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Financial Services Bill

I shall not detain the House for more than a few moments. I listened carefully to the shadow Minister's speech and, although I am open to correction, I do not think that he made much reference to clause 8, which is struck out by the Lords amendments. I am extremely surprised, bearing in mind the traumatic experience that the UK has suffered during the financial crisis over the past year or more, and bearing in mind the utterances that one gets from the Conservative party—not just in the hustings, but in recent times. I find it amazing that, at the Conservatives' initiative, clause 8 has been struck out. Clause 8 would have amended the Financial Services and Markets Act 2000 and would have allowed the Financial Services Authority—indeed, it would have empowered it—to take such steps to promote international financial regulation and supervision calculated to meet the financial stability objectives. It would also have charged the FSA with representing the interests of the UK when participating in discussions on international financial regulation and supervision. The agreed consensus was that some of the contributory factors to the global crisis and the background to the storm—which under the stewardship of this Government, we have largely weathered and got through—were the absence of adequate international financial regulation. I find it quite amazing that this House, at this stage in this Parliament, should strike out what must be a demonstrably approved measure at the whim or insistence of Conservative Lords and those on the Conservative Front Bench. I am happy to give way to the hon. Member for Fareham (Mr. Hoban), because I think that we should be told how that abdication of responsibility has happened.