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Financial Services Bill

My Lords, first, I thank the noble Baroness. Even a half-welcome is warmly appreciated from these Benches. I express with sincerity our appreciation to the noble Baroness and her colleagues for their help in drafting and developing our thinking in respect of these clauses. I note the contribution from the noble Baroness, Lady Valentine, to which I think I spoke earlier regarding our belief that these powers are not just for the moment but are there always to help us to address the need to avoid future risk. I appreciate the supportive comments of the noble Lord, Lord Oakeshott. The question of how long is required is interesting. I have no difficulty at all in expressing my personal agreement with the views aired by the noble Lord, Lord Hodgson, on the damage that can be done by unnecessarily delaying the process. Having discussed this matter with the FSA, I can say that it has an interest in moving as expeditiously as possible, as the quality of evidence can sometimes deteriorate with time and the ability to call witnesses and so on can be affected by delay. Therefore, I think that there is a symmetry of interest here between the wish of the FSA to promote an action as expeditiously as possible and the need to avoid someone being exposed to unnecessary, and possibly in due course unjustified, anxiety as a result of FSA action. On that basis, I hope that noble Lords will join me in supporting these amendments. Amendment 184A agreed. Amendment 184B Moved by