To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 23 April (WA 298), whether UK Financial Investments Ltd has used its shareholder vote at any annual general meeting of a company of which it is a shareholder.

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 23 April (WA 298), whether UK Financial Investments Ltd has used its shareholder vote at any annual general meeting of a company of which it is a shareholder.

To ask the Chancellor of the Exchequer what assessment his Department has made of the effect on UK borrowers of the EU Bank Capital Requirements Directive.

To ask the Chancellor of the Exchequer what assessment his Department has made of the effect on UK borrowers of the EU Bank Capital Requirements Directive.

My honourable friend the Parliamentary Secretary, Cabinet Office (Mr Nick Hurd) has made the following Written Ministerial Statement. On 21 March last year, the Minister for the Cabinet Office and I updated the House on proposals and next steps for establishing a big society bank that would act as the...

My honourable friend the Parliamentary Secretary, Cabinet Office (Mr Nick Hurd) has made the following Written Ministerial Statement. On 21 March last year, the Minister for the Cabinet Office and I updated the House on proposals and next steps for establishing a big society bank that would act as the...

I beg to move, That the clause be read a Second time.

I beg to move, That the clause be read a Second time.

That should ideally be the situation, and when the new regulations are produced there should be a careful consideration of whether any up-front fees should be paid to debt management companies. New clause 10 would require mortgage lenders to inform existing customers about potential interest rate changes. I have to...

That should ideally be the situation, and when the new regulations are produced there should be a careful consideration of whether any up-front fees should be paid to debt management companies. New clause 10 would require mortgage lenders to inform existing customers about potential interest rate changes. I have to...

I appreciate the hon. Lady's comments, but if she cannot support the new clause, will she at least join me in encouraging the regulator to ensure that all banks think about informing customers of potential interest rate changes as a matter of course? One bank doing it would not be...

I appreciate the hon. Lady's comments, but if she cannot support the new clause, will she at least join me in encouraging the regulator to ensure that all banks think about informing customers of potential interest rate changes as a matter of course? One bank doing it would not be...

Yes, I do. Many people in the banking sector would probably disagree, but I believe that anything over 50% is far too high. It is obscene and immoral to allow companies to go on charging vast amounts of interest—I do not care who they are—and that is why we have...

Yes, I do. Many people in the banking sector would probably disagree, but I believe that anything over 50% is far too high. It is obscene and immoral to allow companies to go on charging vast amounts of interest—I do not care who they are—and that is why we have...

To ask Her Majesty's Government what assessment they have made of proposals for tighter controls over the London Interbank Offered Rate (Libor).

To ask Her Majesty's Government what assessment they have made of proposals for tighter controls over the London Interbank Offered Rate (Libor).

Financial Services Bill. Programme motion (No. 3) agreed to on division (277 votes to 183). Report stage of Bill as amended in Public Bill Committee, first day.

Financial Services Bill. Programme motion (No. 3) agreed to on division (277 votes to 183). Report stage of Bill as amended in Public Bill Committee, first day.

Does my hon. Friend agree that this is not just a matter of the relationship between the Government and this House, as it also relates to the relationship between the Government and the public? As we move into a period of austerity, if there is not sufficient accountability for the...

Does my hon. Friend agree that this is not just a matter of the relationship between the Government and this House, as it also relates to the relationship between the Government and the public? As we move into a period of austerity, if there is not sufficient accountability for the...

I thank my hon. Friend for giving way. Much as I support a good deal of what the hon. Member for North Swindon (Justin Tomlinson) said, I think he misunderstands the situation. Many of my constituents have tried to negotiate, but these companies will not respond to constituents individually as...

I thank my hon. Friend for giving way. Much as I support a good deal of what the hon. Member for North Swindon (Justin Tomlinson) said, I think he misunderstands the situation. Many of my constituents have tried to negotiate, but these companies will not respond to constituents individually as...

There is a sense of déjà vu, as the Bill Committee spent a lot of time debating this measure. The hon. Gentleman talks about what he perceives is the present Government's blind spot, but the previous Government's was clearly a regulatory system that was woefully inadequate to cope with the...

There is a sense of déjà vu, as the Bill Committee spent a lot of time debating this measure. The hon. Gentleman talks about what he perceives is the present Government's blind spot, but the previous Government's was clearly a regulatory system that was woefully inadequate to cope with the...

My hon. Friend is making a characteristically powerful speech about his concerns about various products and what the FCA should do to move things forward. I am concerned about some of the speeches and interventions from the Opposition, who are trying to be too prescriptive about what the FCA should...

My hon. Friend is making a characteristically powerful speech about his concerns about various products and what the FCA should do to move things forward. I am concerned about some of the speeches and interventions from the Opposition, who are trying to be too prescriptive about what the FCA should...

I will give way, but there are a number of other amendments I have to talk about.

I will give way, but there are a number of other amendments I have to talk about.

What is important is that the PRA establishes its process for consultation with regulated firms. It is required to set out in its annual report its process of consultation. In conclusion, this is an important part of the legislation, and I am very disappointed that the hon. Member for Nottingham...

What is important is that the PRA establishes its process for consultation with regulated firms. It is required to set out in its annual report its process of consultation. In conclusion, this is an important part of the legislation, and I am very disappointed that the hon. Member for Nottingham...

I appreciate the rationale that the hon. Gentleman is putting forward and that he is trying to protect customers, but I have to agree with my hon. Friend the Member for Vale of Glamorgan (Alun Cairns) on the impracticality of the proposal. There now seems to be a tendency to...

I appreciate the rationale that the hon. Gentleman is putting forward and that he is trying to protect customers, but I have to agree with my hon. Friend the Member for Vale of Glamorgan (Alun Cairns) on the impracticality of the proposal. There now seems to be a tendency to...

Will the hon. Gentleman give way?

Will the hon. Gentleman give way?

I was just coming to my conclusion and am conscious that other Members wish to speak, so I will not give way. I simply urge the House to vote for the amendment in the hope that the House of Lords will improve clause 5.

I was just coming to my conclusion and am conscious that other Members wish to speak, so I will not give way. I simply urge the House to vote for the amendment in the hope that the House of Lords will improve clause 5.

One can see many scenarios. I have seen many political philanthropists since I have been a Member of Parliament. I worry because they come to the House as politicians, but seem not to want to do anything or take any responsibility. They have offloaded power to quangos and agencies, and...

One can see many scenarios. I have seen many political philanthropists since I have been a Member of Parliament. I worry because they come to the House as politicians, but seem not to want to do anything or take any responsibility. They have offloaded power to quangos and agencies, and...

I agree with very much of what my hon. Friend says. When the Bank of England was given its independence—so-called—I thought that if it started to fly in the face of what was obviously sensible for the economy, a Government might choose to take that independence back to the Treasury...

I agree with very much of what my hon. Friend says. When the Bank of England was given its independence—so-called—I thought that if it started to fly in the face of what was obviously sensible for the economy, a Government might choose to take that independence back to the Treasury...