UK Parliament / Open data

Financial Services Bill

Proceeding contribution from Baroness Noakes (Conservative) in the House of Lords on Tuesday, 20 November 2012. It occurred during Debate on bills on Financial Services Bill.

My Lords, I ask my noble friend a simple question, for which I apologise for not having given him notice. It is a question I had intended to raise in respect of an earlier amendment but for various reasons I was not here when that amendment was dealt with. It relates to the definition of financial crime. The FCA has, as one of its integrity objectives, the financial system not being used for a purpose connected with financial crime, and financial crime is defined in new Section 1H. An amendment moved by my noble friend earlier was to include terrorism financing in the definition of financial crime. It seems to me that the definition as it stands does not automatically include the new offences that are created in this rather large group of amendments, which we can shorthand as the LIBOR offences, because it would not otherwise have been within the remit of the FCA. I would be grateful if my noble friend would answer that point.

Type
Proceeding contribution
Reference
740 c1745 
Session
2012-13
Chamber / Committee
House of Lords chamber
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