Debate on bill on Tuesday, 22 May 2012, in the House of Commons, led by Chris Leslie.

Financial Services Bill

Report stage second day. Amendments made to the Bill. Third reading debate agreed to on question and Bill passed.

Secondary information

Type: Parliamentary proceeding
Reference: 545 cc1015-1081
Session: 2012-13
Department: Treasury
Legislative stage: Third reading; Report stage
Chamber / Committee: House of Commons chamber
Related items: A new approach to financial regulation: securing stability, protecting consumers, including Annexes containing the Government Responses to the Report from the Joint Committee on the Draft Financial Services Bill, Session 2010–12, and the Twenty-first Report from the Treasury Committee, Session 2010–12, on Accountability of the Bank of England (by Command).
Friday, 27 January 2012
Command papers
House of Commons; Accountability of the Bank of England. Treasury Select Committee twenty-first report, with formal minutes and written evidence. Additional written evidence is contained in volume II, available on the Committee website.
Wednesday, 19 October 2011
Parliamentary committees
House of Commons; Financial Conduct Authority. Treasury Select Committee twenty-sixth report with formal minutes. Additional written evidence is contained in volume II, available on the Committee website.
Tuesday, 10 January 2012
Parliamentary committees
House of Commons; Financial Conduct Authority: report on the Government response. Treasury Select Committee twenty-eighth report with formal minutes.
Monday, 27 February 2012
Parliamentary committees
House of Commons; Accountability of the Bank of England: response from the Court of the Bank of England to the twenty-first report from the Committee. Treasury Select Committee twenty-seventh report with formal minutes.
Thursday, 19 January 2012
Parliamentary committees
House of Commons
Proceeding contributions: Chris Leslie | 545 c1015 (Link to this contribution)
I beg to move amendment 75, page 43, line 16, at end insert—
‘(3) Within a year of Royal As...; Baroness Primarolo | 545 c1015 (Link to this contribution)
With this it will be convenient to discuss the following: Amendment 45, in clause 14, page 64, li...; Chris Leslie | 545 cc1016-1022 (Link to this contribution)
This important Bill took a considerable amount of time in Committee, but it was still insufficien...; Stewart Hosie | 545 c1020 (Link to this contribution)
Is the hon. Gentleman concerned that, if the amendment is passed, financial institutions might st...; Chris Leslie | 545 c1020 (Link to this contribution)
I am grateful to the hon. Gentleman, but no, I do not think that is a risk. Amendment 73 does not...; David Mowat | 545 c1020 (Link to this contribution)
The hon. Gentleman is right to raise this serious issue. What I do not understand in his amendmen...; Chris Leslie | 545 cc1020-3 (Link to this contribution)
When it comes to complaints procedures, particularly about market failure, which the Financial Co...; David Mowat | 545 c1023 (Link to this contribution)
Many of us want to see more action, but what I do not understand is the extent to which the hon. ...; Chris Leslie | 545 c1023 (Link to this contribution)
Indeed it can, but it is the way of triggering an FSA investigation that is the case in point. Th...; John Hemming | 545 cc1023-4 (Link to this contribution)
Let me begin by referring Members to my entry in the Register of Members’ Financial Interests. I ...; Baroness Primarolo | 545 c1024 (Link to this contribution)
Order. The hon. Gentleman is speaking quite quickly, but I am trying to follow what he is saying....; John Hemming | 545 c1024 (Link to this contribution)
It is not.; Baroness Primarolo | 545 c1024 (Link to this contribution)
In that case, it is out of order. Perhaps we should move on, unless the hon. Gentleman is going t...; John Hemming | 545 c1024 (Link to this contribution)
rose—; Baroness Primarolo | 545 c1024 (Link to this contribution)
Order. I should like the hon. Gentleman to do it now. Otherwise I am going to sit him down straig...; John Hemming | 545 c1024 (Link to this contribution)
