Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Ninth sitting)The hon. Lady makes a good point. This goes to the heart of the evolution in the FCA’s responsibilities in an environment where it is being asked to do things differently and to…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I did.01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Schedule 10 amends the retained Markets in Financial Instruments Regulation. This regulation will continue to have effect in the UK after the end of the transition period. In…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I beg to move amendment 18, in schedule 10, page 164, line 7, leave out “services” and insert “investment services, or performing investment activities,”. This amendment provides…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I acknowledge the hon. Lady’s deep experience in this matter and I am grateful for her empathy with the need to be diplomatic as a Treasury Minister. The measure is about…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I think the hon. Lady’s point goes back to the decision made to leave the EU and the implications of that. I recognise that we had a conversation in the previous sitting about the…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)There is no intention to moderate or significantly alter the effect of the regulation. This is about doing what is necessary to ensure that we regulate the services and activities…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Clause 27 gives effect to schedule 10 and amends the markets in financial instruments regulation. MiFIR is a piece of retained EU legislation that will continue to have effect in…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I thank the right hon. Gentleman for those questions. Essentially, there are two parts. The first is about how the assessment will be made. The UK is committed to what we…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Clause 26 is a core element of the overseas funds regime, the equivalence regime for money market funds. As I am sure a number of colleagues know, money market funds are a type of…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)As ever, the right hon. Gentleman makes a very reasonable point. In this context, the obligations on the FCA and the Prudential Regulation Authority will continue to be…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I thank the right hon. Member for Wolverhampton South East for his questions. His characterisation of what this is about is absolutely right: the clause provides a mechanism to…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Thank you for your continued chairmanship of this Committee, Dr Huq. The clause makes changes to section 272 of the Financial Services and Markets Act 2000, which allows…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Let me see if can get straight to the right hon. Gentleman’s point. The statutory debt repayment plan is an option that will be available to people who go into the breathing space…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Forgive me, Mr Davies; I did not acknowledge what a pleasure it is to serve under your chairmanship in my previous remarks, so I do so now. I will address amendment 34 and new…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)The difference is that, as a Minister, I have not been written to by them. I recognise that there is a range of views out there, but I also recognise that a significant piece of…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)It is small businesses.01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Amendment 35, put forward by the hon. Member for Walthamstow, would restrict the Government’s ability to require debt advisers to complete any review of debtor eligibility in any…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Absolutely; that is why we listened carefully to the sector in constructing the measure. For example, when we were designing the breathing space scheme, we worked with the Money…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Amendment 33, tabled by the hon. Member for Walthamstow, would dictate specific eligibility criteria for a statutory debt repayment plan, which would involve requiring debt advice…01 Dec 2020