Parliamentary search - Financial Services Bill

Type

Parliamentary proceeding

Reference

501 c872-941

Session

2009-10

Department

Treasury

Legislative stage

Second reading

Procedure

Programme motions
Money resolutions
Ways and means resolutions
Queen's recommendation

Chamber / Committee

House of Commons chamber

Financial Services Bill. Explanatory Notes Bill 6-EN also published.
Thursday, 19 November 2009
Bills
House of Commons

Banking crisis: regulation and supervision. Treasury Select Committee fourteenth report with formal minutes and evidence (HC 767-i-iii not printed separately).
Tuesday, 21 July 2009
Parliamentary committees
House of Commons

Banking crisis: regulation and supervision. Treasury Select Committee first special report - government and Financial Services Authority responses to the Committee's fourteenth report of session 2008-09 (HC 767).
Tuesday, 24 November 2009
Parliamentary committees
House of Commons

Proceeding contributions

Stephen Hammond | 501 c935 (Link to this contribution) The Minister cited my contribution to the debate, but he glossed over my point. He said that he want...

Speaker | 501 c936 (Link to this contribution) Order. I am sorry to interrupt the Minister. There is a rising tide of sedentary conversation, which...

Show all contributions (105)

Ian Pearson | 501 c935 (Link to this contribution) I would happily give way to a Member who has sat through the debate, rather than one who turned up t...

Stephen Hammond | 501 c935 (Link to this contribution) Will the Minister give way?

Ian Pearson | 501 c935 (Link to this contribution) I happily give way to the hon. Gentleman.

Sally Keeble | 501 c927-9 (Link to this contribution) I completely agree. There have been issues about what happened. The question that I was working towa...

Mark Hoban | 501 c929-33 (Link to this contribution) We have had a thoughtful but rather low-key debate. That is surprising, given that the Bill is meant...

Ian Pearson | 501 c933-4 (Link to this contribution) The global financial crisis has led countries across the world fundamentally to review financial sys...

Ian Pearson | 501 c936-7 (Link to this contribution) As my right hon. Friend the Chancellor announced, we also propose to introduce a representative body...

Vincent Cable | 501 c897-900 (Link to this contribution) The legislation before us today is substantial, unlike some of the other legislation listed in the Q...

George Osborne | 501 c896-7 (Link to this contribution) I agree that, having established the red lines, we need to make their existence clear in the directi...

William Cash | 501 c895-6 (Link to this contribution) I am sure that my hon. Friend will not in any way give in on my point, but I hope that he will at le...

George Osborne | 501 c895 (Link to this contribution) Just before I give in—[Laughter.] That is an appropriate remark given that my hon. Friend wishes to ...

George Osborne | 501 c895 (Link to this contribution) I happen to believe that the main tools are capital ratios, which operate as far as possible counter...

William Cash | 501 c901 (Link to this contribution) In the context of the various tiers and hierarchies of legal intervention that exist, the hon. Gentl...

Vincent Cable | 501 c901-2 (Link to this contribution) I do, but one of the problems is that what often happens if there is inadequate consumer protection ...

Charles Walker | 501 c900 (Link to this contribution) Surely the difference is that there can be high earners in banks who do not hold any executive posit...

Vincent Cable | 501 c900-1 (Link to this contribution) That, indeed, is the point. Why should people who have highly paid positions in private banks, but w...

Geoffrey Robinson | 501 c903-4 (Link to this contribution) I entirely agree with my hon. Friend. The one consoling factor is the fact that the shadow Chancello...

Mark Todd | 501 c903 (Link to this contribution) Does my hon. Friend agree about another problematic element in the shadow Chancellor's speech? He re...

Geoffrey Robinson | 501 c904-5 (Link to this contribution) I do not, but I will say that the hon. Gentleman has a point, and that it can and, I am sure, will b...

Christopher Fraser | 501 c904 (Link to this contribution) Does the hon. Gentleman agree that the Bill does too little too late to deal with the fundamental pr...