The Opposition have raised interesting questions about the issues of shareholder activism and the...; Baroness Primarolo | 545 c1024 (Link to this contribution)
Splendid; thank you. I call Lisa Nandy.; Lisa Nandy | 545 cc1025-6 (Link to this contribution)
After that exchange, I rise to speak to amendment 45, which stands in my name and that of other M...; John McDonnell | 545 cc1026-7 (Link to this contribution)
I apologise, Madam Deputy Speaker, for coming and going from the Chamber during the debate; I hav...; Steve Baker | 545 c1027 (Link to this contribution)
The hon. Gentleman makes a compelling case, but are not directors already responsible under the C...; John McDonnell | 545 cc1027-8 (Link to this contribution)
I understand where the hon. Gentleman is coming from but we have tried that and it has not worked...; Mark Hoban | 545 c1028 (Link to this contribution)
I am grateful for the opportunity to reply to this debate. The hon. Members for Wigan (Lisa Nandy...; Lisa Nandy | 545 c1028 (Link to this contribution)
I am grateful to the Minister for giving way, but I urge him to speak to his colleagues, particul...; Mark Hoban | 545 c1028 (Link to this contribution)
The hon. Lady makes a good point, and if my colleagues in the Foreign and Commonwealth Office are...; Andrew Love | 545 c1028 (Link to this contribution)
The Treasury Committee interviewed members of the Financial Reporting Council this morning. They ...; Mark Hoban | 545 c1029 (Link to this contribution)
As my hon. Friend the Member for Wycombe (Steve Baker) highlighted, there is a responsibility on ...; John McDonnell | 545 c1029 (Link to this contribution)
I hope that what the Minister just said was helpful. Is he saying that the stewardship role that ...; Mark Hoban | 545 c1029 (Link to this contribution)
I am saying that what we need to ensure in terms of the stewardship code, and what the FCA does, ...; John McDonnell | 545 c1029 (Link to this contribution)
Will the Minister give way?; Mark Hoban | 545 c1029 (Link to this contribution)
Yes, but I want to make some progress.; John McDonnell | 545 c1029 (Link to this contribution)
All right, I will not be a pain any further. To be frank, that does not move the matter on. The M...; Mark Hoban | 545 cc1029-1030 (Link to this contribution)
I am always loth to offer meetings on behalf of colleagues, because it has happened to me, but th...; Andrew Love | 545 c1030 (Link to this contribution)
I thank the Minister. What we were told today was that remuneration committees draw from a very s...; Mark Hoban | 545 cc1030-2 (Link to this contribution)
That is why the Government have embarked upon a consultation to look at ways to enhance the accou...; Steve Brine | 545 c1032 (Link to this contribution)
I am listening carefully to what the Minister says, and I agree that paragraph (b) has caused som...; Mark Hoban | 545 c1032 (Link to this contribution)
I would not say that amendment 73 sowed seeds of hope. Rather, it sowed seeds of doubt by suggest...; Mike Freer | 545 c1032 (Link to this contribution)
Sadly, I am none the wiser. I have three constituency cases in front of me on this very issue. Tw...; Mark Hoban | 545 c1032 (Link to this contribution)
There are two issues here. There is a route through the courts that any type of consumer, whether...; Andrew Love | 545 c1032 (Link to this contribution)
Looking at the issue from a small business perspective, small businesses are not allowed, as the ...; Mark Hoban | 545 c1033 (Link to this contribution)
As a consequence of the reforms that we are introducing, we are giving the FSA, and now the FCA, ...; Chris Leslie | 545 cc1033-4 (Link to this contribution)
I am sorry that the Minister has not reacted to the importance of the issues in the amendments th...; Chris Leslie | 545 cc1034-1043 (Link to this contribution)
I beg to move amendment 72, page 130, line 38, at end insert—
‘(g) making provision for the...; Gareth Thomas | 545 c1043 (Link to this contribution)
My hon. Friend is right to say that the Government made that commitment in the coalition agreemen...; Chris Leslie | 545 c1043 (Link to this contribution)
