Financial Services Bill

That is exactly the point I am seeking to make. This post will have wide responsibilities and the decisions taken will have immense ramifications for the country as a whole and for all our constituents. Because of the unique role of the Governor of the Bank of England, the individual will be subject to public scrutiny in a way that a Bank of England Governor has never been under scrutiny before. I think he will become an individual in whom people must have confidence. I have to say that I have some anxieties about some of the names being bandied about at the moment, such as the appointment of a former member of Goldman Sachs, a company that does not have a particularly distinguished record in relation to the operation of economies throughout the world before and after the financial crisis. I appeal to the Government to think again about their refusal to allow Parliament to play a part in the final appointment of the Governor of the Bank of England in particular, but also in the appointments of deputy Governors. The Bill sets out the roles of the deputy Governors, and amendments which we will not debate tonight refer specifically to the possible appointment of a deputy Governor dealing with corporate ethical behaviour. The deputy Governors will perform the incredibly important task of restoring confidence to our financial system, and I believe that if Parliament does not have a say in their appointments, mistakes will be made. The same applies to the appointments of the chair and chief executive of the Financial Conduct Authority. People must have confidence in them as well, and I think that that will be possible only if their appointments are fully transparent and Parliament has a say in them. I urge the Government to think again. I fear that if they do not do so we shall have to revisit the issue shortly, because there will be no confidence in whatever appointments are made by the Government if they do not have the support of the House or that of the community in general.