Financial Services Bill

I followed the arguments made by the hon. Member for Foyle (Mark Durkan) closely and I liked his metaphor about the twilight zone, because the Minister and I have discussed the Presbyterian Mutual Society and just where it sits in the regulatory framework. If the hon. Member for Foyle is arguing that the same twilight zone applies to credit unions, he has an important case to make about rationalising the regulation of credit unions and putting credit unions in Northern Ireland on a common footing with those in Britain. The fact that he has been able to demonstrate cross-party support for his initiative, not just by the signatories to his new clause, but by the unanimous report from the Assembly, indicates to me that there is a consensus. The Minister may have some more thoughts about the timetable point that the hon. Gentleman raised, but my concern relates to the separation between the registration of credit unions by DETI and the ongoing supervision and regulation by the FSA. The Minister will be more familiar with this because of his previous role, but the hon. Member for Foyle ought to bear in mind that in other circumstances the FSA acts as both the body that authorises an individual's registration of a regulated firm and ensures that they meet all the tests on being an authorised person, and the body that conducts the ongoing regulation and supervision of that institution. I am not sure how the divide that he suggested between DETI and the FSA would work in practice, although that is probably my only reservation.