I thank my hon. Friend, who is entirely correct. He is an assiduous campaigner for the mutual sec...; David Rutley | 545 c1044 (Link to this contribution)
The part of the Bill before us is mainly about transferring powers between the FSA, the FCA and t...; Chris Leslie | 545 c1044 (Link to this contribution)
We are trying to ensure that the Government fundamentally address the question. These provisions ...; Geraint Davies | 545 c1044 (Link to this contribution)
Given that there is an appalling sovereign debt crisis in Europe affecting Greece, Spain, and so ...; Chris Leslie | 545 cc1044-5 (Link to this contribution)
My hon. Friend is entirely correct. When the Government have an opportunity to return to the mark...; Mike Weir | 545 c1045 (Link to this contribution)
For cross-party purposes, may I say that we will support the hon. Gentleman’s excellent amendment...; Chris Leslie | 545 c1045 (Link to this contribution)
The credit union sector deserves far more support and encouragement than it receives, and previou...; Geraint Davies | 545 c1045 (Link to this contribution)
We used to hear about the share-owning democracy, but there have been tidal shifts in people’s de...; Chris Leslie | 545 c1045 (Link to this contribution)
Now is the time to think about the culture change that we want to see in the financial services s...; Gareth Thomas | 545 c1045 (Link to this contribution)
Will my hon. Friend give way?; Chris Leslie | 545 c1045 (Link to this contribution)
How can I fail to give way to my hon. Friend?; Gareth Thomas | 545 c1045 (Link to this contribution)
My hon. Friend is being characteristically generous. One big concern examined in some detail in t...; Chris Leslie | 545 c1046 (Link to this contribution)
It is important that we have some metrics by which to measure the Financial Secretary’s performan...; Steve Baker | 545 c1046 (Link to this contribution)
Looking at the amendment, I wonder whether it illustrates the tensions in the contemporary labour...; Gareth Thomas | 545 c1046 (Link to this contribution)
Perhaps the hon. Gentleman could describe how the amendment would in some way create a barrier to...; Steve Baker | 545 c1046 (Link to this contribution)
I was not suggesting that it would create a barrier to entry. I was suggesting that it would put ...; John Healey | 545 cc1046-7 (Link to this contribution)
I congratulate my hon. Friend the Member for Nottingham East (Chris Leslie) on tabling the amendm...; Gareth Thomas | 545 c1047 (Link to this contribution)
Is not one of the unsung successes of the building society movement that it has sought to maintai...; John Healey | 545 c1047 (Link to this contribution)
My hon. Friend, who knows far more about this matter than me and many in the House, is absolutely...; John Hemming | 545 c1048 (Link to this contribution)
Amendment 72 is a permissive amendment, and yet clause 47(3)(f) mentions
“making provision ...; John Healey | 545 c1048 (Link to this contribution)
I am disappointed in the hon. Gentleman, because he, too, has a strong track record on this matte...; John Hemming | 545 c1048 (Link to this contribution)
The amendment does not make the Government do anything, because clause 47 states that the
“...; Lindsay Hoyle | 545 c1048 (Link to this contribution)
Order. I am not failing as an opposition, so I do not think that is parliamentary.; John Healey | 545 c1048 (Link to this contribution)
I have not seen the hon. Gentleman’s amendments to make the measure not permissive, but a require...; John Hemming | 545 c1048 (Link to this contribution)
Does the right hon. Gentleman believe that we make a man any taller by measuring his height?; John Healey | 545 c1048 (Link to this contribution)
No, but by measuring height, one makes a statement that height matters. The amendment makes a sta...; Mark Durkan | 545 c1048 (Link to this contribution)
I wanted to respond to the hon. Member for Birmingham, Yardley (John Hemming), who seems to rest ...; John Healey | 545 c1048 (Link to this contribution)
I am grateful to my hon. Friend, who has an eye for detail that I cannot match—it almost matches ...; Geraint Davies | 545 c1049 (Link to this contribution)
