Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Tenth sitting)Clause 34 makes changes to the packaged retail and insurance-based investment products—PRIIPs—regulation to address the potential for unintended consequences for consumers. PRIIPs…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Clause 35 makes two small technical amendments to the UK’s version of the European market infrastructure regulation. This is important to help improve the overall functioning of…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)Clause 36 serves to clarify existing legislation concerning financial collateral arrangements. This issue dates back to 2003, when the Treasury introduced the Financial Collateral…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)The Government believe that the appointment of the FCA’s chief executive officer should be brought into line with similarly high-profile appointments in financial services, such…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)I thank Members for their contributions, although at times as I listened I thought that I was in the wrong place, given the wider conversation about economic crime. However, I…01 Dec 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the right hon. Gentleman for his question. He draws attention to the discrepancy between the provision for five years in clause 12 and 10 years elsewhere. It is important…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I am always open to looking at the possibility of amendments, as I have demonstrated during the sittings we have had so far. The 10-year reference was under the revised…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)It is a pleasure to serve under your chairmanship again, Mr Davies. I appreciate the opening remarks of the right hon. Member for Wolverhampton South East and his compelling…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I am very happy to address those points. The right hon. Member for Wolverhampton South East raised the issue of the different time periods. This is different from the LIBOR…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)The clause amends article 51(5) of the benchmarks regulation, which provides for a transitional period during which the UK’s supervised entities can continue to use all…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)Absolutely. It is absolutely right that we give the power to the FCA but also keep a vigilant eye on evolving market conditions, so that we are well placed to move earlier to deal…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I thank the hon. Lady for her comments. Although the provisions of this legislation are under the heading of benchmarks, they really refer to the capacity that we need to have to…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)The clause introduces amendments to article 28 of the benchmarks regulation, including new paragraphs 1A to 1E. Article 28 of the benchmarks regulation stipulates requirements for…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)This clause introduces a new provision, article 23G, into the benchmarks regulation. The clause makes provision about critical benchmarks provided for different currencies, or for…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)The point that the hon. Lady makes is absolutely clear. We need to ensure that the regulations are in line with global practices because the issue is global. The…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I thank the right hon. Member for Wolverhampton South East and the hon. Member for Wallasey for their observations. The hon. Lady demonstrates her experience and professionalism…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)Clause 17 introduces a new provision, article 23F of the benchmarks regulation. This clause requires the FCA to publish statements of policy and to have regard to those statements…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)Amendment 3, which stands in my name, is a technical amendment. As the explanatory note says, it is intended to clarify the scope of the review that the FCA is required to…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I beg to move amendment 3, in clause 16, page 23, line 13, leave out “latest” and insert “most recent previous”. This amendment clarifies what the FCA has to review before…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)We are looking and working internationally. We have an active dialogue with the US through a regulatory working group, and we will be monitoring that. There is no question of us…26 Nov 2020