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Banking Bill

My Lords, my Whip was yelling in my ear and I was momentarily distracted, so I apologise. I should say that I had intended to talk about this clause in Committee in a clause stand part debate when it was Clause 238, but in the early hours of last Tuesday morning the clause managed to stand part without my addressing it. I have now tabled an amendment in order to probe the issue. This clause allows the FSA to vary permissions to carry on regulated activities on its own initiative inter alia where it is desirable to protect consumers. There is nothing wrong with that, but the new wording added by Clause 245 means that the FSA can vary permission in relation to bank A even though the consumer protection is in respect of the customers of bank B. I struggle to see how that might be appropriate, so my purpose for questioning this clause in Committee and again today is to find out what the clause is designed to do in practice. I beg to move.