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Financial Services Bill

I am pleased that I gave way, because that demonstrates the laid-back attitude of the Conservatives to this issue. Of course, the FSA has been acting in the way that the hon. Gentleman describes, but clause 8 places a duty on it. It reinforces its power. It sends messages abroad. It means that the FSA can go thumping the table internationally with full confidence and mandate of a statute. That is the difference. Statutory regulation stiffens the sinews, either of the FSA or the people who serve it, and underlines the importance and gravity of what they are doing. To say that the provision is not necessary is irresponsible and wrong. I do not want to labour the point, other than to put on the record that removing clause 8 was a mistake. The Minister should be blushing, because the Government would have retained the provision, but the Conservatives insisted that it came out before the legislation could receive Royal Assent. The Conservatives are to blame for taking out a prudent and sensible clause. The Minister may be able to help us on my second point. In proceedings in this House on 25 January and in another place on 23 February there was discussion of the credit unions of Northern Ireland. The hon. Member for Foyle (Mark Durkan), supported by the hon. Members for East Antrim (Sammy Wilson) and for North Down (Lady Hermon), Lord Bew and most sensible people, were led to believe that the measure would be a vehicle to empower the credit unions of Northern Ireland and give them parity with those in the rest of Great Britain. We thought they would be put under the FSA and allowed to provide financial products comparable to those in London, including child trust funds, ATMs and so forth. Lord Myners was certainly sympathetic and, judging from the Official Report, the Minister indicated some support. Given his background as a Northern Ireland Minister, my hon. Friend will be aware that although only 1 per cent. of people in England use credit unions, they are used by 26 per cent. of people in Northern Ireland, yet they are denied parity of treatment with the rest of Great Britain. Furthermore, they do not have the assurances and guarantees arising from the oversight of the FSA. I am bewildered and dismayed. All the political parties in Northern Ireland are in agreement on the issue, as are political parties in this House, including the Labour party in Northern Ireland and the Democratic Unionist party, except for the Conservative and Unionist party. By instructing the Minister that there should be no progress on the provision, the Conservative and Unionist party, which is standing in the election, is denying the people of Northern Ireland facilities for their credit unions. The Conservative party is doing a grave disservice to the 26 per cent. of people in Northern Ireland, across the political spectrum, who want their credit unions enhanced. The hon. Member for Fareham is looking anxious. Does he want to respond?