Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Seventh sitting)These matters will be governed by protocols with the industry. The industry would have a dialogue with the FCA, through which these matters would be resolved. There would be a…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The complexity of these contracts and their reference to these benchmarks necessitates ongoing dialogue. There is a significant team in the FCA that deals with this work. The…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The right hon. Gentleman has accurately summarised the issue around synthetic LIBOR, but we are getting into suppositions about the time period for which that synthetic LIBOR…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the hon. Lady for her question. The evidence from the ICMA last week underscored the ongoing complexity and challenges of this. It may be that legislation will be required…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)In the UK, LIBOR is the only critical benchmark. However, for reasons that the right hon. Gentleman has alluded to, we do not want the provision to be on just the LIBOR benchmark.…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Clause 9 amends article 21 of the benchmarks regulation, which concerns the mandatory administration of a critical benchmark. Article 21 gives the FCA the power to compel the…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the right hon. Gentleman for his entirely reasonable and appropriate questions. The compulsion period of 10 years is about having a timely period to continue with the…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Clause 10 inserts article 21A to the benchmarks regulation. This article provides the FCA with the power to issue a notice prohibiting some or all new use of a critical benchmark…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The right hon. Gentleman raises a number of questions, and I should start by making it clear that we in the UK cannot stop use overseas. The provision applies to UK-supervised…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Clause 11 introduces two new articles to the benchmarks regulation. New article 22A requires the administrator of a critical benchmark to undertake, “an assessment of the…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I appreciate my hon. Friend’s intervention. It demonstrates that there is widespread concern for this legislation to be passed. The right hon. Gentleman is pressing me, quite…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Clause 12 amends article 23 of the benchmarks regulation, which concerns the mandatory contribution to a critical benchmark by supervised entities. Article 23 already provides the…26 Nov 2020HANSARDRetail Prices Index Methodology: Government and UK Statistics Authority Joint Consultation ResponseToday, the Government and UK Statistics Authority have published the response to their joint consultation on the reform to Retail Prices Index (RPI) methodology. The consultation…25 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)I will come first, if I may, to the hon. Lady’s point about the resourcing of the FCA. It is resourced by a levy, which it determines. It is under review, but it is approved and…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I thank the hon. Lady for those points. As public bodies, it is clear that the regulators are answerable and accountable to Parliament, and I have explained how that will be…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)It is great to be under your chairmanship again, Dr Huq. I thank the right hon. Member for Wolverhampton South East and the hon. Member for Glasgow Central for their comments. The…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Unfortunately, I do not share that view. Given the arguments that I have made about the complications that it would bring, because of the overlap with existing provisions, I do…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Yes.24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)It is a pleasure to respond to the hon. Member for Glasgow Central and the right hon. Member for Wolverhampton South East. The hon. Members for Glasgow Central and for Aberdeen…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I am very pleased to address the points raised by the right hon. Member for Wolverhampton South East, the hon. Member for Walthamstow and the hon. Member for Glasgow Central. I…24 Nov 2020