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Financial Services Bill

I shall briefly respond to the points that have been made during this debate. I agree with my hon. Friend the Member for Thurrock (Andrew Mackinlay) about clause 8 and disagree with the hon. Member for Stone (Mr. Cash) and his comments on it. I agree that dropping the clause will not prevent the Financial Services Authority from engaging in international forums, and the fact that it has not had its role formalised is disappointing. It is very strange that such an important activity has not been formally reflected on a statutory basis in the FSA's objectives. I heard what my hon. Friend said about Northern Ireland credit unions, and I share his strong desire to see them come under the auspices of the FSA. That is why, during Commons stages of the Bill, I said to Members that, if it were possible for the Northern Ireland Assembly to agree on an approach, we would see what could be done in the Bill. Lord Myners tabled a new clause in the other place, but there was no opportunity to debate it. Primary legislation is not actually needed to bring about those changes, but it is important to send the right signal, and I hope that the next Government will continue to look at the regulatory reform of credit unions. The House will be aware that there is a joint Treasury-Northern Ireland Department of Enterprise, Trade and Investment consultation on proposals for the regulatory reform of credit unions in Northern Ireland, and that was launched on 30 March. As responses are received, I am sure that it will be possible—early in the next Parliament, I hope—to bring in any necessary changes at an early opportunity. The hon. Member for Fareham (Mr. Hoban) made three main points. On, collective proceedings, the House is now aware that the amendments would drop clauses 18 to 25 from the Bill. However, I stress that, in terms of collective proceedings and providing for the rights of individuals collectively to take action, there is an important principle that needs to be pursued. We explored the issue in some detail in Committee, but it is clear from some reactions outside the House, which were reflected in the other place, that more work is needed in that area. That is why I am happy not to pursue those clauses at the moment, and to see more work done. However, the House will need to return to the matter, because it involves some important points of principle about how we ensure that such collective rights can be exercised. The hon. Gentleman also raised a highly relevant point about clause 26. He will be aware of the actions that we have taken through amendment 33, and the agreement that it would be enacted separately. We just gave up on his amendment 43. I still do not think that it is a necessary part of the Bill, but in the other place I think they just decided, "Oh, all right then. Let's go on, let's do it. It won't do any harm." It certainly will not do any harm. The other concessions that we made in the other place have helped to improve the Bill; his amendment does not do so substantially, but there we go. I should like to say two final things. First, I thank the hon. Members for Fareham and for South-East Cornwall (Mr. Breed), with whom I have debated on many occasions over the past couple of years. If I may return their compliments, I must say that they have been unfailingly courteous and well reasoned in their arguments. Although I have not been able to agree with them on every occasion, I have always carefully considered what they have said; and, where I have thought it appropriate, I have asked officials to draft and bring forward amendments, as we have done during the passage of this Bill. Secondly, and lastly, I should like to thank my Bill team. Bills such as this require an awful lot of work on the part of many civil servants. My committed, dedicated and able team have provided me with terrific advice. I hope that I have not mangled their sentences too much in what I have said during the debates on the Bill. It is to their immense credit that so much of the Bill will be enacted very shortly, and that will be of benefit to people in Britain. So I say thank you very much to my team, and thanks also to hon. Members. Lords amendment 5 agreed to. Lords amendments 6 to 49 agreed to, with Commons financial privileges waived in respect of Lords amendments 45 to 48.