My Lords, what an important debate this has been. It has highlighted some of the difficulties facing the FCA in its wide remit, covering both wholesale and retail markets. I am grateful to my noble friend Lord Ashcombe; as he pointed out, industry needs certainty. I warmly welcome the contribution...

My Lords, what an important debate this has been. It has highlighted some of the difficulties facing the FCA in its wide remit, covering both wholesale and retail markets. I am grateful to my noble friend Lord Ashcombe; as he pointed out, industry needs certainty. I warmly welcome the contribution...

Moved by

Lord Hunt of Wirral

142A: After Clause 22, insert the following new Clause—

“FCA: wholesale markets and firms division

(1) The FCA must, within 12 months of the day on which this Act is passed—

(a) establish and maintain a dedicated unit (a “Wholesale Markets and Firms Division”) within its organisation, and

(b) appoint...

Moved by

Lord Hunt of Wirral

142A: After Clause 22, insert the following new Clause—

“FCA: wholesale markets and firms division

(1) The FCA must, within 12 months of the day on which this Act is passed—

(a) establish and maintain a dedicated unit (a “Wholesale Markets and Firms Division”) within its organisation, and

(b) appoint...

My Lords, in moving Amendment 142A and speaking to the other amendments in this group, which I also support, I am asking for the FCA to be able to develop a dedicated division to undertake its regulatory activities regarding wholesale market participants.

This amendment is all about ensuring that in what...

My Lords, in moving Amendment 142A and speaking to the other amendments in this group, which I also support, I am asking for the FCA to be able to develop a dedicated division to undertake its regulatory activities regarding wholesale market participants.

This amendment is all about ensuring that in what...

I thank my noble friend.

I thank my noble friend.

My Lords, to echo what my noble friend Lord Lansley has just said, we are reflecting at the moment on how this country is governed and the extent to which the Executive can be held to account.

In many ways we take pride in our committees. I know from what he...

My Lords, to echo what my noble friend Lord Lansley has just said, we are reflecting at the moment on how this country is governed and the extent to which the Executive can be held to account.

In many ways we take pride in our committees. I know from what he...

Moved by

Lord Hunt of Wirral

48: Clause 9, page 9, line 33, at end insert—

“(5) Regulations made under this section that amend or replace primary legislation must be subject to the affirmative resolution procedure.

(6) Before making any regulations under this section, the Secretary of State must—

(a) conduct a consultation for a...

Moved by

Lord Hunt of Wirral

48: Clause 9, page 9, line 33, at end insert—

“(5) Regulations made under this section that amend or replace primary legislation must be subject to the affirmative resolution procedure.

(6) Before making any regulations under this section, the Secretary of State must—

(a) conduct a consultation for a...

My Lords, I do not think that there is any need to detain the House very much longer, except to say one thing. The noble Lord, Lord Hunt of Kings Heath, was shouting from a sedentary position when I quoted him earlier. I just remind him that he said the...

My Lords, I do not think that there is any need to detain the House very much longer, except to say one thing. The noble Lord, Lord Hunt of Kings Heath, was shouting from a sedentary position when I quoted him earlier. I just remind him that he said the...

Moved by

Lord Hunt of Wirral

2: Clause 1, page 1, line 3, leave out subsection (1)

Moved by

Lord Hunt of Wirral

2: Clause 1, page 1, line 3, leave out subsection (1)

My Lords, in moving Amendment 2, I will speak also to Amendment 60, both standing in the name of my noble friend Lord Sharpe of Epsom. Amendment 2 seeks to remove the broad powers granted to the Secretary of State under “Product regulations”.

As my noble friend stated in Committee:

“Clause 1...

My Lords, in moving Amendment 2, I will speak also to Amendment 60, both standing in the name of my noble friend Lord Sharpe of Epsom. Amendment 2 seeks to remove the broad powers granted to the Secretary of State under “Product regulations”.

As my noble friend stated in Committee:

“Clause 1...

My Lords, this has been a fascinating debate. I thank the Minister for his kind tribute to me at the start of his remarks. We have had a good tour d’horizon. It reminds me of someone I always counted on in moments like this; we still hugely miss Lord Judge....

My Lords, this has been a fascinating debate. I thank the Minister for his kind tribute to me at the start of his remarks. We have had a good tour d’horizon. It reminds me of someone I always counted on in moments like this; we still hugely miss Lord Judge....

