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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 Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury 4:22 pm, 1st December 2009

I can only refer the hon. Gentleman back to my previous answer, which was that we have concerns about the legislative proposals, where the Commission appears to be taking over the role of the courts, because the judgment as to whether member states are following European law must be a matter for the European courts.

We are putting in place a new framework to improve the quality and consistency of supervision and regulation. Such a framework will better protect consumers, help prevent financial crisis and improve efficiency for firms. I look forward to hearing the contributions of hon. Members in the debate.

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