Parliamentary search - Financial Services Bill

Type

Parliamentary proceeding

Reference

504 c555-648

Session

2009-10

Department

Treasury

Legislative stage

Third reading and Report stage

Procedure

New clauses

Chamber / Committee

House of Commons chamber

Financial Services Bill. As amended in Public Bill Committee. (vote).
Thursday, 14 January 2010
Bills
House of Commons

Unfair Terms in Consumer Contracts Regulations 1999
Tuesday, 20 July 1999
Statutory instruments
House of Lords
House of Commons

Legislative scrutiny: Financial Services Bill and Pre-Budget Report. Human Rights Joint Select Committee third report with formal minutes and evidence.
Tuesday, 15 December 2009
Parliamentary committees
House of Lords
House of Commons

Proceeding contributions

Ian Pearson | 504 c633 (Link to this contribution) I have mentioned the protocol, as my hon. Friend knows. Clearly, the Bank needs to have the informat...

Colin Breed | 504 c646 (Link to this contribution) I shall not detain the Chamber long, Mr. Speaker. The Bill was born of the need to learn lessons, a...

Show all contributions (131)

Colin Breed | 504 c572 (Link to this contribution) I agree entirely. The segmentation of balances and their treatment for interest and repayment purpos...

Andrew Love | 504 c571 (Link to this contribution) The proposed changes do not touch upon the widespread practice by store card and, indeed, other cred...

Rob Marris | 504 c575-6 (Link to this contribution) I thank hon. Members for some thoughtful speeches this afternoon. I am quite happy to take some ribb...

Ian Pearson | 504 c572-5 (Link to this contribution) Let me begin by thanking my hon. Friend the Member for Wolverhampton, South-West (Rob Marris) for hi...

Mark Hoban | 504 c569 (Link to this contribution) The hon. Gentleman makes an important point. I have not touched on it, nor was I intending to do so....

Colin Breed | 504 c569-71 (Link to this contribution) All of us would have a great deal of sympathy with what has been said over the past hour or so, beca...

Mark Hoban | 504 c569 (Link to this contribution) If we are going to get the social fund to fill the gap, we are starting to talk about a significant ...

Mark Hoban | 504 c568-9 (Link to this contribution) The problem is what would the consequences of that structure would be. I do not doubt that the new c...

Andrew Love | 504 c569 (Link to this contribution) I agree with much of what the hon. Gentleman has said. Something he has not touched on is the role o...

Mark Hoban | 504 c567 (Link to this contribution) Thank you for that guidance, Mr. Speaker. Perhaps I should table a new clause to the Constitutional ...

Speaker | 504 c566-7 (Link to this contribution) Order. Before the hon. Member for Fareham (Mr. Hoban) responds to the hon. Member for Rochford and S...

James Duddridge | 504 c566 (Link to this contribution) Although it is good that we have with us a Back Bencher of some independence, surely the hon. Member...

Mark Hoban | 504 c566 (Link to this contribution) The hon. Gentleman makes a trenchant defence of his independence.

Rob Marris | 504 c566 (Link to this contribution) I have been independent-minded on certain things for a long time and I quite frequently question Gov...

Mark Hoban | 504 c566 (Link to this contribution) There we have it: the hon. Gentleman is queuing up to replace the hon. Member for Wolverhampton, Sou...

David Drew | 504 c566 (Link to this contribution) May I come to the defence of my hon. Friend the Member for Wolverhampton, South-West (Rob Marris)? H...

Mark Hoban | 504 c559 (Link to this contribution) The hon. Gentleman did not answer my question. Does he expect credit unions to replicate the service...

Rob Marris | 504 c559-63 (Link to this contribution) I am not sure about the word "replicate". What credit unions do in my constituency, for example, is ...

Mark Hoban | 504 c559 (Link to this contribution) Is the hon. Gentleman proposing that credit unions offer a home credit service to people who are cur...

Rob Marris | 504 c559 (Link to this contribution) I am well aware of the Rowntree research. The figure is indeed very high—from memory, I think that i...

