Financial Services Bill

Well, we were of the view at the time that the market confidence clause covered that requirement, but I listen attentively to the noble Baroness and think about what she says over the weekends, on my holidays, when walking with my dog and so on. Her comments are never far from my mind, particularly when they echo the contribution from my noble friend Lord Eatwell. In the circumstances, we believe in acknowledging that internationally regulators are now increasingly focusing on the issues of systemic risk. We will be ensuring that the FSA is positioned alongside many other international regulators in having that responsibility. I have now concluded that it is appropriate, because we are a learning Government. I shall wrap up very soon but I want to say that I am sympathetic to my noble friend Lord Sawyer, who is not in his place.