Bank of England and Financial Services Bill [HL] — Committee (2nd Day)11.39 am

Part of the debate – in the House of Lords at 11:45 am on 11 November 2015.

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Photo of Lord Sharkey Lord Sharkey Liberal Democrat 11:45, 11 November 2015

I start by thanking the noble Lord, Lord Tunnicliffe, for his support, and for reminding us that if the Government get their way in Clause 12, we will need to revisit the provisions governing the number and the definition of external directors of the new arrangements. I remain unconvinced that the CEO of the FCA can in any reasonable way be described as independent. The Government seem to be relying on the force of simple assertion rather than evidence, but I am sure we will come back to this on Report. In the mean time I beg leave to withdraw the amendment.

Amendment 19 withdrawn.

Clause 12: Bank to act as Prudential Regulation Authority

Debate on whether Clause 12 should stand part of the Bill.