Financial Services Bill

I, too, support the amendment in the name of my noble friend Lady Noakes on trying to clarify who is in charge. When the Council for Financial Stability was first discussed, it did not impress MPs on the Treasury Select Committee, who variously described it as totally underwhelming or rearranging three deck chairs on the "Titanic". As other speakers have said, the reality is that the heads of the tripartite authorities have already met in a standing committee. The main change seems to be that some of their deliberations, although not the market-sensitive ones, will be made public. As the financial crisis broke, the system was found totally wanting, and I cannot be impressed with what I see as tinkering with a broken system. Unless there is more clarity on its role, I cannot see how this is a good step forward.