Financial Services Bill

I support my noble friend Lady Noakes’s Amendments 6 and 27. They cover two different but important areas. Amendment 6 specifies the powers that each relevant authority is able to exercise in protecting or enhancing the stability of the system. Amendment 27 identifies additional powers needed to field responsibility for financial stability. These amendments seem entirely necessary. As it stands, the Bill is far too vague on these matters. I also support my noble friend Lord Trenchard in his worries about the powers of the European regulators making much of this legislation redundant. I also support his views on our being more in cahoots with the SEC and Far East regulators, with Europe being part of the system.