Financial Services Bill

My Lords, perhaps I should start by addressing the point made by my noble friend Lord Barnett about whether we are wasting our time in looking at this Bill in Committee. I disagree with him and with others who have asked a similar question. These are important measures. It is a good Bill that contains a number of important steps forward, such as consumer redress and steps to enlighten and inform shareholders on remuneration. I have today published guidelines for consultation on the publication of bank employees’ remuneration. There are steps to provide a greater facility to control short selling and aggressive speculation, and the development of a new and empowered consumer education authority. These are all very important responses to the needs of our country and society, and the lessons that have emerged as a result of our experience of this global crisis. The Bill has already received serious scrutiny in another place, and will no doubt benefit from the scrutiny and improvement that the House will provide. It is surely our duty to continue to provide that important function to the legislative programme until an election is called. In response to the noble Lord, Lord Forsyth of Drumlean, about resources being deployed in anticipation of the Bill being successful, that is not the case. I do not believe that the Bank of England, the FSA or the Treasury are making significant resource commitments ahead of the Bill being passed. I am happy to give the noble Lord that assurance.