Financial Services Bill

I shall not detain the Chamber long, Mr. Speaker. The Bill was born of the need to learn lessons, and it must be said that many of those things were not spotted by the original regulatory and supervisory system. It introduces some sensible measures, most of which we can wholeheartedly support, and our work has certainly been assisted by the witness sessions. We could not support the official Opposition's amendment to abolish the council for financial stability. Overall, there is a need for a tripartite system. It did not work last time, but that does not mean that it cannot work. We would like to stiffen it up even more, but perhaps in the light of events, we have the opportunity to give it greater transparency and authority. We were able to support the granting of additional powers for the FSA. I heard what the hon. Member for Fareham (Mr. Hoban) said about the Bank of England, but it would experience some difficult conflicts of interest if it was given significant new powers on financial stability. Recovery and resolution plans will need to be fleshed out—their cost, how they will be updated and how they will apply. Whether we break up some of the big banks will have a major effect on them. We support the collective proceedings, but they are wide ranging and cause concern to the industry. Some tweaking is needed so that they get the necessary support. I welcome the fact that we will get rid of credit card cheques. I am disappointed that we could not also get rid of unsolicited credit limits, but I assume that will be considered fairly soon, hopefully after a review. It would be a similar and complementary measure. The financial education body will be extremely useful. Much more consumer education is needed if people are to understand what they are buying, how they are paying for it, and their rights and responsibilities. Finally, as the Minister, like me, has decided not to stand again, may I say that I have much enjoyed his company? His courtesy, kindness and good humour greatly assisted our Committee proceedings.