My Lords, I thank all who have spoken for their excellent contributions. I will make three quick points. First, in the course of the afternoon, I opened the Explanatory Notes, which is always a bit of a danger. I just want to put on the record that paragraph 2 states:

“These...

My Lords, I thank all who have spoken for their excellent contributions. I will make three quick points. First, in the course of the afternoon, I opened the Explanatory Notes, which is always a bit of a danger. I just want to put on the record that paragraph 2 states:

“These...

The department wants the highest-quality leaders in our schools. However, executive remuneration must demonstrate clear value for money for pupils and parents and remain proportionate to that of individuals undertaking comparable roles in other parts of the public sector.

The evidence shows that, in some cases, executive pay has risen disproportionately...

The department wants the highest-quality leaders in our schools. However, executive remuneration must demonstrate clear value for money for pupils and parents and remain proportionate to that of individuals undertaking comparable roles in other parts of the public sector.

The evidence shows that, in some cases, executive pay has risen disproportionately...

To ask the Secretary of State for Education, whether she has assessed the potential impact of the proposed executive pay approval process on recruitment to academy trust leadership posts.

To ask the Secretary of State for Education, whether she has assessed the potential impact of the proposed executive pay approval process on recruitment to academy trust leadership posts.

The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.

The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.

New clause 50 debated and negatived on division (4 to 9). New clause 51 debated and withdrawn. New clause 52 negatived on division (1 to 9). New clause 56 negatived on division (1 to 9). New clause 57, discussed with new clauses 58 and 104, debated and withdrawn. New clause 66 debated and negatived on division (4 to 8). New clause 72 debated and negatived on division (2 to 9). New clause 76 negatived on division (1 to 13). New clause 77 debated and withdrawn. New clause 81, discussed with new clause 82, debated and negatived on division (4 to 9). New clause 82 negatived on division (4 to 9). New clause 83 debated and negatived on division (4 to 10). New clause 84 negatived on division (5 to 9). New clause 85, discussed with new clause 98, debated and negatived on division (5 to 9). New clause 86 debated and negatived on division (4 to 9). New clause 87, discussed with new clause 113, debated and negatived on division (5 to 9). New clause 96, discussed with new clause 97, debated and withdrawn. New clause 97 negatived on division (5 to 9). New clause 98 negatived on division (5 to 9). New clause 99 debated and negatived on division (4 to 9). New clause 101 debated and negatived on division (4 to 9). New clause 104 negatived on division (5 to 9). New clause 105, discussed with new clause 106, debated and negatived on division (4 to 9). New clause 106 negatived on division (4 to 9). New clause 108, discussed with new clause 109, debated and withdrawn. New clause 109 negatived on division (5 to 9). New clause 112, discussed with new clauses 110 and 111, debated and negatived on division (4 to 9). New schedule 1 agreed to. Clauses 68 and 69 agreed to. Clause 70, as amended, agreed to. Amendment 37 to clause 71 negatived on division (4 to 9). Amendment 38 to clause 71 negatived on division (4 to 9). Amendment 39 to clause 71 negatived on division (5 to 9). Clause 71, as amended, agreed to. Clause 72 agreed to. Bill, as amended, to be reported (Bill 131). Written evidence reported to the House.

New clause 50 debated and negatived on division (4 to 9). New clause 51 debated and withdrawn. New clause 52 negatived on division (1 to 9). New clause 56 negatived on division (1 to 9). New clause 57, discussed with new clauses 58 and 104, debated and withdrawn. New clause...

I rise to speak to the Motion that Clause 40 does not stand part. As I explained at Second Reading, I have no professional knowledge of the banking industry but, because of circumstances, for more than 14 years I have been in this Room talking about the finance industry and...

I rise to speak to the Motion that Clause 40 does not stand part. As I explained at Second Reading, I have no professional knowledge of the banking industry but, because of circumstances, for more than 14 years I have been in this Room talking about the finance industry and...

I support Amendment 160A. I want to start by briefly addressing a couple of issues raised by the noble Lord, Lord Pitt-Watson. Most importantly, I want briefly to quote the conclusions of the Skeoch report. The panel judges that the ring-fence

“is worth retaining at present”

but adds a number of considerations:

“The...

I support Amendment 160A. I want to start by briefly addressing a couple of issues raised by the noble Lord, Lord Pitt-Watson. Most importantly, I want briefly to quote the conclusions of the Skeoch report. The panel judges that the ring-fence

“is worth retaining at present”

but adds a number of considerations:

“The...

