Financial Services and Markets Bill
Lord McIntosh of Haringey (Deputy Chief Whip (House of Lords), HM Household; Labour)
I assure the noble Lord that there is no question of the discretionary power being taken away. It is simply being transferred to Part IV of the Bill instead of occurring here. Under Part IV the principal difference, as I said, is that it allows for an application to the tribunal to be made and for it to be made even before any rule takes effect. There is the additional complication of European Union directives and their definition of what resources are. Perhaps if the noble Lord and I are meeting tomorrow or on Wednesday, as I hope that we are, we may deal with the matter then rather than take up the time of the Committee.