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Financial Services Bill

My Lords, we seek to remove from the Bill the clauses relating to the FSA’s international remit. The Council for Financial Stability—Clauses 1 to 4—the FSA’s international remit—Clause 8—and the provisions relating to collective proceedings—Clauses 18 to 25—were casualties of the wash-up process. In order to secure the passage of the remainder of the Bill, the Government have agreed to withdraw these provisions from the Bill. That is why I have provided notice of my intention to oppose Clause 8 standing part of the Bill and lay government Amendments 322A and 332B, which make necessary consequential changes to Clauses 30 and 38. I will, in a moment, do the same for Clauses 18 to 25. Tomorrow, on Report, I will withdraw the Government’s support for Clauses 1 to 4 relating to the Council for Financial Stability. I should point out that the Government continue to believe that all these provisions are necessary, sensible and desirable. However, in the interests of securing other important elements of the Bill on which greater consensus exists, the Government have agreed to withdraw them. I therefore urge noble Lords to support these government amendments. Clause 8 disagreed. Clause 9 : Executives' remuneration reports Amendment 108 Clause 9 : Executives' remuneration reports Amendment 108 Moved by