David Drew | 504 c558 (Link to this contribution) I congratulate my hon. Friend on tabling his new clauses. Does he accept that one of the problems is...

Rob Marris | 504 c559 (Link to this contribution) I agree with my hon. Friend. Often it is a combination of ignorance and desperation, and that is an ...

Speaker | 504 c555-7 (Link to this contribution) With this it will be convenient to discuss the following:

Rob Marris | 504 c557-8 (Link to this contribution) First, on a personal note, may I express my sadness that the Economic Secretary to the Treasury, my ...

Rob Marris | 504 c555 (Link to this contribution) I beg to move, That the clause be read a Second time.

Mark Hoban | 504 c563-6 (Link to this contribution) Consumer credit is a feature of everyday life. Our society has become increasingly dependent on cred...

Mark Hoban | 504 c603 (Link to this contribution) My hon. Friend is right. This is part of the problem that relates to the point that I made on new cl...

Lord Tyrie | 504 c603 (Link to this contribution) One concern, which may lead us to conclude that voluntary regulation would not be effective, is that...

Mark Hoban | 504 c602-3 (Link to this contribution) That is a reasonable view to take. The OFT and the banks will discuss the matter, and both sides nee...

Andrew Love | 504 c602 (Link to this contribution) I agree with the hon. Gentleman that there is interest on both sides in reaching agreement. My point...

John Pugh | 504 c603 (Link to this contribution) The advantage of a voluntary code of conduct is that it allows for an appeal to the banking ombudsma...

Rob Marris | 504 c600 (Link to this contribution) May I give the hon. Gentleman a small, personal example of how far trust has broken down? My mother ...

Colin Breed | 504 c599-600 (Link to this contribution) I agree. In a sense it has been allowed to happen because, for many decades, there was a feeling tha...

Mark Hoban | 504 c601-2 (Link to this contribution) The debates on new clause 9 and new clause 15, which was tabled by the hon. Member for Edmonton (Mr....

Colin Breed | 504 c600-1 (Link to this contribution) I have been banking with what is now HSBC since 1964. It is easy for me to say that it has been good...

John Pugh | 504 c607 (Link to this contribution) The Minister talks about the knock-on effects of changing the charges, but this is not a debate abou...

Ian Pearson | 504 c606 (Link to this contribution) I take the hon. Gentleman's point. We want competition in the banking sector. He is right to point o...

Colin Breed | 504 c606 (Link to this contribution) I am delighted to hear that and look forward to hearing what the OFT has to say to demonstrate that ...

Ian Pearson | 504 c606 (Link to this contribution) I will happily give way to the hon. Gentleman, because I disagree with his suggestion that when it c...

Ian Pearson | 504 c606 (Link to this contribution) I might put it slightly differently. I certainly understand the concerns of consumers who have been ...

Andrew Love | 504 c605-6 (Link to this contribution) Does my hon. Friend agree that one of the problems that has bedevilled this discussion is that the S...

Ian Pearson | 504 c604-5 (Link to this contribution) I agree, in the sense that the term "free banking" is something of a misnomer, which is why I have r...

Lord Tyrie | 504 c604 (Link to this contribution) I was surprised that the Minister said that free banking suits many customers well. Is not the truth...

Ian Pearson | 504 c603-4 (Link to this contribution) New clauses 9 and 15 both touch on aspects of the charges payable by consumers for operating persona...

Mark Hoban | 504 c586 (Link to this contribution) I am now a bit more confused about the right hon. Gentleman's position. Does he wish to improve the ...

Lord Field of Birkenhead | 504 c585-6 (Link to this contribution) It is clear that a number of debates are going on. In the contribution made by a very distinguished ...

Mark Hoban | 504 c586-7 (Link to this contribution) Indeed. To be clear, that is why the right hon. Gentleman is misguided in tabling amendment 1, which...

Lord Tyrie | 504 c586 (Link to this contribution) For the sake of clarification, so that Conservative Members are clear on the matter, it has been imp...

