Results 1-20 of 1,830 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Sarah McCarthy-Fry

[Mr. Bill Olner in the Chair] — Financial Services Regulation (10 Nov 2009)

Sarah McCarthy-Fry: It is a pleasure to serve under your chairmanship, Mr. Olner. I congratulate the right hon. Member for Wells (Mr. Heathcoat-Amory) on securing this debate. There could hardly be a better moment to discuss financial services regulation. I listened with interest to his speech and to those of the other hon. Members who contributed to this short debate: the hon. Members for Cities of London and...

[Mr. Bill Olner in the Chair] — Financial Services Regulation (10 Nov 2009)

Sarah McCarthy-Fry: I absolutely agree with the hon. Gentleman that in some areas the Commission's proposals do not respect the agreement that was made in June, particularly where they propose European powers over firms, and European crisis management powers. We need to bring the proposals back in line with what was agreed by the European Council in June. There is interest in the legal issues in these proposals...

[Mr. Bill Olner in the Chair] — Financial Services Regulation (10 Nov 2009)

Sarah McCarthy-Fry: We do not support direct powers over individual firms. We expect the powers of mediation to be used where there are cross-border situations, but the overriding thing is that there are no powers where there are any fiscal consequences for Governments. That is the overriding principle here. We know that there are outstanding issues and questions. However, this is a positive agenda for reform....

[Mr. Bill Olner in the Chair] — Financial Services Regulation (10 Nov 2009)

Sarah McCarthy-Fry: Our position is that any regulation, as well as managing systemic risk, has to be good for consumers. There are aspects of the proposal as drafted that could impose large costs and restrictions on fund managers, which is why we are engaging actively with stakeholders in the UK industry, with the Commission and with other member states to develop and make the case for amendments to the...

Taxation (Gambling) (5 Nov 2009) has video

Sarah McCarthy-Fry: I congratulate the hon. Member for Shipley (Philip Davies) on securing the debate. I am glad to have the opportunity to continue the important discussion on the taxation of gambling. He mentioned three main issues—bingo clubs, gaming machines and online gambling—and I shall refer to all three. The Government have worked hard in recent times to take on board the views of all...

Taxation (Gambling) (5 Nov 2009) has video

Sarah McCarthy-Fry: We certainly recognise and value the gambling industry's contribution from that £5 million, which helps with the protection that the hon. Gentleman has talked about. When considering gambling tax rates, we take all factors into account, including problem gambling considerations, as well as the impact of taxation on individual gambling sectors and the state of the public finances....

Taxation (Gambling) (5 Nov 2009) has video

Sarah McCarthy-Fry: That is obviously a matter for regulation, but, as I have said, we have to work closely with the DCMS when we are setting tax policy, and we have to take those regulatory items into account. I hope that the gambling industry will continue to engage with us in the same helpful and professional manner that I have become accustomed to since I took on this responsibility. Question put and agreed...

Oral Answers to Questions — Prime Minister: Schedule 9 — Consequential amendments relating to Part 7 (4 Nov 2009) has video

Sarah McCarthy-Fry: I beg to move amendment 42, page 71, line 20, at end insert— 'Government of Wales Act 2006 (c. 32)22A In paragraphs 5 and 8 of Schedule 5 after "Comptroller and Auditor General" insert "or the National Audit Office".'. This is a minor and consequential measure. If part 7 is enacted, certain functions carried out by the Comptroller and Auditor General will in future be carried out by...

Oral Answers to Questions — Prime Minister: New Clause 19 — Amendment of Exchequer and Audit Departments Act 1866 (4 Nov 2009) has video

Sarah McCarthy-Fry: I thank the hon. Member for Cambridge (David Howarth) for his contribution, which reflects his passionate views that the House should have better scrutiny of Government spending for future years. I know that that was one of the themes of his speech on Second Reading, in which he said that serious reform was required of the way in which Parliament relates to Government on money issues. The...

Oral Answers to Questions — Prime Minister: Clause 42 — Employment etc of a former Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: As we have established this afternoon, the office of the Comptroller and Auditor General was set up to hold Government to account. We have legislation that enshrines in law a requirement to ensure that the Comptroller and Auditor General is, and is seen to be, independent of any and all outside influence, particularly that of the Executive. The arrangements for appointment, remuneration and...

