New Clause 17 - Reporting requirements

Part of Financial Services and Markets Bill – in the House of Commons at 2:45 pm on 7 December 2022.

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Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury 2:45, 7 December 2022

On this side of the House, we are about action not words. I listened with great care to what the hon. Lady said, but action starts at home. In her constituency, the Green party leader flew on a jet aeroplane to COP and the level of recycling is half that of neighbouring West Sussex. People should get their own house in order before coming to virtue-signal about others’.

New clauses 8 and 9 in the name of Olivia Blake raise the important issue of financial stewardship. The Department for Work and Pensions, which is responsible for that, has already made a public commitment to review stewardship disclosure requirements. That will be done during 2023.

Finally, the Government believe that effective commodities market regulation is key to ensuring that market speculation does not lead to economic harm. The current regime we have inherited from the EU is overly complicated and poorly designed. To ensure that this is calibrated correctly, the Bill delegates the setting of position limits from the FCA to trading venues themselves. The amendments in the name of John McDonnell seek to reverse this. The Government’s position is that this would place unnecessary restrictions on investors, to the detriment of all market participants. It would place the UK at a disadvantage compared with other international financial centres, such as the EU, that apply restrictions only to contracts that genuinely pose a risk.

Mr Deputy Speaker, I apologise for having spoken at some length—I wanted to engage with as many colleagues’ amendments as possible—but I hope I have provided a clear and reasonable explanation of the Government’s position and why we have taken it. I look forward to a constructive debate on the Bill.