Financial Services Bill

My Lords, financial regulation has to ensure that consumers are well protected. It is with this p...

My Lords, I declare an interest as co-chair of the APPG on Mortgage Prisoners. Mortgage prisoners...

My Lords, Amendments 99 and 116 deal with the difficult area of mortgage prisoners. Both amendmen...

My Lords, I will not detain the Committee long. I would not normally be seen near a finance Bill,...

My Lords, it is a pleasure to take part in the debate on this first group of amendments. In doing...

My Lords, I have taken a vow to try to be brief in all my responses today, recognising the time p...

My Lords, the case for reform in this area has been overwhelmingly made by my noble friends Lord ...

My Lords, I acknowledge that the Government have a great deal of sympathy for borrowers who are u...

My Lords, I thank those who have contributed to this debate for the various points they have rais...

Moved by

Baroness Neville-Rolfe

103: After Clause 40, insert the following new Clause...

My Lords, I rise to speak to my Amendments 103 on impact assessments and 104 on reporting. I have...

My Lords, for the purposes of today’s debates I again remind Grand Committee of my financial serv...

My Lords, I declare again my interests as stated in the register in respect of financial services...

My Lords, I am pleased to be part of this debate, which is narrow in some senses but has the capa...

My Lords, as many Members of the Committee have already noted, my noble friend Lady Neville-Rolfe...

My Lords, in many of the groups of amendments to the Bill we have discussed the issue of accounta...

My Lords, my initial reaction to the amendment of the noble Baroness, Lady Neville-Rolfe, was to ...

My Lords, as my noble friend Lady Neville-Rolfe has explained, these amendments bring us to the q...

I have received one request so far to speak after the Minister. I call the noble Baroness, Lady B...

I am sorry to intervene again, but I feel I must correct what the noble Viscount, Lord Trenchard,...

My Lords, I thank all noble Lords who have taken part in this debate, and I thank the noble Baron...

Moved by

Lord Sikka

107: After Clause 40, insert the following new Clause—

“FCA...

My Lords, Amendment 107 seeks transparency about ministerial interventions in regulatory investig...

My Lords, as the amendment suggests, I think it is necessary to know when there have been interve...

My Lords, I thank the noble Lord, Lord Sikka, for tabling the amendment, to which I was delighted...

I call the next speaker, the Lord Bishop of St Albans, but I cannot hear anything. I wonder wheth...

My Lords, I apologise; I am so sorry.

I am glad to speak in support of Amendment 107 in the...

My Lords, I need to spend more time, frankly, trying to understand the amendment. I would be genu...

My Lords, there is a Division, so we shall adjourn for five minutes and reconvene thereafter.

I was in the middle of saying that we need the FCA to be much more aggressive and transparent in ...

My Lords, my noble friend Lord Sikka has made a powerful case for greater transparency in regulat...

My Lords, Amendment 107 would require the FCA to make a public statement on the nature of any int...

I am grateful to all noble Lords for their contributions, but somewhat disappointed by the Minist...

Does the Minister wish to respond?

My Lords, the noble Lord has the advantage over me, because I am not personally privy to the case...

Can I confirm with the noble Lord, Lord Sikka, that he does not wish to press his amendment?

I will withdraw the amendment for the time being.

Moved by

Lord Hodgson of Astley Abbotts

108: After Clause 40, insert the following ne...

My Lords, I move Amendment 108 and speak to Amendments 109, 110 and 122, which, collectively, tak...

My Lords, I am happy to put my name to and support Amendments 108 to 110. I pay tribute to the no...

My Lords, I have signed these amendments from the noble Lord, Lord Hodgson, and I agree with what...

My Lords, I will speak briefly to Amendments 108, 109 and 110 in the names of the noble Lords, Lo...

My Lords, it is a pleasure to speak to this group of amendments. In doing so, I declare my intere...

My Lords, first, I have to correct an error I made in the last group of amendments. I referred to...

