Contributions
1,280 recent contributions in Hansard
HANSARDFinancial Services and Markets Bill (Seventh sitting)The clause introduces schedule 11, which expands the existing resolution regime for central counterparties, or CCPs. CCPs provide clearing services for large volumes of financial…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)The clause introduces schedule 10, which provides for the new senior managers and certification regime—SMCR—for financial market infrastructures. The existing SMCR was first…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)The answer is that, in the normal way, the measures will be laid before Parliament. If there is any extra detail with which I can furnish the hon. Lady, I will write to her.…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)In addition to ensuring reasonable provision of cash access services in the UK, it is vital that we have an effective, resilient and sustainable wholesale cash system to support…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)I shall speak first to amendments 19, 20 and 21, before turning to schedule 8. Amendments 19 and 20 seek to introduce requirements on the FCA in relation to how it will determine…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)The hon. Lady has made that point powerfully, and I assure her—notwithstanding the disappointment that I seem to continue to cause to the hon. Member for Hampstead and…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)I am a big fan of taking one step at a time, and the step in front of us today is to pass clause 47 and put it on the statute book—to make that very significant advance in the…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)The hon. Lady is very good at anticipating what I would not say. Perhaps she is going to finish my sentence for me.01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)Very good. Until this moment, there has been no substantive legislative framework for access to cash. No regulatory authority has the legislative responsibility or powers to…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)That was the figure supplied to me; I will happily correct the record if that is not the case.01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)As part of the research for this debate, I looked at the prevalence of free-to-use ATMs in the constituencies of members of the Committee. My quite rural constituency is somewhat…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)In substance, the Payment Systems Regulator, in the same way as the FCA, the Bank and the PRA, will have the target as one of its principles. It will be for the PSR to decide how…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)Good morning, Mr Sharma. It is a pleasure to serve under your chairmanship. If it pleases the Committee, I would like to draw the Committee’s attention to a letter that I have…01 Nov 2022HANSARDFinancial Services and Markets Bill (Eighth sitting)First, I shall speak to new clause 13 and Government amendment 23, which appear in my name, before speaking to clauses 65 to 73 and Government amendments 5 to 8, which also appear…01 Nov 2022HANSARDFinancial Services and Markets Bill (Eighth sitting)Clause 62 enables and requires the Payment Systems Regulator to take action to improve the reimbursement of victims of authorised push payment scams, or APP scams as they are…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)I agree with the hon. Lady that, given the systemic importance, it is important to bring the regime into place as quickly as possible. It will be for the Bank to consult on that.…01 Nov 2022HANSARDFinancial Services and Markets Bill (Seventh sitting)The hon. Lady makes a powerful point that I will take away, but I perhaps do not entirely share her view of the FCA. It will be interesting to explore that further. However, I…01 Nov 2022HANSARDFinancial Services and Markets Bill (Eighth sitting)I will write to the hon. Lady about digital settlement assets, in order to try and fully understand what she was pushing at with her question. On clause 67 and the amendment, the…01 Nov 2022HANSARDFinancial Services and Markets Bill (Eighth sitting)On the point about flooding, that is simply outwith the scope of the Bill. The Flood Re scheme is the responsibility of the Department for Environment, Food and Rural Affairs, and…01 Nov 2022HANSARDFinancial Services and Markets Bill (Eighth sitting)This clause is targeted to support the effective management and oversight of money on the public accounts. It confers on the Treasury a power to issue a direction in order to…01 Nov 2022