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Financial Services Bill

The Government had an open mind in very carefully considering the implications. Let the Committee be in no doubt that we have spent a great deal of time considering the issues of size, interconnectivity, complexity and whether one organisation should include insurance, banking and securities. We have spent considerable time in reviewing the matter and we have reached our conclusions. However, for a party that is about to offer itself to the nation as being prepared for Government to say that its members have individual views but that it does not have a view as a party is absolutely extraordinary. However, looking at the faces of some the noble Baroness’s supporters sitting behind her, my surprise is no greater than theirs. With that, I thank the noble Lord for stimulating this debate and discussion but I urge him to withdraw his amendment on the basis that the purpose that he seeks to achieve will be delivered by the model and the legislation as currently drafted.