Financial Services (Banking Reform) Bill

With this we may take Lords amendments 42 to 62, 160 and 174.

It is a pleasure to introduce these amendments. Much work has been undertaken in this House and i...

Does the Minister agree that it is essential that companies can trust their banks in order that t...

I agree wholeheartedly with my hon. Friend, and I hope that he agrees that all the effort that ha...

With hindsight, will the hon. Gentleman help the House and say whether Fred Goodwin would have be...

It is possible, although it is difficult to answer that question specifically as it would depend ...

Does the Minister agree that a lot of the changes that are coming through as a result of PCBS rec...

My hon. Friend has explained well the reasoning behind the recommendation from the PCBS—which, of...

I thank the Minister for giving way again; he is helpful in giving me the time because I am genui...

As I discuss the issue I will provide more information on how the measure could work, and perhaps...

First, I think it would be inappropriate to try to assess the impact of the proposed legislation ...

I thank my hon. Friend for his comments. As Chair of the Parliamentary Commission on Banking Stan...

The Minister struck the correct note when he mentioned the seriousness of such situations. Much c...

I completely agree with the hon. Gentleman and I think we all hope that the new criminal sanction...

If I were a senior banker to whom this law applied, what would affect my decision on whether to b...

Both cases would be a deterrent. A key point of the change to criminal sanctions is that they wou...

I have listened with interest to the Minister. May I first add my thanks to all the members of th...

My hon. Friend is detailing, forensically and importantly, the logjam that this process has produ...

My hon. Friend makes an important point. It is vital that the public has confidence in the proces...

Before my hon. Friend moves on, does she agree that while we should congratulate Members in the o...

My hon. Friend makes a valuable point. It would have stood us in good stead had we had such an op...

Is my hon. Friend satisfied with the definition of senior bankers as those who would be liable to...

My hon. Friend makes another interesting point. She has already raised the likelihood of criminal...

I am listening carefully to my hon. Friend as she lists the specific attempts that we on this sid...

We pressed for an earlier introduction of the measure so that we could debate and finesse it if n...

My hon. Friend is making a strong case. I, too, served on the Committee and witnessed our efforts...

I thank my hon. Friend for his comments. I do not know what was in the Government’s mind, but in ...

As a member of an accountancy body that deals with police professional standards and continuing p...

I understand the hon. Gentleman’s point. Our approach has been to suggest that that responsibilit...

As a member of the parliamentary commission, I note that despite our many recommendations, which ...

My hon. Friend is absolutely right. If we believe the Bill to be the end of the story, we will do...

Is the shadow Minister aware that the banks have already initiated the creation of a professional...

I thank the hon. Gentleman for that comment. I know that he has done considerable work in his rol...

Does the banking industry not make it more difficult for the public to understand, given that, ev...

Once again, my hon. Friend is absolutely correct. The general public expected the industry to sho...

Before addressing the amendments in the group, I would like to say a few words—this is the only a...

The hon. Gentleman mentioned proprietary trading. Is he now satisfied that the Government’s recen...

Broadly, yes. Given that I am already stretching things a little in my opening remarks, I will tr...

Will the hon. Gentleman give way?

I give way to my fellow commissioner.

How long does the hon. Gentleman think the handing of control over the leverage ratio to the Bank...

I have pressed the Bank of England on that issue with my Treasury Select Committee hat on. A subs...

I am listening with great interest to the hon. Gentleman. As he may know, the United States opera...

In some cases, the “deal”, as the hon. Lady called it, is accompanied by a memorandum of understa...

Will the hon. Gentleman give way?

I will give way again, but I do want to get on to the amendments.

I thank the hon. Gentleman for his generosity. The question of whistleblowers was raised in a Lab...

I think that, in the first instance, it is the job of regulators to advise us—we shall see whethe...

As I expected, the hon. Gentleman is making an incredibly thoughtful and powerful speech. We have...

I think the banks have discovered that the scale of the damage done by the revelations and the sc...

Will the hon. Gentleman give way?

I will this one last time, but I get a sense that Members might want me to draw to a close in a m...

The hon. Gentleman mentions LIBOR. In respect in particular of fraud, does he agree that if an in...

The fact that an individual is found responsible should not in any way exculpate the institution ...

The hon. Gentleman’s speech is characterised, as always, by a combination of scholarship and erud...

I can give you a firm assurance, Mr Speaker, that I am coming very close to the end of my remarks...

rose—

Order. I should explain to the House that I have exercised some latitude so that the hon. Member ...

I will bear in mind your observations, Mr Speaker, but I hope you will indulge me if I occasional...

I will keep my remarks relatively brief. Neither of the two major parties has too much to crow ab...

It has been said that one of the great innovations of this Bill is the introduction of the offenc...

The question the hon. Lady should ask herself is that if she were a banker, would she be prepared...

There are other things that can be done, and I shall briefly touch on some of them. May I begin w...

I am fascinated that the hon. Lady chooses to use Nick Leeson as an example, because he went to j...

The point is that he was not a senior manager and he brought down a bank. This measure will not s...

I think the hon. Lady is misunderstanding the intentions of each bit of legislative change. The p...

With respect, I am even more confused than before. What is the point of bringing in an offence th...

Let me take the hon. Lady back to her last point on prosecutions. I speak as a former prosecutor ...

I am more than happy to put it on the record that I am a critical friend of the Serious Fraud Off...

I intend to talk principally about Lords amendment 41, but before I do so let me echo the comment...

Is the hon. Gentleman not disappointed that, since 2007, when there has been such a focus on the ...

I do not necessarily agree. I speak not only as a Member of Parliament, a member of the Parliamen...

The personal responsibility argument is extremely strong and powerful, but does not the hon. Gent...

I agree entirely. A number of professional bodies in the banking industry have a code of conduct....

I thank the shadow Minister, the hon. Member for Kilmarnock and Loudoun (Cathy Jamieson), for her...

Order. With the leave of the House, Minister.

Thank you, Madam Deputy Speaker. With the leave of the House, I thank the shadow Minister for her...

I beg to move, That this House agrees with Lords amendment 63.

With this it will be convenient to discuss the following:

Lords amendments 64 to 154.