The amendment requires the Government to measure the number of mutuals and their share of the mar...; John Healey | 545 c1049 (Link to this contribution)
There is a saying that what is measured matters, and if it matters, measure it. In many ways, tha...; William Cash | 545 cc1049-1051 (Link to this contribution)
I have found this debate both curious and inconsequential in many respects. There has been a grea...; Gareth Thomas | 545 c1051 (Link to this contribution)
Will the hon. Gentleman accept that one lesson regarding the regulation of building societies, fr...; William Cash | 545 cc1051-2 (Link to this contribution)
It may well. It behoves the Government to take this kind of amendment very seriously, despite dra...; Chris Leslie | 545 c1052 (Link to this contribution)
Hear, hear!; William Cash | 545 c1052 (Link to this contribution)
The Opposition spokesman says, “Hear, hear”, but I do not want to give him too much encouragement...; Andrew Love | 545 cc1052-3 (Link to this contribution)
It is a great pleasure to follow the hon. Member for Stone (Mr Cash), whose strictures I shall tr...; John Hemming | 545 cc1053-4 (Link to this contribution)
I think there are two issues in this debate. First, everybody agrees that mutuals are good. They ...; Mark Durkan | 545 c1054 (Link to this contribution)
The hon. Gentleman makes the point that this is a permissive amendment, but it is actually an ame...; John Hemming | 545 c1054 (Link to this contribution)
The amendment does not compel anything to happen; it merely makes it possible, if the Government ...; Chris Leslie | 545 c1054 (Link to this contribution)
This is a very confusing speech. The hon. Gentleman is in an honoured position, speaking on behal...; John Hemming | 545 c1055 (Link to this contribution)
I think it is a good idea to encourage mutuality. There is no question about that. As for asking ...; Mark Durkan | 545 cc1055-6 (Link to this contribution)
I had not originally intended to speak to this amendment, as time is tight and we need to make pr...; William Cash | 545 c1056 (Link to this contribution)
I would not want the hon. Gentleman to misunderstand what I meant. It is not that I do not think ...; Mark Durkan | 545 c1056 (Link to this contribution)
I thank the hon. Gentleman for that clarification. That brings us to the point that we go through...; John Hemming | 545 c1056 (Link to this contribution)
Let us come back again to the amendment. I noted, on the internet, a report from the Building Soc...; Mark Durkan | 545 c1056 (Link to this contribution)
The information may well be measured by that group of building societies. In terms of industrial ...; Jonathan Evans | 545 c1056 (Link to this contribution)
May I apologise for the fact that I missed the beginning of this debate? The hon. Member for Nott...; Mark Durkan | 545 c1056 (Link to this contribution)
I thank the hon. Gentleman for that intervention, as it shows exactly why people should be worrie...; Geraint Davies | 545 c1057 (Link to this contribution)
I shall be brief, Mr Deputy Speaker. The coalition Government say that they want to encourage div...; David Rutley | 545 c1057 (Link to this contribution)
I understand the hon. Gentleman’s strength of opinion, but is he not aware that these data are re...; Geraint Davies | 545 c1057 (Link to this contribution)
But as I have just said, if that is the case why do we need the OBR? We could go on the internet,...; Geraint Davies | 545 c1057 (Link to this contribution)
Here comes another absurd intervention.; John Hemming | 545 c1057 (Link to this contribution)
rose—; John Hemming | 545 c1057 (Link to this contribution)
Just for clarification, I looked up the BSA figure for the market share of mutuals, and it indica...; Geraint Davies | 545 c1057 (Link to this contribution)
My point is that second-hand information is available in all sorts of marketplaces, but the Gover...; John Hemming | 545 c1057 (Link to this contribution)
rose—; Geraint Davies | 545 c1057 (Link to this contribution)
