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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:22 pm on 1st December 2009.

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Photo of David Heathcoat-Amory David Heathcoat-Amory Conservative, Wells 4:22 pm, 1st December 2009

Will the Minister confirm that these micro regulatory authorities will not have supervisory powers over national authorities? That assurance was given by Lord Myners in evidence to the European Scrutiny Committee, but it has been slightly altered-or certainly weakened and diluted-notably when the Minister responded to my debate in Westminster Hall. Can she get back to the original position and give an unconditional undertaking that the new authorities will not have supervisory authority over national supervisors or individual firms?

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