Clause 156
Banking Bill
1:00 pm
Ian Pearson (Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform; Dudley South, Labour)
I do not accept that we are being inconsistent. If we introduce this, we need to be clear about the principles underpinning the FSA’s action, but it is up to the FSA to make its own rules. That is the process we have. A lot of the detail is rightly a matter for the FSA, but it is right and sensible that Parliament should agree the key principles. That is what we allow for in our approach. Amendments Nos. 34 and 35 would impose an unnecessary two-stage process, when we were going to work closely with the FSA on the issue.