apr 2021 at 21:15

Moved by Lord Sharkey

21: After Clause 40, insert the following new Clause-“Interest rates for mortgage prisoners(1) The Financial Services and Markets Act 2000 is amended as follows.(2) After section 137FD insert-“137FE FCA general rules: interest rate for mortgage prisoners(1) The FCA must make general rules requiring authorised persons involved in regulated mortgage lending and regulated mortgage administration to introduce a cap on the Standard Variable Rates charged to mortgage prisoners and to ensure that mortgage prisoners can access new fixed interest rate deals at an interest rate equal to or lower than an interest rate specified by the FCA.(2) In subsection (1)- “mortgage prisoner” means a consumer who cannot switch to a different lender because of their characteristics and has a regulated mortgage contract with one of the following types of firms-(a) inactive lenders, or firms authorised for mortgage lending that are no longer lending; and(b) unregulated entities, or firms not authorised for mortgage lending and which contract with a regulated firm to undertake the regulated activity of mortgage administration;“new fixed interest rate deals” means the ability for the consumer to fix the rate of interest payable on a regulated mortgage contract for periods of 2 years and 5 years;“Standard Variable Rate” means the reversion rate which is a variable rate of interest charged under the regulated mortgage contract after the end of any initial introductory deal.(3) The general rules made under subsection (1) must set the level of the cap on the Standard Variable Rate at a level no more than 2 percentage points above the Bank of England base rate.(4) The general rules made under subsection (1) should make new fixed interest rate deals available to mortgage prisoners who meet the following criteria-(a) are up to date with payments or have aggregate arrears of no more than one monthly payment in the past 12 months,(b) have a remaining term of 2 years or more,(c) have an outstanding loan amount of at least £10,000, and(d) have not received consent to let the property.(5) When specifying the interest rates for new fixed interest rate deals required by subsection (1) the FCA should specify rates for a range of Loan-To-Valuation (LTV) ratios taking into account the average 2-year and 5-year fixed rates available to existing customers of active lenders through product transfers.(6) The FCA must ensure any rules that it is required to make as a result of subsection (1) are made not later than 31 July 2021.””Member’s explanatory statementThis new Clause would require the FCA to introduce a cap on the Standard Variable Rates charged to mortgage prisoners and, under specified circumstances, ensure their access to fixed rate interest deals.

Ayes 273, Noes 235.

