Financial Services and Markets Bill

Part of the debate – in the House of Lords at 7:00 pm on 21 March 2000.

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Photo of Lord Phillips of Sudbury Lord Phillips of Sudbury Liberal Democrat 7:00, 21 March 2000

I should like to speak in favour of Amendment No. 209. Perhaps I may take up one or two of the points made by the noble Lord, Lord Grabiner. I was rather impressed by his six year-old son. I think he might do better on some of these ethical issues than some of the more aggressive traders in certain markets in the City do from time to time. He might have a much clearer idea of the ethics of what he was doing, if not the technical ability of the throw, than some of those whom one unfortunately has cause to meet in the City. I have worked in the City for 35 years. I cannot say that I have been in the thick of it, but I have been in enough parts of it to feel that there is a need for the bracing addition of the words "reasonable" and "ethical". I do not see any danger in those words. They will not render the clause susceptible to subjective interpretation: I disagree with the noble Baroness. Paragraph (c) must be construed objectively, and the addition of these words would continue to require the construction of the clause objectively.

Returning to the noble Lord's vivid metaphor of Stanley Matthews, Stanley Matthews died a long time ago--