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Professional Standards in the Banking Industry

When the Conservatives gave reasons in Parliament at the time for opposing the establishment of the new regulator, did they talk about the tripartite system? The shadow Chief Secretary to the Treasury, who was the lead on this issue at the time, said in 1999:

“Our concerns about the Bill may be said to fall into two general areas. The first is the very wide power still vested in the FSA and the danger that any concentrated executive power can lead to abuse.”

We know all about that from this Chancellor and his reforms.

“The second is the danger of over-regulation, with consequential damage to the United Kingdom’s position.” —[Official Report, 28 June 1999; Vol.334, c. 44.]

Perhaps the hon. Member for South West Norfolk (Elizabeth Truss) needs to go back and read the Hansard of the time.

The Government’s second objection to a full judicial inquiry is one of speed. As the Prime Minister said on Monday—