Financial Services and Markets Act 2000 (Exemption) (Amendment No. 2) Order 2011 — Motion to Approve
3:07 pm

Lord Myners (Labour)

My Lords, the Minister used the word "discussion" to describe Grand Committee on 17 October. That is rather stretching the definition of that word. It was a tetchy performance by the Minister, who was clearly deeply embarrassed that a consultation which had been initiated in March 2010 and completed several months ago-indeed, before the summer break-was actually published only on the morning of Grand Committee, and no efforts were made at all to ensure that those noble Lords who take an interest in Treasury Affairs were aware of the existence of this document before we discussed the order.

In those circumstances, the Minister assured the Grand Committee that when we looked at the consultation we would find that it was supportive. The Minister then said there was considerable risk that if we did not approve the instrument, these changes, which he rightly points out have widespread agreement across all political parties, could be delayed by as much as six months. I am seeking to establish through a freedom of information inquiry whether the FSA agrees with the statement. We approved this order in Grand Committee because of the urging of the Minister. He pointed out that if we did not do so, we would be delaying a number of other orders which would be forthcoming fairly soon. Those orders come under a negative resolution procedure. In view of the lamentable performance by the Treasury in not publishing the consultation response until the morning of the Grand Committee, will the Minister honour the House by ensuring that those subsequent changes go through an affirmative procedure, notwithstanding they could, at the Minister's discretion, go through a negative procedure? That is the least the Minister can do to address correctly a failure to treat the House with respect by holding back the publication of this report until the morning of discussion.

See this speech in context