Financial Services Bill

My Lords, I spoke to the question of whether Clause 2 should stand part during our first Committee sitting, when we debated whether Clause 1 should stand part. However, perhaps I may just say how much I agree with my noble friend Lord Lawson on the split of conduct of business and prudential regulation, which is a point that I made during that sitting. It was one of the clear failings of the arrangements set up by the Prime Minister when he was Chancellor of the Exchequer in 1997, and it has contributed to the problems we found when the financial crisis hit the UK. That is why we proposing reversing it.