Banking Bill

As I said, these are unprecedented events. Lessons are being learned right across the world about international regulation and the operation of domestic regulatory regimes. It does not make sense to go back to a situation in which regulation of the banking system is separate from regulation of insurance services, for instance. In today's modern capital markets, it is right that there is a single regulatory structure. The shadow Chancellor made reference to Equitable Life. Although he is not in his place, and indeed this is not in the Bill, I want to respond by saying that, as the House will be aware, the parliamentary ombudsman published a long and complex report in the summer. We are considering her report carefully and we will give our response to the House later this autumn.