Draft Financial Services Bill (Joint Committee)

It is an honour to follow my hon. Friend the Member for Bassetlaw (John Mann). As he knows, I was born in his constituency, so I have a fond spot for the area in north Nottinghamshire that he represents. I wish to oppose his amendment, but also to raise some concerns about the motion. It is important that the work of the Committee focuses on the importance of getting this right. We all remember, certainly those of us from the north-east, that the first domino to fall in the financial crisis was Northern Rock. We saw people quite rightly queuing round the block, fearing for their savings and worrying what would come next. Getting regulation right will be very important, and therefore the work of the Committee will be very important not only for this generation, but for future generations. It is clear that this Government, the previous Government and the previous Conservative Government grappled with getting the balance right between regulation and having a free market that allows markets to generate the capital and finance that industry and individuals require. Therefore, the Committee will be very important. The task we have set it, in quite a short time scale, which I will come on to in a minute, is rather intriguing. It is a little like the ark of the covenant, in the sense that I will be amazed if the Committee finds the perfect system for regulation. The nature of the Committee was referred to earlier. The Government brought forward the White Paper setting out the draft regulation. I am a big supporter of draft legislation. I do not think that the press and public have quite got a handle on it yet, because when Governments change draft legislation it is seen as a defeat for them, and that should not be seen as the way forward.