Contributions
1,280 recent contributions in Hansard
HANSARDFinancial Services and Markets Bill (Fourth sitting)On the question posed by the hon. Member for Hampstead and Kilburn, I do believe that the definition is broad enough. If there are specific concerns or use cases that the hon.…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I thank my hon. Friend the Member for West Bromwich West for his reasoned response; I make common cause with him. The issue of liability compensation vexes the sector, and a huge…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Thank you, Dame Maria. You are right: many of these matters fall within the domain of clause 8, which we shall discuss shortly.25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I hope that we can dispense with the amendments quickly. They are meant simply to prevent the Government from making amendments to devolved legislation. The clause deals with…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)indicated dissent .25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I will do my very best to respond to that question. It is a point of detail. Today we are putting frameworks in place to try to legislate for as many outcomes as possible. By…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I will write to the hon. Gentleman to confirm that. It is important that our model of financial services regulation be responsive to emerging opportunities and challenges, and…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)That is not the intent of the Bill. Its intent is essentially to future-proof existing criminal law under FSMA, but to modify its scope as new activities fall within the…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Retained EU law contains frameworks to regulate a number of entities that facilitate the proper functioning of financial markets. These entities are collectively referred to as…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)That is a matter on which we would consult and be advised by the Bank. The Bank is the body with the expertise in this space. It would not be appropriate to try to pre-empt its…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I will try to respond to all the points in turn. First, in answer to the hon. Member for Kingston upon Hull West and Hessle, clause 12 is not an intervention power. It clarifies…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)If an organisation is overseas, the approach will be that the Bank, in using those powers, will defer to the overseas regulator where that is appropriate, as it does now. I would…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Clauses 13 to 17, along with schedule 4, enable the Treasury to set up financial market infrastructure sandboxes. One of the objectives of the Bill is to harness the opportunities…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I thank the hon. Member for Hampstead and Kilburn for her party’s support for these measures, which I hope will be a useful addition to the financial services industry. I will try…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I am very happy to take that point away and, if appropriate, I will write to the hon. Lady in response. The construct of regulation in this space is that we have a level of trust…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Financial services firms increasingly rely on a small number of critical third parties to provide services, such as cloud computing providers. Although outsourcing can have many…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)Let me try to answer hon. Members’ questions. Nothing in the clause restricts people’s ability to take industrial action. That is not in scope. The powers are not anticipated as…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I thank the hon. Member for Glenrothes for raising the issue, which I understand is of concern to Members on both sides of the Committee. I also thank him for indicating that he…25 Oct 2022HANSARDFinancial Services and Markets Bill (Fourth sitting)I am not familiar with the precise incident that the hon. Gentleman talks about. We have to reflect that there will be a continuum from someone being a lifestyle guru to someone…25 Oct 2022HANSARDOut-of-Turn Supplementary Estimates 2022-23The hon. Lady is absolutely right that the package extends to not just businesses but schools, hospitals, the public sector and charities—the important third sector. She…24 Oct 2022