Financial Services Bill

Moved by

Lord Flight

78A: Clause 15, page 70, line 15, at end insert—

“( ) For ...

My Lords, Amendments 78A and 79A are supported by the Listing Authority Advisory Committee to the...

I support my noble friend Lord Flight’s amendment. It is important that in this area the FCA shou...

My Lords, Amendments 77A and 79A would reinstate an existing “have regard” that applies to the FS...

My Lords, I thank the Minister for the comfort on this point. I am aware that the London Stock Ex...

Moved by

Lord Sassoon

79: Clause 15, page 70, line 18, at end insert—

“( ) In s...

Moved by

Baroness Hayter of Kentish Town

79AA: Clause 17, page 75, line 7, at end ins...

My Lords, we reach the last amendment of the evening, which stands in the names of my noble frien...

My Lords, no one disagrees with the proposition that certain important reports and other document...

My Lords, I thank the Minister for that answer and, via the Minister, I thank his Bill team becau...

Moved by

Lord Sassoon

73A: After Clause 9, insert the following new Clause—

“Ap...

My Lords, noble Lords have to hear me again for just a little longer, although I will not speak a...

My Lords, I rise to ask the Minister some questions about the transfer of the regulation of the p...

My Lords, I thank the Minister for his helpful introductory remarks, and the Bill team for lettin...

My Lords, I thank the noble Lord for one or two focused questions on this. First, I repeat what I...

My Lords, may I press the Minister on the point that I made earlier in my remarks about receiving...

My Lords, I was referring to people working on the transitional arrangements that come out of thi...

Moved by

Lord Eatwell

73B: Clause 10, page 47, line 32, at end insert—

“( ) The...

My Lords, Amendment 73B reflects a concern that we have expressed at numerous stages in the discu...

My Lords, as I said in Committee when we debated this issue, we are extremely sympathetic to what...

That is rather complacent. If the noble Lord thinks that the FSA provides clear guidance at the m...

Moved by

Lord Sassoon

74: Clause 10, page 47, line 35, after “in” insert “or specifie...

Moved by

Lord Flight

75A: Clause 10, page 49, line 23, after “FCA” insert “, which sh...

My Lords, Amendments 75A to 75G and Amendment 77 relate to Clause 10 and Amendment 77B relates to...

My Lords, Amendments 75A to 75G, tabled by my noble friend Lord Flight, would remove the requirem...

My Lords, it is highly important that it should be absolutely clear that there will be one applic...

Moved by

Lord Sassoon

76: Clause 10, page 56, line 9, leave out “expires” and insert ...

Moved by

Baroness Hayter of Kentish Town

77AA: Clause 11, page 65, line 22, at end in...

My Lords, this amendment stands in the name of my noble friend Lord Eatwell and myself. It relate...

My Lords, I am generally sympathetic to Amendment 77AA, but what would the consequences be of a b...

My Lords, I was struck by my noble friend’s amendment. In reading it, I wondered whether this was...

My Lords, I think everyone is agreed that the regulators should require banks to make their custo...

Did I hear the noble Lord say that it is a requirement from regulators that banks should notify t...

My Lords, as I was saying, the regulators make considerable existing requirements in this area an...

The noble Lord has read out the text of the communication which banks in this country must make t...

I will check what I said, but it may have covered what the noble Lord is looking for. If it does ...

My Lords, I am sorry that the Minister did not listen to what I said, which was the reverse of pa...

Moved by

Baroness Hayter of Kentish Town

77AB: Clause 12, page 67, line 12, at end in...

My Lords, this amendment stands in the name of my noble friend Lord Eatwell as well as mine. It i...

My Lords, as the noble Baroness says, we discussed this at some length in Committee and, to a cer...

All I was saying was I thought that the Bill team, when we met them, told us that these amendment...

I tried to make that clear in my opening remarks, but let me have another go. We have a serious L...

My Lords, I was waiting to deal with the scope of Amendment 71. I entirely understand that the pa...

The noble Lord, Lord Eatwell, asked the question very clearly earlier. If he would give me anothe...

That is very helpful. But I still think that the language is not clear. A derivative instrument m...

Again, to an extent the noble Lord, Lord Eatwell, pre-empts what I was going to say. First, let m...

The answer is that it is. It is a price index, and all price indexes are derived from markets bec...

The definition of “benchmark”, as we have already been through, has a number of legs to it, the f...

Am I right, therefore, that anybody looking at the Bill would not know that it had anything to do...

My Lords, the problem that we are trying to deal with is that it has been revealed this summer th...

I am sorry to interrupt my noble friend. I know he wants to get on to the rest of the interesting...

As I said in response to the noble Lord, Lord Eatwell, I will look again. I believe that, as I ha...

As we are in Committee, it might be helpful to take questions as we go along. It would be enormou...

My Lords, we risk comparing two totally different sorts of animal here. The measurement of prices...

I am sorry to interrupt, but I am trying very hard to understand where we are getting to. I under...

My Lords, there has been consultation on these clauses already. These clauses, which were publish...

That is very helpful and I am grateful to the Minister. What would happen then when the administr...

If I ever get to the amendments in the name of the noble Lord, Lord Eatwell, we will get to that ...

On a point of clarification about the offences, I fully understand that with LIBOR, which is a Lo...

I would never accuse any noble Lord, least of all my noble friend, of ever getting muddled, other...

Before the Minister leaves the issue of offences, I asked a question about the exemptions around ...

I have some understanding, but I am a non-lawyer and it was a long time ago so it is only slight....

I asked the Minister whether the criminal sanctions could be used retrospectively against those w...

Forgive me; I thought I did answer. It is an absolute principle that we do not put in place retro...

I take it that the people who have already behaved in a criminal way can be prosecuted under the ...

I am grateful to the noble Lord. As I have answered before in Questions on the LIBOR issue and as...

I thank the Minister; that is very clear and helpful. My only question arising from that is wheth...

Yes, my Lords, I am confident that the FCA, on the risk approach that it takes to preparing itsel...

Oh!

They will have another opportunity very shortly because I am afraid I will be introducing the nex...

I said quite a lot about it, so perhaps I could remind the noble Lord.

It has suddenly come back to me; it was just a momentary lapse. The noble Lord spoke about the me...

The noble Lord has completely misinterpreted what I said and apparently has not read Amendment 80...

I may not have expressed myself clearly but I was entirely clear that that is the purpose of the ...

Moved by

Lord Sassoon

71: Clause 7, page 43, line 34, after “(1A),” insert—

“( ...

My Lords, before calling the first amendment, I must remind noble Lords that the House has agreed...

Moved by

Lord Sassoon

70: Clause 7, page 43, line 33, at end insert “, or

(b) t...

My Lords, I feel that I should warn you that my remarks on this group will be longer and more det...

My Lords, we on this side of the House broadly support the conclusions of the Wheatley report and...

My Lords, this is an important piece of legislation, and I very much welcome it. I think that thi...

My Lords, this debate began with the clear statement that we should abide by Committee-stage rule...

Oh!

That is apart from my noble friend Lady Hayter. I am not a lawyer, but even if I were what would ...

My Lords, my contribution is also entirely interrogative. I have a lot of questions. I shall put ...

My Lords, I ask my noble friend a simple question, for which I apologise for not having given him...

My Lords, I was rather getting into the swing of this. I have never had so many questions in such...