Ian Pearson | 504 c589-91 (Link to this contribution) We have had a useful debate, and it is clear that there is substantial support for what the Governme...

John Howell | 504 c588-9 (Link to this contribution) This is the first debate initiated by the right hon. Member for Birkenhead (Mr. Field) in which I ha...

Lord Field of Birkenhead | 504 c592 (Link to this contribution) I beg to move, That the clause be read a Second time.

Lord Field of Birkenhead | 504 c591-2 (Link to this contribution) I have learned much from this debate, not least from the disclosure by the hon. Member for Henley (J...

Mark Hoban | 504 c585 (Link to this contribution) My hon. Friend is absolutely right. The argument made by the right hon. Gentleman seemed to be more ...

Lord Tyrie | 504 c585 (Link to this contribution) Is not the key issue that that situation represents a failure in the corporate governance of the pen...

Lord Field of Birkenhead | 504 c597 (Link to this contribution) I am even more pleased that the hon. Gentleman has given way if he was about to conclude. I agree to...

Lord Tyrie | 504 c597 (Link to this contribution) I was about to conclude, but I give way to the right hon. Gentleman.

Lord Tyrie | 504 c595-7 (Link to this contribution) Unlike the previous new clause tabled by the right hon. Member for Birkenhead (Mr. Field), I have sy...

Lord Tyrie | 504 c599 (Link to this contribution) Does the hon. Gentleman agree that the key piece of information is not only the charge that will be ...

Colin Breed | 504 c598-9 (Link to this contribution) Again, we have had an useful exchange and I do not want to prolong matters unduly. I have some symp...

Andrew Love | 504 c593-5 (Link to this contribution) I wish to speak to new clause 15, and I make no apology for bringing it forward today. It covers imp...

Lord Field of Birkenhead | 504 c593 (Link to this contribution) I shall try my luck with this new clause. Let me set out the stall behind the proposed change, which...

Speaker | 504 c592-3 (Link to this contribution) With this it will be convenient to discuss new clause 15—

Mark Hoban | 504 c621 (Link to this contribution) My hon. Friend does the House a service by reminding us of those exchanges during our evidence sessi...

John Howell | 504 c621 (Link to this contribution) I thank my hon. Friend for giving way again—he is being very generous. All those quotes are absolut...

Mark Hoban | 504 c621-4 (Link to this contribution) The quotes that my hon. Friends and I have cited—there is a feast of quotes—demonstrate the fundamen...

John Howell | 504 c624-7 (Link to this contribution) My hon. Friend the Member for Fareham (Mr. Hoban) is a generous man to go to such lengths to try to ...

John Howell | 504 c620 (Link to this contribution) Given that the establishment of the council means that the tripartite relationship will be put on a ...

Mark Hoban | 504 c620 (Link to this contribution) I will come on to the number of people in a second because I am not sure that those in the relations...

Lord Tyrie | 504 c620-1 (Link to this contribution) Perhaps it is worth illustrating the confusion about the new structure, never mind the old one. When...

William Cash | 504 c627-9 (Link to this contribution) I spoke on Second Reading, and nothing that I have seen makes any alteration to the view that I expr...

Speaker | 504 c629 (Link to this contribution) Order. I think that I would actually prefer it if the hon. Gentleman related his concerns to the new...

Ian Pearson | 504 c629-30 (Link to this contribution) This debate has followed a well-trodden path on which we trampled extensively during the Bill's Seco...

Mark Todd | 504 c633 (Link to this contribution) I agree with my hon. Friend on the specifics of new clause 12, but the principle that the FSA is obl...

Ian Pearson | 504 c607 (Link to this contribution) I am trying to make more than one point here. One of my points is that there still needs to be more ...

Lord Field of Birkenhead | 504 c607 (Link to this contribution) At the outset of the debate, I was hoping that someone would help me to divide the House on this que...

Mark Durkan | 504 c608 (Link to this contribution) I beg to move, That the clause be read a Second time.

