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Financial Services Bill

First, the hon. Gentleman rather makes my point that, never mind the architecture, what matters is that the people who are charged with doing the job actually do it. They will not always get it right, but although some people say that they saw all this coming—some of whom, I am bound to say, forgot to tell anyone else that they could see it, but I am sure that they could—it is important that we have regulators and supervisors who do the job. Secondly, the Bank of England or the FSA produce reports at the moment, but the reports can just lie there. Of course, many reports were acted upon, and many of them picked up in one way or another, but one of the things that I want to achieve through the Council for Financial Stability, which I shall come to in a moment, is a more formal process, so that when the Bank of England publishes its six-monthly reports, the council—the FSA, the Bank of England and the Treasury—must consider them and decide what to do about them. That is a better way of holding people to account.