Clause 168
Banking Bill
11:00 am
Brooks Newmark (Whip, Whips; Braintree, Conservative)
I, too, shall be brief. I am sorry to see that the hon. Member for Wolverhampton, South-West (Rob Marris) is not on the Committee. I know how assiduous he is with explanatory notes. Having learned my lessons from him, I will ask a couple of questions relating to points made in the explanatory notes. The first is about subsection (2), which states that if non-financial institutions participate, that will not prevent the process from being considered an inter-bank payment system. I am curious about what institutions the Minister has in mind when he talks about non-financial institutions. Why has that been raised, what red flags have given him concern about non-financial institutions and why are they being brought under the umbrella? I suspect I know why, but I am curious to hear his take on the matter.
My second question relates to subsection (5), but it approaches from a different angle to that taken by my hon. Friend the Member for South-West Hertfordshire. It relates to the issue of systems operating wholly or mainly outside the UK that are to be included and how we will deal with different regulatory environments. A provision might be interpreted as being right in the UK because it has an impact on what goes on in the UK, but how do we try to enforce policies with institutions under different regulatory regimes in other countries?