In Committee, it is normal to address the amendments and not opposition parties’ policy documents.

In Committee, it is normal to address the amendments and not opposition parties’ policy documents.

My Lords, I have some experience of ring-fencing as, in my capacity as the chairman of the risk committee of a major bank, I oversaw the implementation of ring-fencing. At that time, it was a significant risk to the bank that we would not be in compliance with the ring-fencing...

My Lords, I have some experience of ring-fencing as, in my capacity as the chairman of the risk committee of a major bank, I oversaw the implementation of ring-fencing. At that time, it was a significant risk to the bank that we would not be in compliance with the ring-fencing...

My Lords, I understand the point that the noble Lord is trying to make, but I argue that the risk of the taxpayer picking up the tab is now considerably lower, which means that it is reasonable to re-examine whether ring-fencing should be an ongoing part of the regime.

I was...

My Lords, I understand the point that the noble Lord is trying to make, but I argue that the risk of the taxpayer picking up the tab is now considerably lower, which means that it is reasonable to re-examine whether ring-fencing should be an ongoing part of the regime.

I was...

Not content.

Not content.

I am merely keeping to what I said on the first Committee day.

I am merely keeping to what I said on the first Committee day.

Moved by

Baroness Noakes

152: Clause 37, page 43, line 10, leave out “section 408A” and insert “sections 408A or 408B”

Member’s explanatory statement

This amendment requires the Treasury to consult the regulators about regulations which designate countries or territories for recognition.

Moved by

Baroness Noakes

152: Clause 37, page 43, line 10, leave out “section 408A” and insert “sections 408A or 408B”

Member’s explanatory statement

This amendment requires the Treasury to consult the regulators about regulations which designate countries or territories for recognition.

My Lords, in moving this amendment, I will speak also to Amendment 153 and the Clause 37 stand part notice.

I am instinctively suspicious of Clause 37 because I think that the best people to judge whether overseas financial services firms should be able to operate in the UK, and to...

My Lords, in moving this amendment, I will speak also to Amendment 153 and the Clause 37 stand part notice.

I am instinctively suspicious of Clause 37 because I think that the best people to judge whether overseas financial services firms should be able to operate in the UK, and to...

Before I decide what to do with my amendment, I ask the Minister—because I may not have been paying attention—whether he explained why there is a requirement to consult the regulators for powers under new Section 408A but not under new Section 408B.

Before I decide what to do with my amendment, I ask the Minister—because I may not have been paying attention—whether he explained why there is a requirement to consult the regulators for powers under new Section 408A but not under new Section 408B.

The Minister is stacking up rather a lot of letters that need to be written.

I thank all noble Lords who have spoken in this debate. It raises important issues. The Minister said, in relation to consultation, that the Treasury would summarise the evidence. That is not the same as being...

The Minister is stacking up rather a lot of letters that need to be written.

I thank all noble Lords who have spoken in this debate. It raises important issues. The Minister said, in relation to consultation, that the Treasury would summarise the evidence. That is not the same as being...

The Minister referred to the four workstreams that the Chancellor set up last year. Can he say when firms might feel any difference?

The Minister referred to the four workstreams that the Chancellor set up last year. Can he say when firms might feel any difference?

Moved by

Baroness Noakes

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

“Offices for regulatory evaluation

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) After section 1RB (requirements in connection with public consultations), insert—

“FCA Office for Regulatory Evaluation

1RC FCA Office for Regulatory Evaluation

(1) The FCA must establish and maintain...

Moved by

Baroness Noakes

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

“Offices for regulatory evaluation

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) After section 1RB (requirements in connection with public consultations), insert—

“FCA Office for Regulatory Evaluation

1RC FCA Office for Regulatory Evaluation

(1) The FCA must establish and maintain...

My Lords, I am grateful to the noble Baroness, Lady Bowles of Berkhamsted, the noble Lord, Lord Vaux of Harrowden, and my noble friend Lord Bridges of Headley for adding their names to this amendment.

Last week, we debated the need for more extensive regulatory evaluation in order to hold the...

My Lords, I am grateful to the noble Baroness, Lady Bowles of Berkhamsted, the noble Lord, Lord Vaux of Harrowden, and my noble friend Lord Bridges of Headley for adding their names to this amendment.

Last week, we debated the need for more extensive regulatory evaluation in order to hold the...

My Lords, I thank all noble Lords who have taken part in this short debate. I know that it is, in part, a repeat of debates we have

held already in Committee, but it is bringing together such an important issue, which is the strength of the accountability mechanisms for...

My Lords, I thank all noble Lords who have taken part in this short debate. I know that it is, in part, a repeat of debates we have

held already in Committee, but it is bringing together such an important issue, which is the strength of the accountability mechanisms for...

Not content.

Not content.

The Minister and I had a meeting on this last week, so I am surprised that he is raising the issue today. I notified on Friday that I would be continuing the line that I had taken on the first Committee day.

The Minister and I had a meeting on this last week, so I am surprised that he is raising the issue today. I notified on Friday that I would be continuing the line that I had taken on the first Committee day.

My Lords, I will just comment briefly. I completely agree with the notion that wholesale markets and retail markets should be dealt with separately for the reasons that have been given. I am less than clear that a structural solution, such as the one proposed by my noble friend Lord...

My Lords, I will just comment briefly. I completely agree with the notion that wholesale markets and retail markets should be dealt with separately for the reasons that have been given. I am less than clear that a structural solution, such as the one proposed by my noble friend Lord...

My Lords, I have Amendments 83, 84, 85 and 86 in this group, and I thank my noble friend Lady Neville-Rolfe for adding her name to the first three of them. We are continuing our examination of the role of the regulatory principles, which we debated to some extent on...

My Lords, I have Amendments 83, 84, 85 and 86 in this group, and I thank my noble friend Lady Neville-Rolfe for adding her name to the first three of them. We are continuing our examination of the role of the regulatory principles, which we debated to some extent on...

I am afraid the noble Lord is going to be assailed from all sides. I was glad to hear the Minister refer to the work that the committee did in relation to the enforcement proposals, otherwise

known as naming and shaming. Is he aware that if the proposals in Clause...

I am afraid the noble Lord is going to be assailed from all sides. I was glad to hear the Minister refer to the work that the committee did in relation to the enforcement proposals, otherwise

known as naming and shaming. Is he aware that if the proposals in Clause...

To return to the question of the 2006 Act, the Minister said that FSMA’s regulatory principles have been specially crafted for financial services. They have, over a period of time; they have changed rather a lot since they were first put into FSMA. However, when the 2006 Act was passed,...

To return to the question of the 2006 Act, the Minister said that FSMA’s regulatory principles have been specially crafted for financial services. They have, over a period of time; they have changed rather a lot since they were first put into FSMA. However, when the 2006 Act was passed,...

My Lords, I will be brief because much of what needs to be said on this topic has already been said. I will not detain the Committee for long but, as I have added my name to the clause stand part notice, I thought that it was worth me reiterating...

My Lords, I will be brief because much of what needs to be said on this topic has already been said. I will not detain the Committee for long but, as I have added my name to the clause stand part notice, I thought that it was worth me reiterating...