Financial Services and Markets Bill

Part of the debate – in the House of Lords at 5:15 pm on 20 March 2000.

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Photo of Lord Elton Lord Elton Conservative 5:15, 20 March 2000

I am sure that we all recognise the Government's difficulty when faced with amendments which they have only recently seen. The Minister will realise that from time to time Members of the Committee are in a similar difficulty. Therefore, he will forgive me if I ask whether in advance of his correspondence he could expand on his reply to my noble friend Lord Hunt. Presumably, the issue is simple for him to explain, but not so simple for me to understand.

As regards Amendment No. 229, I understand the direct links and interests held by persons,

"who have rights or interests which ... are derived from, or otherwise attributable to ... the use of services by other persons".

That is a clear link. However, I cannot get my mind around the link, and therefore the right to protection, to someone whose interests may be merely adversely affected by a person with such rights. It seems to me that the world is full of people who may be adversely affected by my decision to buy, sell or insure something, but that can be of no possible interest to the regulator or impose any moral obligation on the person making the sale.

I am speaking at leisure in the hope that some succour might be granted to the Minister, but it appears not. Therefore, I shall bring my remarks to a conclusion.