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Peers working for City firms dominate Lords panel scrutinising financial sector

Committee has criticised regulator’s proposals to name and shame companies under investigation

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.

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