My Lords, while the Minister recovers his breath, we will all carefully reflect on every word that he has just said but, given the speed with which he delivered that speech, I hope he will forgive me if I do not respond in detail. I shall just deal with what...

My Lords, while the Minister recovers his breath, we will all carefully reflect on every word that he has just said but, given the speed with which he delivered that speech, I hope he will forgive me if I do not respond in detail. I shall just deal with what...

You look very clean!

You look very clean!

My Lords, I declare my interests as set out in the register and, in confessional spirit perhaps, remind noble Lords that I was the founding chair of the Independent Press Standards Organisation. I strongly support the Bill in principle and am delighted to follow my noble friend Lord Black of...

My Lords, I declare my interests as set out in the register and, in confessional spirit perhaps, remind noble Lords that I was the founding chair of the Independent Press Standards Organisation. I strongly support the Bill in principle and am delighted to follow my noble friend Lord Black of...

My Lords, I draw attention to my financial services and legal interests as set out in the register, and that I am co-chair of the All-Party Parliamentary Group for Insurance and Financial Services.

As many speakers have pointed out, this Bill represents a golden opportunity to adapt to the new reality...

My Lords, I draw attention to my financial services and legal interests as set out in the register, and that I am co-chair of the All-Party Parliamentary Group for Insurance and Financial Services.

As many speakers have pointed out, this Bill represents a golden opportunity to adapt to the new reality...

Wow. My Lords, may I first draw attention to my interests as set out in the register, in particular as a partner in the global commercial law firm DAC Beachcroft.

It is a privilege to follow my noble friend Lord Vaizey of Didcot, who has accomplished a tremendous amount in the...

Wow. My Lords, may I first draw attention to my interests as set out in the register, in particular as a partner in the global commercial law firm DAC Beachcroft.

It is a privilege to follow my noble friend Lord Vaizey of Didcot, who has accomplished a tremendous amount in the...

My Lords, I draw attention to my entry in the register of interests, particularly to my partnership in DAC Beachcroft and my role as senior independent director of LINK.

I want to focus today on competitiveness, although it is a pleasure to follow the noble Lord, Lord Bilimoria, with his compendium...

My Lords, I draw attention to my entry in the register of interests, particularly to my partnership in DAC Beachcroft and my role as senior independent director of LINK.

I want to focus today on competitiveness, although it is a pleasure to follow the noble Lord, Lord Bilimoria, with his compendium...

My Lords, I draw attention to my interests as set out in the register. I recognise that these are probing amendments, but I exhort my noble friend the Minister not to underestimate either the strength of feeling on the question of international competitiveness or its importance to a sector vital...

My Lords, I draw attention to my interests as set out in the register. I recognise that these are probing amendments, but I exhort my noble friend the Minister not to underestimate either the strength of feeling on the question of international competitiveness or its importance to a sector vital...

My Lords, I listened with great care to the noble Lord, Lord Grantchester, but I have to tell him that I do not think that this amendment makes sense. I very much agree with the noble Lord, Lord Redesdale.

The noble Lord, Lord Grantchester, stressed the importance of getting this right....

My Lords, I listened with great care to the noble Lord, Lord Grantchester, but I have to tell him that I do not think that this amendment makes sense. I very much agree with the noble Lord, Lord Redesdale.

The noble Lord, Lord Grantchester, stressed the importance of getting this right....

My Lords, I declare my interests as set out in the register, as I have just entered the 50th year of my partnership in the global legal firm DAC Beachcroft. I also chair the British Insurance Brokers’ Association. Colleagues will recall that I have made a number of speeches about...

My Lords, I declare my interests as set out in the register, as I have just entered the 50th year of my partnership in the global legal firm DAC Beachcroft. I also chair the British Insurance Brokers’ Association. Colleagues will recall that I have made a number of speeches about...

In declaring my interests as set out in the register, I welcome the Bill. I particularly welcome the establishment of a single financial guidance body. I do not want to spend any time on Part 1 except to flag up five issues to which I will return in Committee—I understand...

In declaring my interests as set out in the register, I welcome the Bill. I particularly welcome the establishment of a single financial guidance body. I do not want to spend any time on Part 1 except to flag up five issues to which I will return in Committee—I understand...