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Financial Services Bill

As I mentioned a minute ago, as a result of discussions with the official Opposition via the usual channels, the second group of amendments will remove clause 8, which would provide for a new statutory duty imposed on the FSA to promote international regulation and supervision, and clauses 18 to 25, which would allow for group representative action in the courts for people with similar claims. We believe that, like the council for financial stability, those are important and necessary measures but, again, we have agreed to withdraw them to safeguard the passage of the Bill's remaining provisions. Alongside the amendments removing those clauses, the Government tabled in another place a large number of concessionary amendments, many in response to the scrutiny by this House and the points made by hon. Members who participated in debates on the Bill. I recognise that the length of the parliamentary Session has curtailed debate on the Bill in another place—indeed, my experience of watching some of that debate tells me that it could have continued for many more months—but I hope that Conservative Members welcome the Government's efforts to deal with some of the concerns that have been raised.