Oral Answers to Questions — Prime Minister: Clause 42 — Employment etc of a former Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: Off the top of my head, I cannot guarantee that, but I will endeavour to get a response to the hon. Gentleman before I finish speaking; alternatively, I will write to him. After two years, a former CAG must take advice from a person nominated by the Public Accounts Commission before taking up other employment of a kind specified by the commission. If amendment 31 is approved, the two-year ban...

Oral Answers to Questions — Prime Minister: Clause 42 — Employment etc of a former Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: We obviously obtained the views of the commission and considered them carefully. We think that the two-year period achieves a sensible balance between the need to ensure the independence of the CAG and the desire to allow a former CAG to continue their career in the private or public sector, if they so wish. The two-year period is based on that for Ministers who wish to take up outside...

Oral Answers to Questions — Prime Minister: Clause 45 — NAO's expenditure (4 Nov 2009) has video

Sarah McCarthy-Fry: I beg to move amendment 41, page 21, line 25, leave out 'must' and insert 'and the Comptroller and Auditor General must jointly'. Clause 45 sets out the arrangements for the NAO's expenditure and the approval of its estimates. Government amendment 41 is a minor amendment, which provides for the CAG to prepare the NAO estimates jointly with the NAO. The Bill already provides that the estimate,...

Oral Answers to Questions — Prime Minister: Clause 40 — Remuneration package of the Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: Of course, we share everybody's wishes for greater transparency, and, as has been said by many Members, the CAG has been leading the way on that. At an administrative level, the NAO already provides for advance approval of the CAG's expenses by a non-executive member of its audit committee, with recourse to the Public Accounts Commission if necessary. Expenses are discussed with the chairman...

Oral Answers to Questions — Prime Minister: Clause 38 — Status of the Comptroller and Auditor General etc (4 Nov 2009) has video

Sarah McCarthy-Fry: It is indeed important that we have had this debate and put that on record. Of course, the Public Accounts Commission took evidence from Professor Heald and disagreed with him. The CAG will continue to have complete independence. The recruitment of the chair is intended to enable the appointment of a strong adviser to support and challenge the CAG, but it will not be the job of the chair to...

Oral Answers to Questions — Prime Minister: Clause 39 — Provision of services (4 Nov 2009) has video

Sarah McCarthy-Fry: I am happy to respond to the hon. Gentleman. The clause does not set out a new power. In the past the CAG has relied on his legal powers as a natural person and corporation sole to enter into agreements and provide non-statutory services. The clause puts that on a statutory footing, and we do not consider that that will add to or restrict the current powers of the CAG, although some of the...

Oral Answers to Questions — Prime Minister: Clause 39 — Provision of services (4 Nov 2009) has video

Sarah McCarthy-Fry: I think "belt and braces" is probably an appropriate description! The CAG carries out a huge range of important work in addition to statutory responsibilities: auditing international institutions; consultancy on public audit; and providing support to other Select Committees. The clause is just a general statutory power to carry out such work under the new arrangements. Question put and...

Oral Answers to Questions — Prime Minister: Clause 37 — The Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: It is a pleasure to serve under your chairmanship this afternoon, Sir Alan. This part of the Bill implements the recommendations of the 15th report of the Public Accounts Commission. I would like to begin by paying tribute to the work of the NAO and the Comptroller and Auditor General. Part 7 of the Bill modernises the governance arrangements for national audit and continues the office of the...

Oral Answers to Questions — Prime Minister: Clause 37 — The Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: I can certainly confirm that that is the Government's intention. After all the work the Chair of the PAC has done on the appointment of the current Comptroller and Auditor General, he would be most unhappy if we had to go through the process all over again. The Bill provides for the establishment of a new corporate body—the new National Audit Office—whose functions will include...

Oral Answers to Questions — Prime Minister: Clause 37 — The Comptroller and Auditor General (4 Nov 2009) has video

Sarah McCarthy-Fry: I can only say to the hon. Gentleman that, as I said just now, further work is ongoing on what we can introduce. We want to be more transparent and to have a better way of ensuring that we can look at our spending plans, our estimates and the expenditure outcome. We all agree, of course, that it is important that Parliament should continue to play an active role in scrutinising the...