I hope that this intervention is not just another repetition of the same thing.; John Hemming | 545 c1057 (Link to this contribution)
It is difficult to see where the OBR comes into all this; it is not being handed the task of meas...; Geraint Davies | 545 cc1057-9 (Link to this contribution)
This is about having the reliable and consistent measurement of data in order to measure the effe...; Mark Hoban | 545 c1058 (Link to this contribution)
We have had a wide-ranging debate on mutuality, and it has acted as a peg for discussion. As is c...; Geraint Davies | 545 c1058 (Link to this contribution)
What the Minister says is true, but does he accept that there is a differential outcome and that,...; Mark Hoban | 545 c1058 (Link to this contribution)
It depends on risk management and the business model that mutuals follow. There is a different se...; Jonathan Evans | 545 c1058 (Link to this contribution)
My hon. Friend will recall coming to our all-party group on insurance and financial services, whe...; Mark Hoban | 545 c1060 (Link to this contribution)
The new duty in the Bill goes beyond what the FSA currently does. It imposes a requirement separa...; Andrew Love | 545 c1060 (Link to this contribution)
The Minister has already admitted that credit union deregulation goes back many years. I was frus...; Lindsay Hoyle | 545 c1061 (Link to this contribution)
Order. The hon. Gentleman spoke earlier and interventions are meant to be short, not to be anothe...; Mark Hoban | 545 c1061 (Link to this contribution)
Consolidating something like 18 pieces of legislation is not a simple task. It needs to be done p...; Chris Leslie | 545 cc1061-2 (Link to this contribution)
“Actions speak louder than words”: that is the conclusion that the Minister reached when rebuttin...; Mark Hoban | 545 cc1068-9 (Link to this contribution)
I beg to move, That the Bill be now read the Third time.
It is worth stepping back at this ...; Andrea Leadsom | 545 c1069 (Link to this contribution)
Does my hon. Friend agree that it is important that the PRA and the FPC consider the need for gre...; Mark Hoban | 545 cc1069-1070 (Link to this contribution)
The FPC’s remit does not cover the consideration of competition in the system. Its role is to con...; Andrew Love | 545 c1070 (Link to this contribution)
The Minister will recognise the continuing concerns about the powers given to the Governor of the...; Mark Hoban | 545 cc1070-1 (Link to this contribution)
The hon. Gentleman makes an important point. I emphasise that it is the Bank of England that is g...; Chris Leslie | 545 cc1071-4 (Link to this contribution)
Let me start by thanking those of my colleagues who served on the Committee that considered the B...; David Mowat | 545 c1074 (Link to this contribution)
The hon. Gentleman makes the point that the twin peaks structure that we are implementing here do...; Chris Leslie | 545 cc1074-5 (Link to this contribution)
I am pointing out that there is a fundamental mismatch. We know that the supervisory authorities ...; Mark Durkan | 545 cc1077-8 (Link to this contribution)
It is a privilege to follow the hon. Member for Chichester (Mr Tyrie), the Chair of the Treasury ...; Lord Tyrie | 545 cc1075-7 (Link to this contribution)
I much agree with the sentiment of the remarks of the hon. Member for Nottingham East (Chris Lesl...; Jim Shannon | 545 c1078 (Link to this contribution)
Sing it!; Mark Durkan | 545 cc1078-9 (Link to this contribution)
No, I will absolutely resist the idea of singing it. The only people who ask me to sing are bounc...; David Mowat | 545 cc1079-1080 (Link to this contribution)
The Whips have asked me to be brief, and I will.
The Chairman of the Treasury Committee, my...
Notes: Daily Part printing error: Correction to Division 9 on 22/05/2012 at 545 c1039 - Mrs Madeleine Moon voted with the Ayes.
Subjects: Consumers Banks Financial services Financial institutions Economic situation Regulation
Legislation: Financial Services Bill 2010-12 to 2012-13
Link: View this Parliamentary proceeding on www.publications.parliament.uk

Financial Services Bill

Secondary information

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