The House of Lords is set to debate the second reading of the Financial Services Bill today as it works to strengthen the UK’s financial regulatory structure.

However, two key groups are pushing for changes to be made to its contents.

The Financial Services Consumer Panel wants stronger consumer protection to be included to ensure consumers get a fair deal from regulatory reform.

This includes an increase in the transparency of financial services regulation, a requirement for the Prudential Regulatory Authority to take consumer views into account and effective competition powers for the FCA to deliver its statutory objectives.

Adam Phillips, chair of the panel, said: “Members of the Lords have the chance to make a real difference for consumers. Firms should be required to act honestly, fairly and professionally towards their customers and the PRA should be more accountable to consumers when making decisions on with-profit policies or mortgages.”

Meanwhile, the Treasury Select Committee has also had its say in the changes it expects to be made.

Andrew Tyrie MP, chair of the Committee, said he wanted stronger accountability of the Bank of England, with the Court of the Bank of England changed to a Supervisory Board.

This Board would be made up of fewer members and should undertake retrospective reviews of the Bank’s performance.

Mr Tyrie said: “The Bank must not be permitted to carry on with an outdated Court. We must ensure the Court can operate, as far as possible, according to corporate governance best practice.”