Financial Services Bill
Public Bill Committee, 10 December 2009.
Mark Hoban (Conservative, Fareham)
At the moment, we publish a report that identifies risk, but nothing that says who will do anything about it.
Colin Breed (Liberal Democrat, South East Cornwall)
We shall enjoy that.
Colin Breed (Liberal Democrat, South East Cornwall)
There is real consumer confusion.
Colin Breed (Liberal Democrat, South East Cornwall)
And people still feel that they are treated unfairly.
Colin Breed (Liberal Democrat, South East Cornwall)
Germany.
Colin Breed (Liberal Democrat, South East Cornwall)
We did not go to France. We went to Frankfurt, and it was clearly and wholly opposed there.
Joe Benton (Labour, Bootle)
I dont think we will discuss other countries. Are there any further questions?
George Mudie (Labour, Leeds East)
Thats a bit patronising.
George Mudie (Labour, Leeds East)
I thought you were throwing your weight about.
William Bain (Labour, Glasgow North East)
Yes.
Joe Benton (Labour, Bootle)
Just before I call Mr. Love, I remind you that we have four minutes to go.
Roger Gale (Conservative, North Thanet)
Mr. Gleeson, I think that old age is taking its toll on the Chairman; I am finding it a little difficult to hear you. You may find it easier if you lift your head slightly; it also makes life easier for the Hansard reporters.
Roger Gale (Conservative, North Thanet)
Thank you all very much indeed. Welcome.
Roger Gale (Conservative, North Thanet)
Sorry, gentlemen; before we proceed, I think that it might help, given that we have three witnesses, if all Members were to indicate first whom they would like to reply.
Mark Hoban (Conservative, Fareham)
I would like to ask all three, but perhaps we can start with David, then Simon and then Guy.
Mark Hoban (Conservative, Fareham)
Before you continue
Colin Breed (Liberal Democrat, South East Cornwall)
No, I mean that the banks or the financial institutions are going to have to put up a significant amount to this compensation. They do not seem to have any role in what we would normally know as a creditors committee, which would at least demonstrate that that insolvency or reorganisation is done in a reasonably cost-effective way. At the moment it seems that the FSA and presumably the Bank of England can do exactly what they like and then charge the bill to the banks.
Colin Breed (Liberal Democrat, South East Cornwall)
So it has intensive and intrusive powers already. We are just flagging it up in this.
Colin Breed (Liberal Democrat, South East Cornwall)
Do you think it has the capacitythe individuals, the money and everything elseto actually carry out such a supervisory approach?
John Howell (Conservative, Henley)
Mr. Ereira, do you have a view that is different?
Charles Walker (Conservative, Broxbourne)
Does anyone have a view on that? The issue was raised. We are talking about financial education. You said that if people could not get access to independent advisers they really would be in trouble. The Bill is meant to make things easier for people, but there seems to be a conflict here.
Mark Todd (Labour, South Derbyshire)
We also know rather little about regulators in any country as it is in the clause at the moment. I dont know how financial services are regulated in central America and whether their request might be proportionate. It is difficult to speculate on that, but that speculation is invited by the broad sweep of this particular clause.
Colin Breed (Liberal Democrat, South East Cornwall)
All three of you have mentioned the importance of international co-operation. In looking at what we have got here, can you give us assurances that all these measures will neatly dovetail into all the EU and G20 regulations? If not, is it a good idea for us to go first with this Bill?
Roger Gale (Conservative, North Thanet)
If Members have no further questions, that brings us to the end of the business for the day. Mr. Ereira, Mr. Gleeson and Mr. Sears, thank you very much for joining us. The Committee and the House are indebted to you.