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Proceeding contribution from Mark Hoban (Conservative) in the House of Commons on Thursday, 16 June 2011. It occurred during Ministerial statement on Regulatory and Banking Reform.

Regulatory and Banking Reform

My hon. Friend makes two important points. The first is to recognise the role played by the Financial Services Compensation Scheme in protecting depositors up to that £85,000 limit. The other point is that there is collective amnesia among the Opposition about their role in the financial crisis. Yes, Northern Rock took place before the global financial crisis—and they were the champions of light-touch financial regulation and introduced the tripartite system of regulatory reform that was shown to fail during the crisis. The Opposition need to recognise their responsibility; until they do so, it will not be possible for them to move on.

Secondary information

Type
Proceeding contribution
Reference
529 c973 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Compensation Consumers Banks Conduct Competition Bank of England Finance Insurance companies Financial services Insolvency International cooperation Financial Services Authority Financial markets Government shareholding Private sector Privatisation Protection Standards Sales Regulation Reform Treasury Financial Services Compensation Scheme Northern Rock plc Financial Policy Committee Financial Conduct Authority Prudential Regulation Authority Independent Commission on Banking Southsea Mortgage and Investment Company
Legislation
Draft Financial Services Bill
Link
View this Proceeding contribution on www.publications.parliament.uk