The BaseHearingUK House of Commons

Financial Services and Markets Bill [Lords]

In the Commons second reading of the Financial Services and Markets Bill, AI was a side topic. Conservative MP John Glen asked who is responsible when AI produces product offers sold to consumers, and Labour's John McDonnell cited a possible global crisis from AI debt as a reason to keep bank ringfencing.

Open the source ↗3 quotations checked, word for word ↓

Why it matters

The same thing, for different readers.

What it means for you

Conservative MP John Glen says AI increasingly decides which financial products suit people, and asks who answers when something sold on that basis goes wrong.

For lawmakers

Conservative MP John Glen says a gap remains in regulating AI in financial services after the Mills review, and expects the FCA to be reluctant to fill it.

The question it raises

John Glen asks where society thinks responsibility should lie when a firm lets AI produce product offers, and says someone has to answer for the terms of what is sold.

In their own words

Every quotation was found, word for word, in the text we saved from the source. That shows the words are there; it does not make them true, or prove the speaker meant them as quoted.

From the publisher’s own transcript.

“AI, in automating the evaluation of which products would suit individuals, is transforming most consumers’ interactions with financial services. Following the Mills review, there does seem to be a bit of a gap in what will happen with appropriate regulation.”
John Glen, MP for SalisburyConservative former Economic Secretary, speaking in the second reading debate on the bill.
Found word for word in the sourcestarts inside a longer claim, right after “but”
“If a financial services firm essentially allows an AI regime to produce offers of products that are sold, somebody has to be responsible for the terms and the basis for such a product going to market.”
John Glen, MP for SalisburySame speech, on where responsibility should lie when firms use AI to produce product offers.
Found word for word in the source
“May I put on record again my concern that, as we may be facing a significant global crisis as a result of AI debt problems, now is not the time to undermine the protections we brought forward after 2008 and, in particular, the separation between retail and investment banking?”
John McDonnell, MP for Hayes and HarlingtonIntervention after the Economic Secretary's closing speech, arguing against weakening bank ringfencing.
Found word for word in the source

The record

Questions
Who can demand evidence, delay a release or stop an unsafe deployment? · What happens to work, income and the economy?
People
John Glen (Speaks, MP for Salisbury) · John McDonnell (Speaks, MP for Hayes and Harlington) · Lucy Rigby (Speaks, Economic Secretary to the Treasury)
What we read
We read the whole source.
Found by
The Radar, run of November 11, 2026, via uk-house-of-commons-hansard (tier 1: the source’s own channel or an official record)
Cite this
UK House of Commons, “Financial Services and Markets Bill [Lords]”, November 10, 2026. Entry in the Ctrl AI Base, https://ctrlai.com/base/uk-commons-2026-11-10-financial-services-bill-ai
Our notesHansard text last updated 2026-11-11 and may still be corrected. The debate is almost entirely about banking, the Financial Ombudsman Service and credit unions; AI appears in a few passages. The Economic Secretary's reply to McDonnell did not address AI. Other mentions (Hillier, Martin, Davies) were incidental.