Contributions
1,438 recent contributions in Hansard
HANSARDFinancial Services Bill (Second sitting)Q The Bill also contains powers for the PRA and the FCA to create a prudential regulation; an entire new system for credit institutions and investment firms. Do you represent such…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q We heard earlier today about the shift away from the LIBOR benchmark—which is obviously another part of the Bill—by the bond markets, and that they want continuity of contracts…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Adam, I wonder whether there is anything that you would have liked to see in this Bill that is not there, given that it is an initial first step. Is there anything that you…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Please do. Catherine McGuinness: I feel I missed a couple of points there. It is true that part of the way we will retain our global leadership in standard setting is by…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Thank you, Emma. Catherine, I know this is a slightly invidious question, but I am going to ask it anyway. Do you think the FCA is properly equipped and resourced to take up the…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q With our leaving the EU, there has already been some competitive behaviour on the part of certain countries in the EU that shall remain nameless, which are trying to grab some…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Thank you. Catherine, we are coming out of the European Union, where we used to wield great heft in the technical discussions around this regulation. I assume that is still the…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q There is this tension between equivalence, which you fairly unambiguously said you wanted a few minutes ago, and the argument made that we should leave the European Union so…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Emma, does TheCityUK have any thoughts on the same question? Emma Reynolds: We agree entirely with what Catherine has just said. I think the Chancellor has made a start prior to…17 Nov 2020HANSARDFinancial Services Bill (Second sitting)Q Catherine, you said that the City of London welcomes the Bill. What more would you have liked to see in it that is not in it? Catherine McGuinness: The Bill must be viewed as…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q I understand your point about how those things would calm things down in the changeover, but why do you not trust the FCA to do this? Why does it have to be in the Bill? Paul…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q Okay. You did not answer the question from my right hon. Friend the Member for Wolverhampton South East earlier about whether you had asked the Government for this and they had…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q Do the provisions of continuity and safe harbour apply in America as it converts away from LIBOR? Are the things that you are asking the Committee to consider putting in the…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Thank you very much.17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q So you are not too worried about divergence because you do not think there will be very much of it. Simon Hills: I do not think that it is in the interests of the UK financial…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q Obviously we will be keeping an eye on that as it happens. Mr Hills, the industry has been lobbying the Government, Parliament and regulators to design regulations that will…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q Obviously, LIBOR is a benchmark. Any benchmark is a sign of some of the profit that can be made on a transaction. If there are differences of approach or changes, there are…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q I was wondering, Daniel, whether there are any dangers in the move away from LIBOR. Obviously, we know about the dangers of staying with it, but are there things that keep you…17 Nov 2020HANSARDFinancial Services Bill (First sitting)Thank you, Chair.17 Nov 2020HANSARDFinancial Services Bill (First sitting)Q Finally—I am conscious that I have put questions only to you, but I am sure colleagues will put questions to other witnesses—you were saying at the beginning that part of what…17 Nov 2020