Banking and Financial Services — Question

Part of the debate – in the House of Lords at 11:11 am on 11th December 2008.

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Photo of Lord Jones of Birmingham Lord Jones of Birmingham Crossbench 11:11 am, 11th December 2008

My Lords, I declare a vague interest as a solicitor admitted to the roll of solicitors of the Supreme Court. As noble Lords know, it is a profession that never uses one word when 10 will do. I should like an acknowledgement from the Minister that if the knee-jerk reaction to the banking crisis is to be more and more regulation, the result will be more and more complicated documents from the legal profession and its clients. The only way in which to comply with the regulation will be to draft everything to cover everybody's posterior, and we will end up with a more, rather than a less, incomprehensible system.