Geoffrey Robinson | 501 c902 (Link to this contribution) In common with the shadow Chancellor, I would like to apologise for being unable to attend for the c...

Geoffrey Robinson | 501 c902-3 (Link to this contribution) There is a great deal in that. Certainly in the early stages, when the shadow Chancellor first came ...

Andrew Smith | 501 c902 (Link to this contribution) Does my hon. Friend agree that the shadow Chancellor was deeply unconvincing in putting forward his ...

Stephen Hammond | 501 c905-7 (Link to this contribution) Given your erudition, Mr. Deputy Speaker, you will know that it was Gibbon who said:""History is lit...

John Pugh | 501 c907 (Link to this contribution) I am a little unclear about what the hon. Gentleman is saying. He seems to be saying two completely ...

Stephen Hammond | 501 c907 (Link to this contribution) Well, it is an architectural change, and the Chancellor tried to convince us that it was not particu...

Stephen Hammond | 501 c908-10 (Link to this contribution) I shall come on to a couple of items of substance in relation to clauses 12 and 13 that will address...

Andrew Smith | 501 c908 (Link to this contribution) Instead of focusing on substance, the hon. Gentleman seems to be obsessed with architecture. Does he...

Stephen Hammond | 501 c907 (Link to this contribution) I entirely agree. When the Chancellor talked about the CFS, he argued that the arrangements will in...

Christopher Fraser | 501 c907 (Link to this contribution) I think my hon. Friend will agree that the more fundamental point is that the lack of co-ordination ...

Mark Todd | 501 c911 (Link to this contribution) I do not think that that has contributed to the severity of the crisis; I think it did contribute to...

Christopher Fraser | 501 c911 (Link to this contribution) I am listening carefully to the hon. Gentleman, but does he acknowledge that the lack of co-ordinati...

Mark Todd | 501 c910-1 (Link to this contribution) I do not know whether I shall be serving on the Committee for which some people are volunteering and...

Mark Todd | 501 c911-3 (Link to this contribution) On that, I would side with the hon. Member for Twickenham by saying that structures do not necessari...

John Pugh | 501 c914 (Link to this contribution) The hon. Gentleman may have noticed that the Chancellor of the Exchequer referred to the fact that s...

Mark Todd | 501 c914 (Link to this contribution) The hon. Gentleman raises an interesting point, on which I cannot enlighten him. I can say that if o...

Christopher Fraser | 501 c915 (Link to this contribution) Does my hon. Friend agree that the way in which the Bill is structured leads to more ambiguity about...

John Howell | 501 c914-5 (Link to this contribution) I want to return to the subject of architecture. I looked in some detail at the Official Report of t...

Derek Twigg | 501 c920-2 (Link to this contribution) I welcome the Bill, which will give consumers more protection, an issue that I shall dwell on in my ...

John Howell | 501 c915-20 (Link to this contribution) I do indeed agree, and I thank my hon. Friend for his intervention. I will say something about that ...

John Pugh | 501 c923 (Link to this contribution) The hon. Gentleman seems to object to the FSA being empowered to do something about future remunerat...

Mark Field | 501 c922-3 (Link to this contribution) For some centuries past the City of London's greatest attraction has been its international reputati...

Sally Keeble | 501 c926-7 (Link to this contribution) I welcome the chance to speak after the hon. Member for Cities of London and Westminster (Mr. Field)...

Mark Field | 501 c923-6 (Link to this contribution) My objection was to existing contracts being torn up. It was the retrospection that I was objecting ...

Mark Field | 501 c927 (Link to this contribution) Although I share the hon. Lady's view that the tripartite system in itself was not the main cause of...

Andrew Pelling | 501 c878 (Link to this contribution) The Chancellor emphasised the importance of international co-operation and the associated complexity...

Lord Darling of Roulanish | 501 c878-80 (Link to this contribution) I will come to that shortly, but I should like to do so in what I think is a logical order. Followi...

Lord Darling of Roulanish | 501 c882 (Link to this contribution) I agree with much of what the hon. Gentleman says. There is always a risk that we end up with nation...

