Clause 75 - Conclusion of investigation
Financial Services Bill
Christopher Leslie (Nottingham East, Labour)
I have a simple question. The clause covers detailed issues that have to be included in the conclusions of an investigation. It has included results of the investigations, lessons and recommendations, but not the background and causes of the regulatory failure. I am slightly worried that the root causes of that failure are not captured specifically in the Bill. If the Minister can confirm that the provisions, perhaps the results of the investigation or the lessons, will broadly include the causes, that would be helpful. It just seemed an obvious omission in the clause as framed.
Mark Hoban (Financial Secretary, HM Treasury; Fareham, Conservative)
I would certainly expect that to be the case. Under subsection (a), I assume that the results would uncover the process issues, the failure of the process and the failure of rules. The list is not exhaustive, and I expect the clause to cover the causes either under subsection (a) or, indeed, subsection (b).