Clause 55 - Duty of Bank to notify Treasury of changes
Financial Services Bill
Cathy Jamieson (Shadow Minister (Treasury); Kilmarnock and Loudoun, Labour)
This is a serious point. I wonder whether there is a conflict between subsections (3) and (4). Subsection (3) says:
“If the Bank of England is of the opinion that the risk to which the notification relates has ceased, it must notify the Treasury”,
and subsection (4) cites the need to “consult the Treasury”. We have already discussed how the wording in other parts of the Bill could lead to some confusion.