I did indeed talk to senior members of the Skeoch commission before writing my speech, and what I said is completely consistent with the conclusions of the Skeoch commission, which was set up by the previous Conservative Government, as I said.

I did indeed talk to senior members of the Skeoch commission before writing my speech, and what I said is completely consistent with the conclusions of the Skeoch commission, which was set up by the previous Conservative Government, as I said.

I am just reading the conclusions from the report, my Lords. They make it very clear that the continuation of ring-fencing made sense at the time the report was written, but the commission clearly envisaged that it might not be needed over the passage of time. I also remind noble...

I am just reading the conclusions from the report, my Lords. They make it very clear that the continuation of ring-fencing made sense at the time the report was written, but the commission clearly envisaged that it might not be needed over the passage of time. I also remind noble...

I find it difficult to believe that someone has told me that the withdrawal of Glass-Steagall, which took place 13 years before the global financial crisis, had no detriment to the American banking system. As I say, I have read the Skeoch report and discussed it with senior members of...

I find it difficult to believe that someone has told me that the withdrawal of Glass-Steagall, which took place 13 years before the global financial crisis, had no detriment to the American banking system. As I say, I have read the Skeoch report and discussed it with senior members of...

I also draw attention to the abolition of FOS, which the noble Lord mentioned. I draw the Committee’s attention to Amendment 172A, which discusses the changes proposed to FOS. It is to be abolished and replaced with something called the financial adjudication service, which is a broadly similar methodology to...

I also draw attention to the abolition of FOS, which the noble Lord mentioned. I draw the Committee’s attention to Amendment 172A, which discusses the changes proposed to FOS. It is to be abolished and replaced with something called the financial adjudication service, which is a broadly similar methodology to...

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...

There were two points, one of which is that the Skeoch report says that the numbers given are not its numbers. The report is clear that whatever the cost of ring-fencing, it is not a cost to the economy—this is what the Vickers report said earlier

—and that, by removing...

There were two points, one of which is that the Skeoch report says that the numbers given are not its numbers. The report is clear that whatever the cost of ring-fencing, it is not a cost to the economy—this is what the Vickers report said earlier

—and that, by removing...

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...

My Lords, it has been an unusual experience to have had a debate with two sides to it on the Bill; the Minister must be pleased about that. I am afraid that I sit firmly on the fence—indeed, on the ring-fence. I am in two minds on this issue. Ring-fencing...

My Lords, it has been an unusual experience to have had a debate with two sides to it on the Bill; the Minister must be pleased about that. I am afraid that I sit firmly on the fence—indeed, on the ring-fence. I am in two minds on this issue. Ring-fencing...

My Lords, I am delighted to have the debate, and I am very grateful to the noble Lord, Lord Pitt-Watson, for raising questions which have encouraged debate, but I support my noble friend Lady Neville-Rolfe’s opposition to Clause 39 standing part of the Bill. I also support her Amendment 160A...

My Lords, I am delighted to have the debate, and I am very grateful to the noble Lord, Lord Pitt-Watson, for raising questions which have encouraged debate, but I support my noble friend Lady Neville-Rolfe’s opposition to Clause 39 standing part of the Bill. I also support her Amendment 160A...

I wonder whether there might be some confusion here. The thing about the ring-fence is that there are activities within it that the Government are promising to bail out. Those things are being insured. By the way, the move in the ring-fence proposed by the Government will extend these a...

I wonder whether there might be some confusion here. The thing about the ring-fence is that there are activities within it that the Government are promising to bail out. Those things are being insured. By the way, the move in the ring-fence proposed by the Government will extend these a...

I thank the noble Lord, but it is about where the line is drawn in law, so that businesses can be certain and have predictability, because activities change day by day.

I thank the noble Lord, but it is about where the line is drawn in law, so that businesses can be certain and have predictability, because activities change day by day.

With respect, that is what Skeoch is recommending and what is being allowed in what we are being asked to accept here—there is an extension of the ring-fence. He is saying, “Look, there are other important activities that go beyond the ring-fence that are administratively complicated for the banks. Please...

With respect, that is what Skeoch is recommending and what is being allowed in what we are being asked to accept here—there is an extension of the ring-fence. He is saying, “Look, there are other important activities that go beyond the ring-fence that are administratively complicated for the banks. Please...