Financial Services Bill

My Lords, I, too, support my noble friend’s amendment for the reasons outlined by my noble friend Lord Higgins. To have different risks put up by different groups is a recipe for disaster and misunderstanding. We need a unified approach and a unified response. One of the problems in the background to the crisis we have had was that businesses, whether in the wider economy or financial services, were not clear as to exactly what the risks were. There were different views of what the risks were. Therefore, a clear statement of what the response to the risks should be would send a signal to the country—whether within the City or within industry at large—on the dangers that lie ahead and what the council believes is the appropriate response. It is a way to stop bubbles growing as it enables a clear response to be made to them. The Minister was generous in his response on Amendment 12. I cannot see why he cannot be generous in response to this amendment too. It is very important to get clarity in this area so that everyone is at exactly the same place in the economic cycle.