Financial Services and Markets Bill [HL] Debate
Full Debate: Read Full DebateDepartment: Department for Business and Trade
Lord Davies of Brixton
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Financial Services and Markets Bill [HL]
Lord Davies of Brixton ExcerptsMonday 6th July 2026
(3 weeks, 4 days ago)
Grand CommitteeRead Full debate Financial Services and Markets Bill [HL] 2026-27 View all Financial Services and Markets Bill [HL] 2026-27 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: HL Bill 5-V(b) Amendments for Grand Committee (Supplementary to the Fifth Marshalled List) - (6 Jul 2026)
Lord Davies of Brixton (Lab)
The noble Lord makes a compelling case, but can he say what is meant by “facilitate” in the amendment?
Lord Mackinlay of Richborough (Con)
Facilitating means merely that any financial institution registered with the FCA in this country would have to use the IHT423 procedure—it could not say no. At the moment, we have a framework that is purely discretionary. In my professional life every single institution has always said yes, but obviously there are some out there which are saying no. So I want to put the facilitation not as a facilitation of choice but a facilitation of “must” on the request of an executor. There is no risk here. The risk is that either the funds remain in an investment account or they are in the account of HMRC, which, the last time I looked—despite my being a chartered tax adviser—is a safe place for people’s funds to be.