Contributions
2,217 recent contributions in Hansard
HANSARDFinancial Services and Markets BillThe noble Lord gave other examples of the concept in the past, but it is important to root it in this particular context. Perhaps I can write to the Committee to expand on that…06 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, let me start by dealing directly with Amendment 76, moved by the noble Lord, Lord Sharkey, and spoken to by many other members of the Committee. I assure noble Lords…06 Feb 2023HANSARDFinancial Services and Markets BillFunding is of course an important part of any strategy, and I have set out to noble Lords previously the increased funding that has gone to the specific issue of tackling fraud. I…06 Feb 2023HANSARDFinancial Services and Markets BillI am afraid I will not be able to address the noble Lord’s first two points, but I will happily write to him. On his third point, I referred to the fact that, as part of the…06 Feb 2023HANSARDFinancial Services and Markets BillI will absolutely take that back to the department, but I disagree with the noble Baroness that no action is happening on this issue. We talked about access to cash; that is being…06 Feb 2023HANSARDFinancial Services and Markets BillI absolutely note the noble Baroness’s point. That same principle has informed our approach to proceeds under the Proceeds of Crime Act, so this has happened elsewhere in…06 Feb 2023HANSARDFinancial Services and Markets BillI will absolutely take away the noble Lord’s suggestion. I cannot speak for others but I would be happy to engage further on this before Report, drawing on the other strands of…06 Feb 2023HANSARDFinancial Services and Markets BillThe noble Baroness has made her point. I was turning to the private right of action, which was also consulted on by the FCA. It has concluded that it will not be beneficial at…06 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, I will speak first to Amendments 55 and 241, tabled by my noble friend Lord Moylan, before turning to Amendments 67A, 75, 117 and 228, tabled by my noble friend Lord…06 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, the concept of a duty of care in financial services may be different to the concept of a duty of care in other contexts. This was considered very carefully and consulted…06 Feb 2023HANSARDFinancial Services and Markets BillThe points that I gave in reply to the noble Baroness’s specific question on PPI and interest rate hedging products were in the context of the consumer duty as written, with the…06 Feb 2023HANSARDFinancial Services and Markets BillI do not have a breakdown of the different responses to the consultations. However, as I said, in its feedback statement on a previous consultation on the duty of care, the FCA…06 Feb 2023HANSARDFinancial Services and Markets BillIn government, the Financial Inclusion Policy Forum is jointly chaired by my honourable friend the Economic Secretary to the Treasury and a Minister from the DWP; I will confirm…06 Feb 2023HANSARDFinancial Services and Markets BillI think I said directly what was required of the FCA, and the FCA has fulfilled its obligations under that Act. Furthermore, the FCA is not of the view that it has diluted the…06 Feb 2023HANSARDFinancial Services and Markets BillWith apologies, the lack of redress is around the right to private action. I will come to that point and, when I have said my piece, the noble Lord can intervene, if it is not…06 Feb 2023HANSARDFinancial Services and Markets BillI have listened very carefully to the debate, and I see the point that noble Lords are making. This operates in other areas of government—there is the Proceeds of Crime Act and…06 Feb 2023HANSARDFinancial Services and Markets BillMy Lords, I will first cover Amendments 67, 71, 73 and 214 tabled by the noble Baroness, Lady Bowles of Berkhamsted, and the noble Lord, Lord Hunt of Kings Heath. The question of…06 Feb 2023HANSARDFinancial Services and Markets BillI have heard the point and I acknowledge the principle that this amendment seeks to explore in terms of those incentives, but I point to the NCA’s budget and the regulators’…06 Feb 2023HANSARDCentral Bank Digital Currencies (Economic Affairs Committee Report)I believe we need to understand better the design and shape of a CBDC, but I am trying to give the strongest possible assurance on that point while not knowing the answer to some…02 Feb 2023HANSARDCentral Bank Digital Currencies (Economic Affairs Committee Report)My Lords, I apologise for the delay; I was just organising my responses to the many questions raised by a short but expert list of speakers on this debate. I thank all noble Lords…02 Feb 2023