Speaker | 504 c608 (Link to this contribution) With this it will be convenient to discuss amendment 2, in clause 38, page 50, line 43, at end inser...

Mark Durkan | 504 c608-9 (Link to this contribution) New clause 10 would extend FSA regulation to credit unions in Northern Ireland. The Bill is a conven...

Mark Hoban | 504 c609 (Link to this contribution) The hon. Gentleman makes a very good case for Northern Ireland's credit unions being brought within ...

Mark Durkan | 504 c609-11 (Link to this contribution) We looked at that on two counts. The Committee took evidence from the FSA and the Association of Bri...

Mark Hoban | 504 c611 (Link to this contribution) It appears that the hon. Gentleman may just clarify that matter for me.

Mark Hoban | 504 c612 (Link to this contribution) Let me give the hon. Gentleman an example that we debated in Committee and will touch on later. If t...

Andrew Love | 504 c612-3 (Link to this contribution) I had a credit union in my constituency, which got into trouble some years ago and, sadly, went into...

Mark Durkan | 504 c611 (Link to this contribution) Even as it stands at the minute, with the registration and regulatory functions attached to the FSA ...

Ian Pearson | 504 c615 (Link to this contribution) As I said, I want to be as helpful as I can. If the Government were to receive a formal notification...

Mark Durkan | 504 c615-6 (Link to this contribution) I thank the Minister for that indication, which I take to be a bit more positive than what he said p...

Ian Pearson | 504 c613-4 (Link to this contribution) May I say, first of all, that it was a privilege to serve as a Minister in the Northern Ireland Offi...

Mark Durkan | 504 c614-5 (Link to this contribution) The Minister has said that he wants to be sympathetic and helpful, and of course that is a euphemism...

Mark Hoban | 504 c617-20 (Link to this contribution) This group of new clauses and amendments deals with the provisions set out in the first four clauses...

Mark Hoban | 504 c616 (Link to this contribution) I beg to move, That the clause be read a Second time.

Speaker | 504 c616-7 (Link to this contribution) With this it will be convenient to discuss the following:

Lord Tyrie | 504 c580 (Link to this contribution) I have scarcely got going, but I will give way.

Lord Field of Birkenhead | 504 c580 (Link to this contribution) Will the hon. Gentleman give way?

Lord Field of Birkenhead | 504 c580 (Link to this contribution) I prefer to be on this side, but that does not mean that I do not try to find ways of getting agreem...

Lord Field of Birkenhead | 504 c578-80 (Link to this contribution) I am glad that my hon. Friend—I shall call him that—mentioned that point. He has managed to put that...

Lord Tyrie | 504 c580 (Link to this contribution) I generally agree with the right hon. Member for Birkenhead (Mr. Field); I certainly agree with him ...

Lord Field of Birkenhead | 504 c577-8 (Link to this contribution) As you would expect, Madam Deputy Speaker, so as not to detain the House too long, I have sought an ...

Lord Tyrie | 504 c578 (Link to this contribution) Is the right hon. Gentleman clear that that now constitutes fraud?

Lord Field of Birkenhead | 504 c577 (Link to this contribution) I beg to move, That the clause be read a Second time.

Mark Hoban | 504 c585 (Link to this contribution) No one is saying that the fees are especially generous, but the funds charge a fee for lending their...

Lord Field of Birkenhead | 504 c580 (Link to this contribution) I thank the hon. Gentleman. Given that we have this opportunity to improve the safety of pension fun...

Mark Hoban | 504 c584 (Link to this contribution) When the right hon. Member for Birkenhead (Mr. Field) introduced new clause 8, I was intrigued by hi...

Lord Field of Birkenhead | 504 c585 (Link to this contribution) If the hon. Gentleman looks at the new clause, he will see that that is what I am advocating. Member...

Mark Hoban | 504 c585 (Link to this contribution) But in a way there are two types of short selling. There is naked short selling, when someone does n...

Lord Field of Birkenhead | 504 c585 (Link to this contribution) May I give an example about the fees? The pension fund that I mentioned was paid £900 for every £1 m...

