Contributions
1,280 recent contributions in Hansard
HANSARDFinancial Services and Markets Bill (Fifth sitting)I thank hon. Members for their contributions. As currently envisaged, the definition successfully encompasses what it intends to today. The definition starts with the most safe,…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)I thank the hon. Lady for her comments. In truth, I agree with the assessment that she has set out. The approach taken in the Bill is to start with stablecoins and those that are…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)Good morning, Dame Maria. It is a pleasure to serve under your chairmanship once again. I thank all hon. Members who are with us again today. The Government believe that certain…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)I thank my hon. Friends the Members for Wimbledon and for North Warwickshire for raising some important matters, and those on the Opposition Front Bench for their support for…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I am struggling to add incrementally to what the Government have said earlier today regarding our receptivity to the idea of greater transparency, and an ability to design or…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)The clause will insert proposed new section 415C into FSMA. The new section introduces a statutory duty for the Financial Conduct Authority, the Financial Ombudsman Service and…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I will first speak to clauses 38, 39, 40, 41 and 42, and I will then turn to amendments 51, 52, 53 and 54. Clauses 38 and 39 concern the FCA’s and the PRA’s statutory powers. As…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Apologies if I spoke out of order.27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I will be brief. The hon. Member for Wallasey has great experience of these matters. I suspect we are all familiar with the analogy of Government regulatory impact assessments,…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)My hon. Friend has finished my point for me. This is not uncommon in statute, so while the Government do not accept the amendment and will vote against it, I have committed—and I…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Clause 44 closely relates to clauses 27 and 28, which the Committee has already considered. As we have discussed, clause 27 covers requirements for regulators to review their…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I do not wish to detain the Committee further with a repetition of these points. The hon. Lady makes her points in a lucid fashion, but the Government simply disagree. It is…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)The hon. Lady makes a very good point, but how does she know that she opposes it? I suggest we come back to this debate another day, when I hope to fulfil my commitment to bring…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Once again, the Government will not oppose those points for the sake of opposing them. I would like to take this matter away. Powerful arguments have been made and the FCA has…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I thank my hon. Friend for that intervention. He put it far better than I did, bringing to bear his personal experience, but that was precisely the point that I was making.27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I thank hon. Members for their contributions. I appreciate the work of the hon. Member for Kingston upon Hull West and Hessle. I have been to Hull, but I think that everyone has…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Clause 28 enhances FSMA by enabling the Treasury to place an obligation on the FCA or the PRA to make rules in a certain area of regulation. Equivalent provision for the Bank of…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I am grateful to my hon. Friend the Member for Wimbledon for raising this important issue, and I note the potential, in-principle support of the hon. Member for Hampstead and…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)I will give way; I do not propose to speak for very long on this point, anyway.27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)The Treasury has consulted widely on the future regulatory framework. One of the key points made by all the industry participants, very few of whom were part of the witness…27 Oct 2022