Financial Services Bill

Let me give the hon. Gentleman an example that we debated in Committee and will touch on later. If the regulator believes that the activities carried out by a credit union are inappropriate or in serious breach of the rules, who will withdraw the permission from the credit union? Will it be the FSA, as would be the case if it was registered with and regulated by the FSA, or will it be the Department in Northern Ireland? We need to tease out some issues if we are to make this change, and I am not sure that I understand how it would work in practice, notwithstanding the widespread support in the Assembly and among all political parties for the hon. Gentleman's proposals.