Lord Tyrie | 504 c580-2 (Link to this contribution) There might be a suitable peg somewhere in the Bill for such a measure—I have not looked carefully e...

Stewart Hosie | 504 c582 (Link to this contribution) The hon. Gentleman has talked about shorting the market, which is one of those expressions that ever...

Lord Tyrie | 504 c582-4 (Link to this contribution) I think that that is more or less correct. I am not absolutely sure what the effects of the new clau...

Colin Breed | 504 c584 (Link to this contribution) As the right hon. Member for Birkenhead (Mr. Field) suggested, we found ourselves in agreement on so...

Mark Hoban | 504 c643-5 (Link to this contribution) I echo the Minister in commending all those who have participated in the scrutiny of the Bill, both ...

Ian Pearson | 504 c641-3 (Link to this contribution) I beg to move, That the Bill be now read the Third time. We have had an interesting debate on Repor...

Speaker | 504 c645 (Link to this contribution) Order. Before we proceed, a moment ago, three hon. Members were seeking to catch my eye. We have les...

James Duddridge | 504 c647 (Link to this contribution) I declare an interest as a reformed and very boring banker. Although there is a need for education, ...

John Howell | 504 c647-8 (Link to this contribution) I, too, pay tribute to the Minister. He is an intellectual. I know that that can in some places be a...

Mark Hoban | 504 c632 (Link to this contribution) In the evidence-taking session in Committee, John Footman of the Bank of England pressed for the Ban...

Ian Pearson | 504 c632-3 (Link to this contribution) I have already explained why such a power is unnecessary. The FSA can provide the information alread...

Ian Pearson | 504 c631-2 (Link to this contribution) Conservative Members continually ask, "Who is in charge?" They do not have an answer. As I have said...

Ian Pearson | 504 c630-1 (Link to this contribution) Before I give way to the hon. Gentleman, I say to him that changing the institutional system and mov...

Charles Walker | 504 c647 (Link to this contribution) I want to be charitable this evening, because I believe that there will be a change of Government in...

David Drew | 504 c567-8 (Link to this contribution) But surely my hon. Friend the Member for Wolverhampton, South-West was saying that there is no compe...

Charles Walker | 504 c646-7 (Link to this contribution) I, too, enjoyed serving on the Committee that considered the Bill, and shall say some nice words abo...

Lord Tyrie | 504 c597-8 (Link to this contribution) It is important that we ensure that banks do not end up cross-subsidising the more affluent account ...

William Cash | 504 c629 (Link to this contribution) Then I merely say, Madam Deputy Speaker, that new clause 11 would insert after the word "Treasury" t...

Speaker | 504 c577 (Link to this contribution) With this it will be convenient to discuss amendment 1, in page 13, line 32, leave out clause 13.

Mark Hoban | 504 c603 (Link to this contribution) Several people who complained about their charges referred the matter to the Financial Ombudsman Ser...

Lord Tyrie | 504 c580 (Link to this contribution) I completely agree with the right hon. Gentleman, as I often seek to do. I want to agree with him on...

Rob Marris | 504 c569 (Link to this contribution) It was £250 million.

William Cash | 504 c631 (Link to this contribution) The Economic Secretary has mentioned the Maginot line, which fits in well with my reference to appea...

Mark Hoban | 504 c611 (Link to this contribution) I followed the arguments made by the hon. Member for Foyle (Mark Durkan) closely and I liked his met...

Subjects

Contracts

Devolved matters

Consumers

Debts

Bank services

Banks

Competition

Cheques

Credit agreements

Credit

Credit unions

Building societies

Bank of England

Direct selling

Credit cards

Fees and charges

EU law

Financial services

Financial institutions

Exemptions

Financial Services Authority

Interest rates

Financial markets

Low incomes

Northern Ireland

Protection

Pay

Loans

Office of Fair Trading

Pension funds

Registration

Regulation

Shares

Unfair practices

Council for Financial Stability

Legislation

Financial Services Bill 2009-10

Link

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