Contributions
1,153 recent contributions in Hansard
HANSARDFinancial Services Bill (Fifth sitting)The hon. Gentleman is right and he goes for pot 3 in terms of my reasons. I repeat: the problem about pot 3 is that the reason not to accept an amendment is that it concedes that…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)And the future?24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Before the Minister moves on to the potentially perverse effects, does clause 3 simply give the regulators the powers to implement Basel 3.1, or does it give the regulator broader…24 Nov 2020HANSARDFinancial Services Bill (Fifth sitting)The Minister is effectively saying that this is not the right time or place, but it is something that the Government will carefully consider. Given the things that have happened…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 21, page 63, line 5, in schedule 2, at end insert— “( ) high standards in social practice and corporate governance including pay, adherence to equalities…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Thank you for your chairmanship, Dr Huq. Your initial instructions threaten to make the proceedings a lot more interesting than this morning’s. We will not take them too literally…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I apologise, Dr Huq; I shall try to speak up. There are many fine-sounding statements about ESG principles on corporate websites. Some of the toughest money management companies…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)My hon. Friend is absolutely right. The point I am making in moving the amendment is that, although there are arguments to be made about enforcement and minimum wage inspectorates…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I am sure that the Minister is completely genuine when he says that he supports this agenda and the aims behind the amendment, but anyone who has followed the issue over the years…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Of course they don’t. We cannot conclude that, for all the taskforces and all the well-meaning, great people who have been involved in them, they have made enough progress. This…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)My hon. Friend is absolutely right. For those reasons, we made specific mention of equalities legislation in the amendment. It comes down to one’s view of the difference between…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I will speak briefly in support of the amendment. I think it adds an interesting new angle to our considerations on the schedule. There is quite a lot in the schedule about the…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 22, in schedule 2, page 63, line 10, at end insert— ‘(2A) The FCA must not make Part 9C rules unless— (a) a draft of those rules has been submitted for…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)We slightly change tack with this amendment. We have had some discussion of the “have regard to” list in the schedule, but the amendment covers a different aspect, dealing with…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I cannot resist the irony of pointing out that the Government are resisting what could be termed the “take back control” amendment and do not want to add it to the Bill. There are…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)I beg to move amendment 27, in schedule 3, page 80, line 8, at end insert— “(7) The PRA must, at least once every five years, review the provisions of this section. (8) The…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)The Minister has given a pot 3 defence. I apologise for using that in-joke from this morning’s session; I am happy to explain it to you later, Dr Huq. A pot 3 defence means that…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Can I ask a question about this? The Minister said that the leverage ratio had been changed so that institutions could lend more. I assume that means it is being reduced as a…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)This is my third attempt to get the Government to commit to reporting on the impact of these measures. Clause 5 and the accompanying provisions in schedule 3 insert new part 9D…24 Nov 2020HANSARDFinancial Services Bill (Sixth sitting)Is the Minister saying that if there were a Basel 3.2 or a Basel IV process—that is quite likely, because at some point there will be a revision to the capital rules because…24 Nov 2020