Financial Services Bill

The amendments in this group relate to key considerations that have underpinned the design of the...

The Minister gave the example of access to a bank account, but may I draw his attention to the is...

The hon. Gentleman makes a reasonable point. However, having set up the FCA to put supervision in...

Does my right hon. Friend agree that it matters that it is not too difficult to open an account i...

My right hon. Friend is absolutely right. That is the import of the amendment I mentioned—we have...

There has been a proliferation of payday loans companies setting up in Chatham high street. Hon. ...

My hon. Friend is a real campaigner—anyone who suffers poor treatment in Chatham can count on her...

Will the Minister clarify for the House whether the rules apply to organisations such as BrightHo...

The hon. Lady would not expect me to comment on a particular firm when I do not know the details,...

But it sounds as if people selling goods at exceptionally high interest rates on hire purchase ag...

I do not believe there is a loophole. Firms are required to be regulated for those aspects of the...

I apologise for interrupting the Minister’s strand of thinking on the social investment measures,...

I will not do that for much the same reasons I gave in response to the previous intervention. The...

Will the Minister reflect on that answer? It would be helpful, in the context of the debate and u...

The hon. Gentleman knows that the term, “payday lender” is relatively informal and loose. It is i...

I encourage the Minister to broaden his comments to encompass all our concerns about high-cost cr...

I am grateful to the hon. Lady for her point, which makes the point I was making to the hon. Memb...

Will the FCA be able to look at other concerns such as the misuse of continuous payment authority...

The short answer to that is yes. The FCA’s powers will be broad, and defined by practice rather t...

There are a large number of amendments in this group, and they focus on consumer credit and the b...

My hon. Friend talks about regulating to ensure that these bank accounts remain available. Someti...

Indeed, that is the case. Anxiety is spreading and rumours are circulating that people with credi...

Will my hon. Friend slightly broaden his comments about the LINK system? In too many of our towns...

That is true. The Opposition take the view that the financial services sector needs to move away ...

My hon. Friend is making an extremely important point. He will be aware that President Obama, in ...

In Labour’s view, amendment 25 ought to allow that. If we are talking about ease of access to aff...

Like my hon. Friend, I welcome amendment 25, which, I note, was something he laboured on valiantl...

Exactly. I imagine that what my hon. Friend describes is absolutely correct. Incidentally, I pay ...

Is there not a danger that the Minister might see amendments 25 and 78 as a “Get out of Jail” car...

That is correct. The Minister ought to be meeting the FCA regularly, and clearly those are the qu...

I want to speak to Lords amendment 25. The Minister was not terribly clear in his opening remarks...

I am grateful for this opportunity to take part in the debate tonight. I echo some of the concern...

My hon. Friend reminds me that I asked HSBC, when it was closing its branch in my constituency, i...

My hon. Friend gives a good example of the lack of joined-up thinking in our financial services m...

My hon. Friend has been talking about bank deserts. Would he also accept that there is also a pro...

My hon. Friend makes a very good point. The situation is particularly stark in rural communities,...

I had not intended to speak in this debate, but I rise briefly to talk about Lords amendment 78. ...

I rise to speak to amendments 78, 137 and 148, which deal with the role of the Office of Fair Tra...

The hon. Lady is delivering a categorical and passionate speech about a very important subject, a...

I pay tribute to the work that the hon. Gentleman has done in raising issues about debt and credi...

Continuous payment authorities also militate against affordability checks. As was established by ...

My hon. Friend is right. I pay tribute to the work that she has done in this regard, and also in ...

It is an honour to follow the hon. Member for Walthamstow (Stella Creasy), and to speak in favour...

On the question of percentage charges, if we displayed everything in cash terms it would be far e...

Yes, total cost of credit information is a good way forward—although, ironically, that would plea...

It is wonderful to hear the hon. Gentleman talking about the positive aspects of capping. I sugge...

The hon. Lady is entirely right, and I alluded to that point when I talked about behavioural char...

I want to speak briefly on Lords amendments 25 and 36, both of which deal with the issue of compe...

This excellent debate has covered a number of issues that colleagues from all parts of the House ...

The previous Government had proposed creating exactly such an obligation, but the Minister’s pred...

I did not have the privilege of participating in that debate, but I can tell the hon. Lady our po...

I am extremely grateful to the Minister for giving way, and I want to endorse his sentiments and ...

I completely agree with my hon. Friend. The Bill has a role to play, because it is very important...

I beg to move, That this House agrees with Lords amendment 59.

With this it will be convenient to consider the following:

Lords amendment 60, and amendmen...

I come now to the Government’s implementation of the independent review of LIBOR conducted by Mr ...

We have moved on to another series of amendments that have arisen largely as a result of the scan...

My hon. Friend mentioned ethics a moment ago. Although we need a financial services system that i...

My hon. Friend makes an excellent intervention. She is right. In our debates about financial serv...

Much commodity trading is still focused on trading on the floor, rather than on the screen. Does ...

I do want to see more transparency. Electronic data exchanges certainly have the potential to pro...

I promise not to test your patience, Mr Deputy Speaker, or that of the House by speaking for too ...

Will my hon. Friend reflect on the fact that trading in commodity derivatives can skew investment...

I thank my hon. Friend for that highly appropriate intervention. When the history of Great Britai...

To use the increase in food commodity prices as an argument for increased control over derivative...

As I have said, this morning I listened to a presentation from the UN Secretary-General’s special...

The hon. Lady is making a good point, but did the person whom she met this morning give her alter...

I thank the hon. Gentleman for his intervention and his compliment that he thinks my point is not...

When some of us raised these issues in the previous Parliament, the then Government pooh-poohed t...

I thank the hon. Gentleman for his intervention, which was characteristically well made. I share ...

It is a pleasure to respond to this short but important debate.

The hon. Member for Notting...

With the leave of the House, I propose to put Lords amendments 98 to 290 together.

Amendment 98 is in a separate group relating to clearing houses, and I would like to make some re...

The Minister will need to move amendment 98, and can do so.

I beg to move, That this House agrees with Lords amendment 98.

With this it will be convenient to consider Lords amendments 99, 122 to 127, 224 and 225.

I would have thought the Minister would have wanted to speak, as Lords amendment 98 is the lead a...

Let me give a bit of context to amendments 98 and 225. Taken together, they make provision with r...