Financial Services (Banking Reform) Bill

My Lords, I was struck by the reply of the noble Lord, Lord Newby, on the issue of companies from other parts of the European Economic Area trading on the internet. He said that the Government are just beginning to look at this. It is extraordinary that the Treasury does not know, now, what are the particular rules that affect financial trading within the European Economic Area. That is another incredible statement. We have been dragging our feet on this area. It is urgent that we deal with it with all due speed and that we ensure that the cap is in place before next Christmas. I therefore wish to seek the opinion of the House on Amendment 22.