My Lords, the noble Lord, Lord Hodgson, has tabled a number of interesting amendments relating to...

My Lords, I am grateful to my noble friend Lord Hodgson for directing the Committee’s attention t...

My Lords, I am exceptionally grateful to everybody who has taken part in this debate, including t...

We now come to the group beginning with Amendment 112.

Amendment 112

Moved by

Lord Holmes of Richmond

112: After Clause 40, insert the following new Claus...

My Lords, in moving Amendment 112 I shall speak also to the following 10 amendments in the group,...

My Lords, it is a pleasure to follow the noble Lord, Lord Holmes of Richmond. He is, without a do...

I am delighted to follow the noble Baroness, Lady Bennett, and find myself in agreement with much...

My Lords, the noble Baroness, Lady Neville-Rolfe, was inadvertently left off the list of speakers...

My Lords, I thank my noble friends Lord Holmes of Richmond and Lady McIntosh of Pickering for tab...

My Lords, after all those excellent speeches, I shall try to be brief but I need to declare my in...

My Lords, I am grateful to the noble Lord, Lord Holmes of Richmond, for tabling this group of ame...

My Lords, I am grateful for this opportunity to discuss the important issue of the use of technol...

My Lords, I thank all noble Lords who have taken part in this debate.

I say to the noble Ba...

Moved by

Lord Sikka

120: After Clause 40, insert the following new Clause—

“Sup...

My Lords, Amendment 120 seeks to strengthen regulation by empowering stakeholders to watch over t...

I am sorry to interrupt. A Division is taking place in the House. We will return in five minutes ...

My Lords, I think all of us who were going to vote have now done so, so I invite the noble Lord, ...

My Lords, I wanted to provide some examples of the kind of questions which the supervisory board ...

My Lords, I understand that Amendment 120 in the name of the noble Lord, Lord Sikka, seeks to est...

My Lords, I thank the noble Lord, Lord Sikka, for introducing this amendment. I will be brief, be...

My Lords, I very much agree with the noble Lord, Lord Sikka, that regulatory capture is a real ri...

My Lords, the interesting amendment tabled by my noble friend Lord Sikka is another demonstration...

My Lords, the Government agree that effective oversight of the FCA and PRA is a crucial component...

I am grateful to all noble Lords for their contributions to the debate, and it would be helpful i...

Moved by

Baroness Bowles of Berkhamsted

121: After Clause 40, insert the following ne...

My Lords, this amendment was not intended newly to introduce country-by-country reporting but to ...

My Lords, it is a great pleasure to follow the noble Baroness, Lady Bowles, not just because she ...

My Lords, I am going to be very brief again on this issue, because I cannot pretend that it is my...

My Lords, the provision of country-by-country data by banks and investment firms will be an impor...

My Lords, Amendment 121 aims to ensure that banks and investment firms engage in country-by-count...

I thank everybody who has spoken. The Minister has answered the question and I do not need to mak...

We now come to the final group, beginning with Amendment 123.

Amendment 123

Moved by

Baroness Bennett of Manor Castle

123: After Clause 40, insert the following ...

My Lords, I beg to move my Amendment 123 and speak also to Amendment 124. They are quite large am...

My Lords, I think I understand where the noble Baroness, Lady Bennett, is coming from. I am not s...

My Lords, I think the whole subject of supervision and the presentation of information for decisi...

My Lords, I listened carefully to the noble Baroness, Lady Bennett, in her clear introduction to ...

My Lords, I have had a request to speak after the Minister from the noble Lord, Lord Sikka. I poi...

My Lords, as we are pressed for time, I withdraw my intervention. I hope that I will make it anot...

We are grateful to you, Lord Sikka.

My Lords, I thank the Minister for his answer. He focused on the positive impacts of the financia...

My Lords, that concludes the Committee’s proceedings on the Bill. I remind Members to sanitise th...