Contributions
2,217 recent contributions in Hansard
HANSARDIMF Economic OutlookMy Lords, with the leave of the House I will now repeat the Answer to an Urgent Question given in the Commons by my honourable friend the Exchequer Secretary to the Treasury:…31 Jan 2023HANSARDFinancial Services and Markets BillI understand my noble friend’s point, and of course the Government also consider that when we look at what to bring into the regulatory perimeter or the right of redress, both as…30 Jan 2023HANSARDFinancial Services and Markets BillThe noble Baroness makes an interesting point. However, bounce-back loans were designed for a specific set of circumstances, and the aim of disapplying the Consumer Credit Act…30 Jan 2023HANSARDFinancial Services and Markets BillThe true cost of the protections afforded under the Consumer Credit Act—30 Jan 2023HANSARDFinancial Services and Markets BillMy Lords, as I was saying, we can also simplify the way in which information is provided to consumers throughout the lending process, which can be both inefficient and…30 Jan 2023HANSARDFinancial Services and Markets BillI will do my best, but I am afraid it will disappoint my noble friend. We expect to publish a second-stage consultation in due course, and it is likely that the FCA will also…30 Jan 2023HANSARDFinancial Services and Markets BillI will write to the Committee with that information, where it is available. I will also write to the Committee on the point about the proposal to change SME definitions. Those…30 Jan 2023HANSARDFinancial Services and Markets BillMy Lords, I shall turn first to Amendment 43, tabled by my noble friend Lady Noakes, before dealing with buy now, pay later. The Government fully support the intention behind this…30 Jan 2023HANSARDFinancial Services and Markets BillI would like to share the noble Lord’s optimism. We need to have the consultation on the secondary legislation, which we are expecting very shortly, and then progress as quickly…30 Jan 2023HANSARDFinancial Services and Markets BillThe noble Baroness touches on one possible difference in documentation needing to be provided where something is regulated versus where it is voluntary. That comes back to the…30 Jan 2023HANSARDFinancial Services and Markets BillMy Lords, Amendment 40 intends to offer additional regulatory protections for businesses taking out finance. I hope this, in part, addresses the question of the noble Lord, Lord…30 Jan 2023HANSARDFinancial Services and Markets BillI do not have the figure to hand. I note that it started in 2021, so is a relatively new organisation. Perhaps I could also—30 Jan 2023HANSARDFinancial Services and Markets BillI note that it is a voluntary body. I do not have the list of those who have signed up to it to hand. If it differs from those outlined by the noble Baroness, I will write to the…30 Jan 2023HANSARDFinancial Services and Markets BillThat is one element to be considered. I was pointing in particular to the combined role of the FOS and the Business Banking Resolution Service in providing a route of redress for…30 Jan 2023HANSARDFinancial Services and Markets BillIn relation to Amendment 40, there are benefits—which we have heard about—and costs to any activity being brought within the regulatory perimeter. I think that point is fairly…30 Jan 2023HANSARDFinancial Services and Markets BillMy Lords, tackling fraud requires a unified and co-ordinated response from government, law enforcement and the private sector to better protect the public and businesses from…30 Jan 2023HANSARDFinancial Services and Markets BillIn dealing with the noble Baroness’s points, I should perhaps write to her on the particular case to which she refers. However, as I understand it, the FCA has a remit to tackle…30 Jan 2023HANSARDFinancial Services and Markets BillNo, I am saying that I gave an example of where the FCA could take action for activity beyond the regulated perimeter, but I will write to the noble Baroness on the specifics of…30 Jan 2023HANSARDFinancial Services and Markets BillI opened my remarks by acknowledging that fraud needs a co-ordinated response from government, law enforcement and the private sector. That is at the heart of our approach, and it…30 Jan 2023HANSARDFinancial Services and Markets BillI agree with the noble Lord. We can expect it soon—or imminently; I could use a variety of different descriptors, but it will be sooner than “in due course”.30 Jan 2023