Motion to consider. Agreed to on question.

Motion to consider. Agreed to on question.

Motion to consider. Agreed to on question.

Motion to consider. Agreed to on question.

My Lords, I thank the Minister for introducing these orders. I will take them in reverse order, so to speak, since the major issue of the amendments relating to LIBOR and its subsequent management is the most weighty, and we can take some of the later amendments perhaps more quickly...

My Lords, I thank the Minister for introducing these orders. I will take them in reverse order, so to speak, since the major issue of the amendments relating to LIBOR and its subsequent management is the most weighty, and we can take some of the later amendments perhaps more quickly...

My Lords, the Government have been clear that the attempted manipulation of the London interbank offered rate is completely unacceptable and has no place in the UK’s financial services industry. That is why we moved quickly after the initial revelations emerged to ask Martin Wheatley, the chief executive-designate of the...

My Lords, the Government have been clear that the attempted manipulation of the London interbank offered rate is completely unacceptable and has no place in the UK’s financial services industry. That is why we moved quickly after the initial revelations emerged to ask Martin Wheatley, the chief executive-designate of the...

My Lords, I shall try to keep my comments brief and, if I may, to follow the order in which the noble Lord, Lord Eatwell, addressed the orders to make life a little easier for the Minister. On those elements of the order that attempt to make sure that the...

My Lords, I shall try to keep my comments brief and, if I may, to follow the order in which the noble Lord, Lord Eatwell, addressed the orders to make life a little easier for the Minister. On those elements of the order that attempt to make sure that the...

My Lords, I am extremely grateful to noble Lords who have contributed to the debate and will attempt to answer the questions they have raised. The first questions related to the effect of the tearing up, or bifurcation, of the rulebook and how continuity will be retained. I hope that...

My Lords, I am extremely grateful to noble Lords who have contributed to the debate and will attempt to answer the questions they have raised. The first questions related to the effect of the tearing up, or bifurcation, of the rulebook and how continuity will be retained. I hope that...

The noble Lord has put his finger on absolutely the point that Mr Haldane was making, which is that the excessive complexity of regulation these days is actually being trapped in a game between the regulated and the regulators; as the regulated develop yet more complex instruments, the regulator responds...

The noble Lord has put his finger on absolutely the point that Mr Haldane was making, which is that the excessive complexity of regulation these days is actually being trapped in a game between the regulated and the regulators; as the regulated develop yet more complex instruments, the regulator responds...

My Lords, I have a lot of sympathy with that view. Of course, one of the reasons why, in a slightly different bit of the forest, we are introducing the general anti-abuse rule is to start moving away from a situation in which the regulator is not only almost institutionally...

My Lords, I have a lot of sympathy with that view. Of course, one of the reasons why, in a slightly different bit of the forest, we are introducing the general anti-abuse rule is to start moving away from a situation in which the regulator is not only almost institutionally...

I see that, but to whom is interim permission being given—by whom and to whom?

4 pm

I see that, but to whom is interim permission being given—by whom and to whom?

4 pm

I believe—and I stand ready to be corrected—that it is being given to the existing LIBOR setting structure until the new one is in place. If I am wrong, I am sure that I will be corrected reasonably quickly. Indeed, it is being given to the BBA by the FCA...

I believe—and I stand ready to be corrected—that it is being given to the existing LIBOR setting structure until the new one is in place. If I am wrong, I am sure that I will be corrected reasonably quickly. Indeed, it is being given to the BBA by the FCA...

Motion to consider. Agreed to on question.

Motion to consider. Agreed to on question.

Financial Services Bill: amendments to be moved on report. 10 p.

Financial Services Bill: amendments to be moved on report. 10 p.

At the end of June it was revealed that LIBOR—the London interbank offered rate, the benchmark used in trillions of pounds worth of financial contracts—had been subject to repeated attempts at manipulation.

The attempted manipulation of LIBOR is totally unacceptable and has further undermined trust in the financial services industry—without which...

At the end of June it was revealed that LIBOR—the London interbank offered rate, the benchmark used in trillions of pounds worth of financial contracts—had been subject to repeated attempts at manipulation.

The attempted manipulation of LIBOR is totally unacceptable and has further undermined trust in the financial services industry—without which...

My honourable friend the Financial Secretary to the Treasury (Greg Clark) has today made the following Written Ministerial Statement.

At the end of June it was revealed that LIBOR—the London Interbank Offered Rate, the benchmark used in trillions of pounds worth of financial contracts—had been subject to repeated attempts at manipulation....

My honourable friend the Financial Secretary to the Treasury (Greg Clark) has today made the following Written Ministerial Statement.

At the end of June it was revealed that LIBOR—the London Interbank Offered Rate, the benchmark used in trillions of pounds worth of financial contracts—had been subject to repeated attempts at manipulation....