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Part of Bank of England and Financial Services Bill [HL] – in the House of Lords at 5:15 pm on 15th December 2015.

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Photo of Lord Davies of Oldham Lord Davies of Oldham Shadow Spokesperson (Treasury) 5:15 pm, 15th December 2015

My Lords, the amendment tabled by the noble Lord, Lord Naseby, which the Government support, is an important step. We welcome the move by the Government to commit to a more diverse financial sector, in which the mutuals are clearly key. However, it is not enough merely to put this into legislation—action is required. What are the Government doing to ensure that this is more than just a gesture? Presumably, the FCA’s remit letter will have to be changed to reflect this new principle. Will the Government therefore commit themselves to introducing an amendment at Third Reading to reflect this obvious fact?