Debate in Parliament |

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Lord Tope LDem (front bench)aye
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Lord Turnberg Labaye
Lord Tyler LDem (front bench)aye
Baroness Tyler of EnfieldLDem (front bench)aye
Lord Tyrie Non-affiliated (front bench)aye
Baroness Uddin Non-affiliatedaye
Lord Walker of AldringhamCrossbenchaye
Lord Wallace of SaltaireLDem (front bench)aye
Lord Wallace of TankernessLDem (front bench)aye
Baroness Walmsley LDem (front bench)aye
Baroness Warwick of UndercliffeLab (minister)aye
Baroness Watkins of TavistockCrossbench (front bench)aye
Lord Watson of InvergowrieLab (minister)aye
Lord Watts Lab (minister)aye
Lord West of SpitheadLab (minister)aye
Baroness Wheeler Lab (minister)aye
Baroness Whitaker Labaye
Lord Whitty Lab (minister)aye
Lord Wigley PCaye
Baroness Wilcox of NewportLab (minister)aye
Lord Willis of KnaresboroughLDemaye
Lord Wilson of DintonCrossbenchaye
Lord Winston Labaye
Lord Wood of AnfieldLab (minister)aye
Lord Wrigglesworth LDemaye
Lord Young of Norwood GreenLab (minister)aye
Baroness Young of Old SconeLab (minister)aye
Lord Agnew of OultonCon (front bench)no
Lord Ahmad of WimbledonCon (front bench)no
Baroness Altmann Conno
Baroness Anelay of St JohnsCon (front bench)no
Lord Arbuthnot of EdromCon (front bench)no
The Earl of ArranConno
Lord Ashton of HydeCon (front bench)no
Lord Astor of HeverConno
Lord Balfe Conno
Baroness Barran Con (front bench)no
Lord Bates Con (front bench)no
Baroness Berridge Con (front bench)no
Baroness Bertin Conno
Lord Bethell Con (front bench)no
Lord Black of BrentwoodCon (front bench)no
Lord Blackwell Conno
Lord Blencathra Con (front bench)no
Baroness Bloomfield of Hinton WaldristCon (front bench)no
Lord Borwick Con (front bench)no
Lord Bourne of AberystwythCon (front bench)no
Lord Brabazon of TaraCon (front bench)no
Baroness Brady Conno
Lord Bridges of HeadleyCon (front bench)no
Viscount Brookeborough Crossbenchno
Lord Brougham and Vaux Con (front bench)no
Lord Brown of Eaton-under-HeywoodJudge (front bench)no
Baroness Browning Con (front bench)no
Lord Brownlow of Shurlock RowConno
Baroness Buscombe Con (front bench)no
Lord Butler of BrockwellCrossbench (front bench)no
Lord Caine Con (front bench)no
The Earl of CaithnessCon (front bench)no
Lord Callanan Con (front bench)no
Lord Cameron of DillingtonCrossbench (front bench)no
Lord Carey of CliftonCrossbenchno
Lord Carlile of BerriewCrossbenchno
Lord Carrington of FulhamConno
Earl Cathcart Conno
Lord Chadlington Conno
Lord Chartres Crossbench (front bench)no
Baroness Chisholm of OwlpenCon (front bench)no
Lord Choudrey Conno
Lord Colgrain Con (front bench)no
Viscount Colville of CulrossCrossbench (front bench)no
Lord Colwyn Conno
The Earl of Cork and OrreryCon (front bench)no
The Earl of CourtownCon (front bench)no
Baroness Couttie Con (front bench)no
Viscount Craigavon Crossbenchno
Lord Craig of RadleyCrossbench (front bench)no
Baroness Cumberlege Conno
Lord Curry of KirkharleCrossbenchno
Baroness D'Souza Non-affiliated (front bench)no
Lord Dannatt Crossbenchno
Lord Davies of GowerCon (front bench)no
Lord de Mauley Con (front bench)no
Lord Deben Conno
Lord Deighton Conno
Lord Duncan of SpringbankCon (front bench)no
Lord Dunlop Con (front bench)no
Baroness Eaton Con (front bench)no
Viscount Eccles Con (front bench)no
Baroness Eccles of MoultonConno
Lord Empey UUP (front bench)no
Baroness Evans of Bowes ParkCon (front bench)no
Lord Fairfax of CameronConno
Baroness Fairhead Conno
Lord Farmer Conno
Lord Fink Con (front bench)no
Lord Finkelstein Conno
Baroness Finn Con (front bench)no
Baroness Fookes Con (front bench)no
Lord Framlingham Conno
Lord Freud Conno
Lord Frost Conno
Lord Gadhia Conno
Lord Gardiner of KimbleCon (front bench)no
Baroness Gardner of ParkesConno
Lord Garnier Conno
Lord Geddes Con (front bench)no
Lord Geidt Crossbenchno
Lord Glenarthur Con (front bench)no
Lord Gold Con (front bench)no
Baroness Goldie Con (front bench)no
