Clause 5 - The new Regulators

Part of Financial Services Bill – in a Public Bill Committee at 4:00 pm on 1 March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 4:00, 1 March 2012

That is, indeed, the case. If the amendment were prescriptive and it somehow bound the hands of the FCA, the Minister’s point would make sense. If the Minister does not want to make any amendments whatsoever to the Bill, why does he not just say so? As I have said, I find it disappointing that he is creating artificial arguments against particular amendments. It is important to make that change, but given that we are where we are with clause 5, I would be happy to take the Minister’s assurance. If the definition of regulated financial services is covered, I would be happy to beg to ask leave to withdraw the amendment.