Andrew Pelling | 501 c881-2 (Link to this contribution) The Chancellor raised the European issue too early in his speech. Surely we should have our eyes ope...

Lord Darling of Roulanish | 501 c881 (Link to this contribution) I am clear that we should accept those areas where it is in our interest to co-operate, but there ma...

Mark Todd | 501 c881 (Link to this contribution) I agree with all of that peroration but enter the cautionary remark that the venture of some Europea...

Lord Darling of Roulanish | 501 c880-1 (Link to this contribution) My answer is that in a world where many financial institutions operate in this country and in other ...

William Cash | 501 c880 (Link to this contribution) I entirely agree with the Chancellor in his prediction. With respect to majority voting and the arch...

Lord Darling of Roulanish | 501 c880 (Link to this contribution) I did not think for one minute that I would get through a passage on Europe without the hon. Gentlem...

Lord Darling of Roulanish | 501 c882 (Link to this contribution) I shall give way to the hon. Gentleman, then I shall move on to a different topic.

Graham Stuart | 501 c882 (Link to this contribution) Does the Chancellor see a problem with vesting regulation in the European level, rather than co-oper...

Stephen Hammond | 501 c884 (Link to this contribution) The Chancellor is absolutely right: that is a very important part of the Bill. However, will he expl...

Lord Darling of Roulanish | 501 c884 (Link to this contribution) I understand that the commission would certainly be able to look at that issue, and I am sure that n...

Lord Darling of Roulanish | 501 c884-5 (Link to this contribution) I think that the hon. Gentleman meant to say the FSA; the SFA is the Scottish Football Association. ...

Stephen Hammond | 501 c883 (Link to this contribution) The Chancellor is right that that is being done through the FSMA, but the powers on short selling ar...

Lord Darling of Roulanish | 501 c882-3 (Link to this contribution) I would put it this way: there is much to be said for co-operation. Many of the financial institutio...

Sally Keeble | 501 c883-4 (Link to this contribution) There has been some discussion about whether the Equality and Human Rights Commission will be able t...

Lord Darling of Roulanish | 501 c883 (Link to this contribution) The Bill does not say that, and that is not my view. When the ban on short selling was introduced la...

George Osborne | 501 c886 (Link to this contribution) Let me begin by apologising to the Chair for my not being here for the winding-up speeches. I have l...

Barry Sheerman | 501 c886-7 (Link to this contribution) I have been to several meetings in the City at which the hon. Gentleman has spoken. Could we have a ...

Bob Spink | 501 c885 (Link to this contribution) Has the right hon. Gentleman considered, or will he comment on, the possibility of an opt-out for cl...

Lord Darling of Roulanish | 501 c885-6 (Link to this contribution) We will give the courts the discretion to allow both. I know that there is a lobby outside the House...

George Osborne | 501 c887 (Link to this contribution) The hon. Lady might remember the words of a previous shadow Chancellor, my right hon. Friend the Mem...

Sally Keeble | 501 c887 (Link to this contribution) I agree with the hon. Gentleman that there are genuine issues about people not spotting what was com...

George Osborne | 501 c887 (Link to this contribution) I am not claiming that anyone in the House fully understood what was going to happen. However, I did...

George Osborne | 501 c888 (Link to this contribution) The hon. Lady was right first time—I am an hon. Gentleman, not a right hon. Gentleman. I am not cla...

Geoffrey Robinson | 501 c888 (Link to this contribution) May I just deal with the point about the late Eddie George's attitude? I was in on most of the meeti...

George Osborne | 501 c888-90 (Link to this contribution) This is not particularly fair to the late Eddie George as he is not here; however, I, too, had sever...

Geoffrey Robinson | 501 c890 (Link to this contribution) We do not want this Second Reading debate to become a Committee stage debate, but will the shadow Ch...

George Osborne | 501 c890-2 (Link to this contribution) If the hon. Gentleman will allow me, I will come to that in just a couple of minutes. I want to put...