Lord Goldsmith of Richmond ParkCon (front bench)no
Lord Goodlad Conno
Viscount Goschen Conno
Lord Grabiner Labno
Lord Grade of YarmouthCon (front bench)no
Lord Greenhalgh Conno
Lord Greenway Crossbenchno
Lord Griffiths of FforestfachConno
Lord Grimstone of BoscobelConno
Viscount Hailsham Conno
Lord Hamilton of EpsomConno
Lord Harris of PeckhamConno
Lord Haselhurst Con (front bench)no
Lord Hayward Con (front bench)no
Lord Henley Conno
Baroness Hodgson of AbingerCon (front bench)no
Lord Hodgson of Astley AbbottsCon (front bench)no
Baroness Hogg Crossbenchno
Baroness Hooper Conno
Lord Howard of LympneConno
Lord Howard of RisingConno
Earl Howe Con (front bench)no
Lord Howell of GuildfordCon (front bench)no
Lord Hunt of WirralConno
Baroness Jenkin of KenningtonCon (front bench)no
Lord Jopling Conno
Lord Keen of ElieCon (front bench)no
Lord Kirkham Conno
Lord Kirkhope of HarrogateCon (front bench)no
Lord Laming Crossbench (front bench)no
Lord Lang of MonktonCon (front bench)no
Lord Lansley Con (front bench)no
Lord Leigh of HurleyConno
Lord Lexden Con (front bench)no
Lord Lilley Con (front bench)no
The Earl of LindsayCon (front bench)no
Lord Lingfield Con (front bench)no
The Earl of LiverpoolConno
Lord Livingston of ParkheadCon (front bench)no
The Marquess of LothianConno
Lord Lupton Conno
Lord Mackay of ClashfernConno
Lord Mancroft Con (front bench)no
Lord Marland Conno
Lord Marlesford Conno
Lord Maude of HorshamConno
Lord Mawson Crossbenchno
Lord McColl of DulwichCon (front bench)no
Baroness McGregor-Smith Con (front bench)no
Lord McInnes of KilwinningCon (front bench)no
Baroness McIntosh of PickeringCon (front bench)no
Baroness Meyer Con (front bench)no
Baroness Morgan of CotesCon (front bench)no
Baroness Morris of BoltonCon (front bench)no
Lord Moynihan Conno
Lord Nash Conno
Baroness Neville-Rolfe Con (front bench)no
Baroness Newlove Con (front bench)no
Baroness Nicholson of WinterbourneLDemno
Baroness Noakes Con (front bench)no
Lord Norton of LouthConno
Baroness O'Loan Crossbenchno
Lord O'Shaughnessy Conno
Lord Pannick Crossbench (front bench)no
Lord Parkinson of Whitley BayCon (front bench)no
Lord Patten Conno
Lord Patten of BarnesConno
Baroness Penn Con (front bench)no
Baroness Pidding Con (front bench)no
Lord Polak Con (front bench)no
Lord Popat Conno
Lord Porter of SpaldingConno
Lord Price Conno
Lord Ramsbotham Crossbenchno
Lord Rana Crossbenchno
Lord Ranger Conno
Baroness Rawlings Con (front bench)no
Lord Reay Conno
Baroness Redfern Conno
Lord Renfrew of KaimsthornConno
Lord Ribeiro Conno
Lord Risby Conno
Baroness Rock Con (front bench)no
Lord Rogan UUP (front bench)no
Lord Rotherwick Conno
Baroness Sanderson of WeltonCon (front bench)no
Lord Sassoon Conno
Baroness Sater Con (front bench)no
Baroness Scott of BybrookCon (front bench)no
Baroness Seccombe Con (front bench)no
Lord Selkirk of DouglasConno
Baroness Shackleton of BelgraviaConno
Baroness Shephard of NorthwoldConno
Lord Sherbourne of DidsburyCon (front bench)no
Baroness Shields Conno
Lord Shinkwin Conno
Lord Smith of HindheadCon (front bench)no
The Duke of SomersetCrossbenchno
Lord St John of BletsoCrossbenchno
Baroness Stedman-Scott Con (front bench)no
Baroness Stowell of BeestonConno
Lord Strathclyde Conno
Baroness Stroud Conno
Baroness Sugg Con (front bench)no
Lord Suri Conno
Lord Taylor of HolbeachConno
Lord Taylor of WarwickNon-affiliatedno
Lord Tebbit Conno
Viscount Trenchard Con (front bench)no
Lord Trimble Con (front bench)no
Lord True Con (front bench)no
Lord Tugendhat Con (front bench)no
Viscount Ullswater Con (front bench)no
Baroness Vere of NorbitonCon (front bench)no
Baroness Verma Con (front bench)no
Lord Wakeham Con (front bench)no
Baroness Warsi Conno
Lord Wei Conno
The Duke of WellingtonConno
Lord Whitby Conno
Lord Willetts Conno
Baroness Williams of TraffordCon (front bench)no
Baroness Wyld Con (front bench)no
Lord Young of CookhamCon (front bench)no
Viscount Younger of LeckieCon (front bench)no

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