Contributions
1,280 recent contributions in Hansard
HANSARDFinancial Services and Markets Bill (Fifth sitting)We have debated this matter under a number of clauses already. My commitment to table the draft wording of the proposed intervention power during this Committee remains. That…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)Clause 27 inserts four new sections into FSMA 2000 to ensure that the FCA and the PRA review their rules regularly, so that they remain fit for purpose. It is important for the…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)I will. I look forward to writing to the hon. Lady to set out my case. The hon. Member for Kingston upon Hull West and Hessle mentioned transition plans. Our progress on those is…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)A lot of valuable points have been raised by Members on both sides of the Committee. This is the right moment for colleagues to make those points, and I hope it is acceptable to…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)I will speak to clauses 25 and 26 in order. As I set out in previous comments, the Government remain committed to reaching net zero greenhouse gas emissions by 2050, as set out in…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)The hon. Lady is right to pull me up on my failure to address her point, although later clauses and amendments also address it. I am familiar with TheCityUK’s proposal, and the…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)I will not fully bind the Government on that, but the hon. Lady makes a reasonable point. These are not matters of overly partisan division between us, and it would certainly be…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Under the FSMA model, the detailed rules that apply to firms are generally set by the regulators, acting within a framework set by Government and Parliament. FSMA requires the…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Under section 1JA of FSMA 2000 and section 30B of the Bank of England Act 1998, the Treasury must make recommendations to the FCA and the Prudential Regulation Committee at least…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)That is, of course, possible, but it would be unusual. There is regular discourse between His Majesty’s Treasury and regulators, and I consider the risk that the hon. Lady raises…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)FSMA 2000 requires the PRA and FCA to set up and maintain a number of stakeholder panels, also known as statutory panels. Those panels are intended to provide valuable insight,…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)Amendment 49 seeks to require the FCA to publish a list of all respondents to any public consultation. I recognise that my hon. Friend the Member for Wimbledon intended for the…27 Oct 2022HANSARDFinancial Services and Markets Bill (Sixth sitting)The Committee has previously discussed the repeal of retained EU law so that it can be replaced with an approach to regulation designed for the UK. As part of that, the Bank of…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fifth sitting)Having left the EU, we have a unique opportunity to take the approach to the UK regulatory framework that most suits our markets. The Financial Services and Markets Bill is…27 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Clause 8 inserts a new regulatory regime into FSMA called the designated assets regime. I feel that it is already becoming an old friend; we have referred to it a number of times…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)It is a pleasure to serve under your chairmanship, Dame Maria. The Bill is central to delivering the Government’s vision for the future of the financial services sector. The hon.…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I am coming to the point where I will address the hon. Lady’s comments, but that is the substance of the position. The Bill enables the powers to do that, but we do not seek…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)The hon. Lady is right to talk about the important role of Parliament. We are giving regulators a great deal more power because we are importing a large body of European laws into…25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)One more time. I am being generous in giving way because we are at the early stages of the Bill, Chair.25 Oct 2022HANSARDFinancial Services and Markets Bill (Third sitting)I will try one more time, Dame Maria, but I want to emphasise that the approach that the Government envisage being taken is exactly the approach embedded in FSMA 2000. We should…25 Oct 2022