Financial Services Bill

My Lords, the noble Baroness has taken notice of the comments of the noble Lord, Lord Stewartby, and we are speeding up. This amendment focuses on the release of information that was initially exempt from public minuting and therefore not included in the council minutes, but which no longer meets the criteria for exemption. The amendment is neither necessary nor appropriate. It is not necessary as it would make no practical difference. As currently drafted, Clause 2(5) does not prevent the publication of information when the conditions in that clause no longer apply. The key question is what is the most appropriate vehicle for releasing information that is no longer necessary to be withheld such that it maximises transparency and public benefit in the context of a piece of legislation that is designed to further transparency. It is quite possible that a number of matters could steadily and incrementally no longer meet the exemption criteria in the months after a meeting. I do not believe, however, that a steady series of updated tweaks to the minutes is the best way to communicate the relevant information. The annual report provided for under Clause 3 provides a much more appropriate vehicle for the coherent and informative release of financial stability information regularly. The Government believe that the annual report is the appropriate place for such subsequent release, so I urge the noble Baroness to withdraw her amendment.