Peers working for big City firms including Santander, Secure Trust Bank and the London Stock Exchange are sitting on a new Lords committee scrutinising regulation of the financial services industry, the Guardian has found.
The House of Lords financial services regulation committee was formed in January last year and 10 of its 13 members have declared current or recent interests in the sector.
From the start, it has been highly critical of the City regulator, the Financial Conduct Authority, despite a number of the committee members being paid by companies that are overseen by the watchdog.
Established to consider the regulation of financial services in the post-Brexit era, in common with other Lords committees it has the power to investigate and influence laws and public policy by holding inquiries and summoning ministers and officials to give evidence.
Its chair, Michael Forsyth, was until May last year paid a salary of £230,000 a year as chair of the UK retail bank Secure Trust Bank, which is regulated by the FCA and has 1 million customers. Lord Forsyth is still a shareholder, according to his register of interests.
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