George Osborne | 501 c892 (Link to this contribution) Do I believe that there is a perfect system of banking regulation? No, I do not. Do I think that all...

Geoffrey Robinson | 501 c892 (Link to this contribution) I do not wish to labour the point too much, but the problem was not that the left hand did not know ...

George Osborne | 501 c893-4 (Link to this contribution) Of course the US is not creating a single regulator in the Federal Reserve, and as the Chancellor we...

Lord Darling of Roulanish | 501 c893 (Link to this contribution) I am listening to what the hon. Gentleman says about America and the various things that have been s...

Sally Keeble | 501 c895 (Link to this contribution) The hon. Gentleman refers to changes in the structures. There was always a financial stability power...

Bob Spink | 501 c873 (Link to this contribution) I welcome the Bill as far as it goes, but is there not time even now to include some protection for ...

Lord Darling of Roulanish | 501 c873 (Link to this contribution) I shall come to the Bill's proposals on consumer protection, which we need to do more about. I am ve...

David Heath | 501 c873 (Link to this contribution) Is there not another set of players who could put pressure for good governance on the financial inst...

Lord Darling of Roulanish | 501 c873-4 (Link to this contribution) The hon. Gentleman raises a very real issue. He will recall that in 2007 there was a great deal of c...

George Osborne | 501 c874 (Link to this contribution) The House is less heated than it often is when we have these exchanges, which is a good thing, so ma...

Lord Darling of Roulanish | 501 c874-5 (Link to this contribution) I agree with the hon. Gentleman that this is not a case where there is a definite right answer, alth...

George Osborne | 501 c875-6 (Link to this contribution) On that point, I should mention that Jacques de Larosière took part in a meeting with my hon. Friend...

Lord Darling of Roulanish | 501 c877 (Link to this contribution) I do not really think that that is a problem of my making. However we organise things, we need to en...

Stewart Hosie | 501 c877 (Link to this contribution) Will the Chancellor give way?

Lord Darling of Roulanish | 501 c876-7 (Link to this contribution) That could be the case, but the Bank's principal responsibility for 10 years related very much to mo...

Mark Field | 501 c877 (Link to this contribution) I agree with what the Chancellor says, broadly, about the practical application. However, in what he...

Lord Darling of Roulanish | 501 c877-8 (Link to this contribution) First, the hon. Gentleman rather makes my point that, never mind the architecture, what matters is t...

Lord Darling of Roulanish | 501 c877 (Link to this contribution) May I make some progress before coming back to the hon. Gentleman, or does he want to ask me a gener...

Stewart Hosie | 501 c877 (Link to this contribution) I agreed with the Chancellor when he said that the difficulty was not the structure but whether some...

Lord Darling of Roulanish | 501 c878 (Link to this contribution) I will give way to the hon. Gentleman, and then I shall make some progress.

Sally Keeble | 501 c876 (Link to this contribution) Will my right hon. Friend comment on an issue that has been of some concern to me? If we return all ...

Oliver Letwin | 501 c934 (Link to this contribution) Will the hon. Gentleman give way?

Lord Darling of Roulanish | 501 c872-3 (Link to this contribution) I beg to move, That the Bill be now read a Second time. As the House well knows, the whole world ec...

Christopher Fraser | 501 c911 (Link to this contribution) Therefore, if we do not tackle the structural problems with regulatory reform, there will be more am...

Sally Keeble | 501 c887-8 (Link to this contribution) I would not dispute what are clearly the facts. My concern is that the hon. Gentleman—the right hon....

Ian Pearson | 501 c935-6 (Link to this contribution) I shall be happy to go into detail with the hon. Gentleman in Committee. The shadow Chancellor said ...

George Osborne | 501 c888 (Link to this contribution) We are about to get the codes to the safe.

Lord Darling of Roulanish | 501 c876 (Link to this contribution) I am glad that the meeting with Jacques de Larosière was so convivial. As he was discussing the Cons...

Subjects

Disclosure of information

Consumers

Banks

Credit

Education

Financial services

Financial institutions

International cooperation

Financial Services Authority

EU action

Protection