Contributions
1,153 recent contributions in Hansard
HANSARDFinancial Services Bill (Ninth sitting)Otherwise known as a portmanteau Bill. It is a shame that they could not find more in the cupboard. A couple of small measures are not objectionable in themselves, but we have to…01 Dec 2020HANSARDFinancial Services Bill (Ninth sitting)Sometimes, when I look at this Bill and all the different things it attempts to deal with, I have an image in my head of somebody cleaning out a cupboard in the Treasury, finding…01 Dec 2020HANSARDFinancial Services Bill (Tenth sitting)I beg to move amendment 29, in clause 32, page 38, line 22, leave out subsection (2) and insert— “(2) Section 7 of that Act (debt respite scheme: regulations) is amended in…01 Dec 2020HANSARDFinancial Services Bill (Seventh sitting)I am not sure that that is entirely convincing, because neither clause refers specifically to LIBOR, for reasons that the Minister has explained. They both refer to benchmarks in…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I beg to move amendment 28, in clause 8, page 7, line 38, at end insert— ‘(7) In reviewing critical benchmarks in accordance with Article A20 of the Benchmarks regulation as…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I listened carefully to what the Minister said. I do not think anyone looking at the issue would conclude that the responsibility for these actions had been fairly allocated, so…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The questions asked by my hon. Friend the Member for Erith and Thamesmead expose the potential for litigation if the Government and regulators are moving contracts from one basis…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The clause takes us, in a sense, to the next step after a review. Again, I have a couple of questions. First, subsection (2) refers to a period of 10 years. The Minister made…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)The Minister’s phrase, “synthetic LIBOR”, helps us to understand this. I think it might mean something like this: that the regulator has the power to designate a benchmark as…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I thank the Minister for his explanation. This clause is about the prohibition of the use of benchmarks. Again, I have a few questions. Is it the case that prohibition can take…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I have one or two questions to the Minister. The clause gives the FCA the power to mandate contributors, including those outside the UK—it will be interesting to see how that…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)I am grateful to the Minister. Before I begin, I say to the hon. Member for Hertford and Stortford that we are under a duty here to try to understand what we are doing. It is in…26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)However, I thought it better to take these next few clauses together and raise those points with him in this way.26 Nov 2020HANSARDFinancial Services Bill (Seventh sitting)Is the parallel legislation in the United States and the EU part of that consideration? When we received the oral evidence last week, I confess that I had not appreciated that…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I thank you, Dr Huq, for chairing this afternoon’s session. For clarity, we had a fairly extensive debate on clauses 13 to 16 together, hence the speed of our progress at the…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I am grateful to the Minister; I suspect that is a harbinger of a Government amendment at some point, because of the debate we had on safe harbour provisions. If they are coming…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I just have a question about these policy statements. We have been through quite a lot about how the FCA will designate, compel and continue the submission of information and all…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)I just want to ask the Economic Secretary a question to ensure that we have properly understood the clause. All through this part of the Bill, we have talked about the different…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)Like the Minister, I too bid a fond farewell to LIBOR. Clauses 22 and 23 and schedules 6 and 7 establish the Gibraltar authorisation regime, which could be described as a sort of…26 Nov 2020HANSARDFinancial Services Bill (Eighth sitting)My hon. Friend is absolutely right. In fairness, I do not think that the UK system on money laundering and financial crime is perfect—we have our own issues, which we have debated…26 Nov 2020