Contributions
1,763 recent contributions in Hansard
HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 1, in schedule 2, page 76, line 31, leave out “143O(4), (6) or (8)” and insert “143O(3), (6) or (8)(b)” This amendment corrects a cross-reference to new…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)I hope I would never be accused of taking such an approach. The reality is that I want the Bill to work most effectively. As I just said, the regulators are already taking into…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)Let me say at the outset that the Government are fully committed to reaching our climate change aims both domestically and internationally. We have set our commitment to net zero…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Investment firms have a significant role to play in enabling investors to access financial markets, but the current prudential framework that applies to FCA investment firms was…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)This legislation provides the regulators with the responsibility and the reporting obligation to Parliament. What the hon. Lady has done is make an explicit relationship between…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)The 2008-09 financial crisis led to significant economic hardship. Since then, post-crisis regulatory reforms set by the Basel Committee on Banking Supervision have supported…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I thank the right hon. Gentleman for his points. On the first point about why we are deleting what we are deleting, we are deleting elements of the capital requirements regulation…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)The future in terms of the evolving rulebook of the EU and other jurisdictions and how we seek to do that here will be subject to the future regulatory framework. We cannot…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)I am happy to. The hon. Lady makes a fair and reasonable point. We have to maintain the highest standards of regulation. The FCA and the PRA are extremely well respected globally,…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)I am happy to respond to that. The risk that the hon. Lady sets out—that, broadly, this country will go down a route where we deviate significantly from the new established norms…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)This short clause gives effect to schedule 2, which inserts provisions that will enable the introduction of an investment firm’s prudential regime into the Financial Services and…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)My understanding is that the licence to operate given to the PRA is to make it consistent with Basel 3.1, in the context of the evolving rules that are being implemented…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I really respect the right hon. Gentleman’s approach to this. It is very constructive. I accept his frustration with what I am saying, but I do respect his patience with me…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)As I have said, the UK is committed to maintaining its high standards. We heard during evidence sessions last week that these high standards will not hinder the UK’s ambition to…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)On a human level, I have found this process quite challenging, because my instincts are to try to accommodate the right hon. Gentleman when he sounds so reasonable and plausible.…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Those rules will have regard to future Basels. The reporting mechanism we have and the accountability to Parliament when those rules are published is more immediate and…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 2, in schedule 3, page 84, line 19, leave out paragraph (b) and insert— “(b) section 144D (explanation to accompany consultation on rules); (c) section…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)The Basel standards include rules relating to credit assessments—also called external ratings—which some firms use to assign risk ratings. Risk ratings are used to determine the…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I am happy to do my best. In terms of the changes and why they are not set out in the Bill, the changes that need to be made to the CRA regulations stem from “Basel III:…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 32, in schedule 4, page 89, line 11, at end insert— “11A (1) Article 500d (temporary calculation of exposure value of regular-way purchases and sales…24 Nov 2020