In Committee, it is normal to address the amendments and not opposition parties’ policy documents.

In Committee, it is normal to address the amendments and not opposition parties’ policy documents.

My Lords, I have some experience of ring-fencing as, in my capacity as the chairman of the risk committee of a major bank, I oversaw the implementation of ring-fencing. At that time, it was a significant risk to the bank that we would not be in compliance with the ring-fencing...

My Lords, I have some experience of ring-fencing as, in my capacity as the chairman of the risk committee of a major bank, I oversaw the implementation of ring-fencing. At that time, it was a significant risk to the bank that we would not be in compliance with the ring-fencing...

My Lords, I understand the point that the noble Lord is trying to make, but I argue that the risk of the taxpayer picking up the tab is now considerably lower, which means that it is reasonable to re-examine whether ring-fencing should be an ongoing part of the regime.

I was...

My Lords, I understand the point that the noble Lord is trying to make, but I argue that the risk of the taxpayer picking up the tab is now considerably lower, which means that it is reasonable to re-examine whether ring-fencing should be an ongoing part of the regime.

I was...

My Lords, I have given the Minister notice that I intend to object to these amendments, so if he presses them, I will object and therefore they will not pass. It has been the custom of our House that when the Government table amendments to Bills, they notify all Members...

My Lords, I have given the Minister notice that I intend to object to these amendments, so if he presses them, I will object and therefore they will not pass. It has been the custom of our House that when the Government table amendments to Bills, they notify all Members...

My Lords, I will speak to Amendments 70, 71, 73, 74 and 76 in my name. I thank the noble Lord, Lord Vaux of Harrowden, for adding his name to Amendments 70, 73 and 76.

At first sight, Clause 16 looks like a bit of “motherhood and apple pie” legislation. After...

My Lords, I will speak to Amendments 70, 71, 73, 74 and 76 in my name. I thank the noble Lord, Lord Vaux of Harrowden, for adding his name to Amendments 70, 73 and 76.

At first sight, Clause 16 looks like a bit of “motherhood and apple pie” legislation. After...

I may be being a bit dumb, but I did not understand that at all.

I may be being a bit dumb, but I did not understand that at all.

Can the Minister explain why that is not included in the Bill? The Government expect them to engage with the industry. One would normally write consultation expectations into legislation. That is the normal practice. Why was it not done in this case?

Can the Minister explain why that is not included in the Bill? The Government expect them to engage with the industry. One would normally write consultation expectations into legislation. That is the normal practice. Why was it not done in this case?

I have some questions for the Minister. Does he believe that the FCA’s five-year plan provides a model for what the Government have

in mind for compliance with Clause 16, if it becomes law? I will start with that question.

I have some questions for the Minister. Does he believe that the FCA’s five-year plan provides a model for what the Government have

in mind for compliance with Clause 16, if it becomes law? I will start with that question.

Does the Minister believe that the FCA’s five-year plan, which started last year, is the model on which Clause 16 has been based? Is the Minister expecting that sort of document to be produced in response to Clause 16?

Does the Minister believe that the FCA’s five-year plan, which started last year, is the model on which Clause 16 has been based? Is the Minister expecting that sort of document to be produced in response to Clause 16?

Can the Minister expand on that?

Can the Minister expand on that?

I put it to the Minister that this clause has no specificity around it: no ability for the Treasury to agree the format or content of a five-year plan; no requirement for consultation; and no requirement for the involvement of parliamentary committees. We are being asked to give a blank...

I put it to the Minister that this clause has no specificity around it: no ability for the Treasury to agree the format or content of a five-year plan; no requirement for consultation; and no requirement for the involvement of parliamentary committees. We are being asked to give a blank...

Can I conclude my remarks with a plea to the Minister? He has taken away a number of issues arising from this debate, on which he will be writing one big letter or several medium-sized ones. It is normal, when something as contentious as this arises, for all Members of...

Can I conclude my remarks with a plea to the Minister? He has taken away a number of issues arising from this debate, on which he will be writing one big letter or several medium-sized ones. It is normal, when something as contentious as this arises, for all Members of...

Do we not want to reduce regulation on regulated firms, rather than regulators?

Do we not want to reduce regulation on regulated firms, rather than regulators?

Moved by

Baroness Noakes

77: After Clause 16, insert the following new Clause—

“Review of regulatory principles

(1) Within 12 months of this Act coming into force, the Treasury must carry out a review of the regulatory principles in section 3B(1) of the Financial Services and Markets Act 2000.

(2) The review must in particular...

Moved by

Baroness Noakes

77: After Clause 16, insert the following new Clause—

“Review of regulatory principles

(1) Within 12 months of this Act coming into force, the Treasury must carry out a review of the regulatory principles in section 3B(1) of the Financial Services and Markets Act 2000.

(2) The review must in particular...

My Lords, Amendment 77 calls for a review of the regulatory principles in Section 3B of FSMA 2000. I am grateful to the noble Lord, Lord Vaux, for adding his name to it. My amendment calls for the Treasury to review the regulatory principles and, in particular, identify those that...

My Lords, Amendment 77 calls for a review of the regulatory principles in Section 3B of FSMA 2000. I am grateful to the noble Lord, Lord Vaux, for adding his name to it. My amendment calls for the Treasury to review the regulatory principles and, in particular, identify those that...

My Lords, I thank noble Lords for taking part in this brief debate on what is, I think, an important area.

The Minister said that the Government have already reviewed the regulatory principles and found them to be absolutely fine. I find that quite remarkable, given that they clearly duplicate other...

My Lords, I thank noble Lords for taking part in this brief debate on what is, I think, an important area.

The Minister said that the Government have already reviewed the regulatory principles and found them to be absolutely fine. I find that quite remarkable, given that they clearly duplicate other...

My Lords, the noble Baroness, Lady Kramer, was kind enough to refer to the committee I chair. I will offer a few comments on this area.

First, in line with what I said on the previous group of amendments, I do not believe that this is a regulatory principle in any...

My Lords, the noble Baroness, Lady Kramer, was kind enough to refer to the committee I chair. I will offer a few comments on this area.

First, in line with what I said on the previous group of amendments, I do not believe that this is a regulatory principle in any...

My Lords, the Financial Services Regulation Committee has also been looking at stablecoin, so I have a few words to say on the topic.

I go back to my earlier point: this is not a regulatory principle that can be applied by the FCA and the PRA. It has very little...

My Lords, the Financial Services Regulation Committee has also been looking at stablecoin, so I have a few words to say on the topic.

I go back to my earlier point: this is not a regulatory principle that can be applied by the FCA and the PRA. It has very little...

My Lords, as this is my first contribution in Committee, I declare my interests as recorded in the register, in particular that I hold listed shares in financial services companies and technology companies that may be affected by the Bill or amendments tabled to it.

I am going to use the...

My Lords, as this is my first contribution in Committee, I declare my interests as recorded in the register, in particular that I hold listed shares in financial services companies and technology companies that may be affected by the Bill or amendments tabled to it.

I am going to use the...

My Lords, I disagree with what my noble friend Lord Blackwell has just said. He has fallen into the trap of believing that an accountability process can be effective within Parliament. The experience that I and my committee have had is that there are limits to what can be achieved...

My Lords, I disagree with what my noble friend Lord Blackwell has just said. He has fallen into the trap of believing that an accountability process can be effective within Parliament. The experience that I and my committee have had is that there are limits to what can be achieved...