Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase access to finance for growing businesses and position the UK at the forefront of financial...

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase access to finance for growing businesses and position the UK at the forefront of financial...

My honourable friend, Rachel Reeves MP (Chancellor of the Exchequer) has today made the following statement.

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase...

My honourable friend, Rachel Reeves MP (Chancellor of the Exchequer) has today made the following statement.

Last night I delivered my annual Mansion House speech at the Financial and Professional Services Dinner at Mansion House.

In my speech, I announced a package of further reforms to unlock investment across the country, increase...

Lords committee stage fourth day. Clauses 20 to 22 agreed to.

Lords committee stage fourth day. Clauses 20 to 22 agreed to.

My Lords, I am sure everyone has reread the Hansard transcript and is fully on top of the debate that took place on Monday, so I will attempt to keep my remarks brief.

I am tempted to engage with the challenge from the noble Lord, Lord Bridges, on this group of...

My Lords, I am sure everyone has reread the Hansard transcript and is fully on top of the debate that took place on Monday, so I will attempt to keep my remarks brief.

I am tempted to engage with the challenge from the noble Lord, Lord Bridges, on this group of...

My Lords, for me, the group speaks to the essential balance which underpins the purpose and function of effective financial regulation. Of course regulation must promote safety, stability and confidence in the system, but regulation must also support growth, competitiveness and innovation. It must help ensure that the United Kingdom...

My Lords, for me, the group speaks to the essential balance which underpins the purpose and function of effective financial regulation. Of course regulation must promote safety, stability and confidence in the system, but regulation must also support growth, competitiveness and innovation. It must help ensure that the United Kingdom...

My Lords, the Government share the views of many in this debate, particularly on the importance of ensuring that the secondary growth and competitiveness objectives are comprehensively embedded in the work of the regulators. That is why the Bill legislates to extend the requirement for the regulators to produce annual...

My Lords, the Government share the views of many in this debate, particularly on the importance of ensuring that the secondary growth and competitiveness objectives are comprehensively embedded in the work of the regulators. That is why the Bill legislates to extend the requirement for the regulators to produce annual...

My Lords, I thank all noble Lords who have spoken today and the previous day. These amendments all relate to the secondary competitive and growth objective. I think that we share the same desire to have an effective secondary competitive and growth objective, which my lead amendment, in particular, was...

My Lords, I thank all noble Lords who have spoken today and the previous day. These amendments all relate to the secondary competitive and growth objective. I think that we share the same desire to have an effective secondary competitive and growth objective, which my lead amendment, in particular, was...

Moved by

Baroness Neville-Rolfe

105: Clause 21, page 26, line 3, leave out “changing” and insert “reducing”

Member’s explanatory statement

These amendments ensure that the Treasury has the power to reduce various time limits for regulatory approvals, but not to increase them.

Moved by

Baroness Neville-Rolfe

105: Clause 21, page 26, line 3, leave out “changing” and insert “reducing”

Member’s explanatory statement

These amendments ensure that the Treasury has the power to reduce various time limits for regulatory approvals, but not to increase them.

My Lords, I rise enthusiastically —we have to get going for the football—to move Amendment 105, in my name and the name of my noble friend Lord Altrincham. I will also speak to the other amendments in the group.

I am grateful to my noble friend Lord Holmes for his amendments,...

My Lords, I rise enthusiastically —we have to get going for the football—to move Amendment 105, in my name and the name of my noble friend Lord Altrincham. I will also speak to the other amendments in the group.

I am grateful to my noble friend Lord Holmes for his amendments,...

My Lords, what a pleasure it is to follow my noble friend Lady Neville-Rolfe. I agree with everything she said, with all the principles she set out and with the amendments in this group.

I shall speak to Amendment 106 and the other amendments in my name. We are asking a...

My Lords, what a pleasure it is to follow my noble friend Lady Neville-Rolfe. I agree with everything she said, with all the principles she set out and with the amendments in this group.

I shall speak to Amendment 106 and the other amendments in my name. We are asking a...

My Lords, I declare my interest as an employee of Marsh, an FCA-regulated entity. These amendments in the names of my noble friends Lady Neville-Rolfe, Lord Altrincham and Lord Holmes concern Clause 21, which I very much welcome in principle. The improvements to regulators’ approval timelines are a positive step,...

My Lords, I declare my interest as an employee of Marsh, an FCA-regulated entity. These amendments in the names of my noble friends Lady Neville-Rolfe, Lord Altrincham and Lord Holmes concern Clause 21, which I very much welcome in principle. The improvements to regulators’ approval timelines are a positive step,...

My Lords, I should like to speak briefly and, in so doing, declare my interest as an adviser to and shareholder in Banco Santander. I very much support these amendments. I think that we would all agree that we want our regulations and the entire process to be simple and...

My Lords, I should like to speak briefly and, in so doing, declare my interest as an adviser to and shareholder in Banco Santander. I very much support these amendments. I think that we would all agree that we want our regulations and the entire process to be simple and...

My Lords, my Amendment 151 seeks to enable employment in the financial services industry to be made more efficient. At present, Section 55V of FSMA requires the Financial Conduct Authority to determine a complete application for Part 4A permission within six months and an incomplete application within 12 months. These...

My Lords, my Amendment 151 seeks to enable employment in the financial services industry to be made more efficient. At present, Section 55V of FSMA requires the Financial Conduct Authority to determine a complete application for Part 4A permission within six months and an incomplete application within 12 months. These...

My Lords, I am grateful to the noble Baroness, Lady Neville-Rolfe, and the noble Lords, Lord Altrincham and Lord Holmes, for tabling these amendments on statutory deadlines for regulatory approvals. The Government agree that determining authorisations and other regulatory applications must be prompt and proportionate, while maintaining high standards, and...

My Lords, I am grateful to the noble Baroness, Lady Neville-Rolfe, and the noble Lords, Lord Altrincham and Lord Holmes, for tabling these amendments on statutory deadlines for regulatory approvals. The Government agree that determining authorisations and other regulatory applications must be prompt and proportionate, while maintaining high standards, and...

I would like some clarification from the Minister. Does he have, at his fingertips, figures around the stop the clock function? Are the Government currently satisfied with how the function is being used?

I would like some clarification from the Minister. Does he have, at his fingertips, figures around the stop the clock function? Are the Government currently satisfied with how the function is being used?

Let me come back to the noble Lord with that data; I had it in the original draft, but it seems that we have passed it out. I will write to the noble Lord over the coming days.

Our belief is that the right answer is not to hardwire this procedural...

Let me come back to the noble Lord with that data; I had it in the original draft, but it seems that we have passed it out. I will write to the noble Lord over the coming days.

Our belief is that the right answer is not to hardwire this procedural...

I thank the Minister for those statistics and very much appreciate him having them in front of him. This ability to elucidate such detail is incredibly helpful. He set out the importance

of enabling the regulator to continue to have the option to increase timelines, rather than just having them...

I thank the Minister for those statistics and very much appreciate him having them in front of him. This ability to elucidate such detail is incredibly helpful. He set out the importance

of enabling the regulator to continue to have the option to increase timelines, rather than just having them...

I understand that the regulator does not have the power to increase deadlines without our consent.

I understand that the regulator does not have the power to increase deadlines without our consent.

The wording in the Bill is “changing”, so it can go up or down, but we are asking for it to be reduced. That is significantly different.

The wording in the Bill is “changing”, so it can go up or down, but we are asking for it to be reduced. That is significantly different.