Moved by
Baroness Drake
26: After Clause 22, insert the following new Clause—
“Extending a duty of care to the financial sector
In every contract to supply a service, traders who are ring-fenced bodies providing financial services as defined under section 142A of the Financial Services and Markets Act 2000 (ring-fenced body) shall be subject to—
(a) a fiduciary duty to their consumers and small businesses with respect to provision of—with reasonable care and skill, and
(i) the operation of care services, and
(ii) the management of any individual contract to provide services,
with reasonable care and skill, and
(b) a duty of care towards consumers and small businesses across the financial services sector.”