Clause 55 - Duty of Bank to notify Treasury of changes

Part of Financial Services Bill – in a Public Bill Committee at 8:15 pm on 20th March 2012.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury) 8:15 pm, 20th March 2012

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.


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