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Report

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 Naseby Lord Naseby Conservative 5:15 pm, 15th December 2015

My Lords, I record my enormous thanks to Her Majesty’s Government, colleagues from across the House and, in particular, the spokesmen from the Liberal Democrats and the Opposition for their help in the early stages of drafting the amendment.

Amendment 14 withdrawn.

Amendment 15

Moved by Lord Naseby

15: Before Clause 18, insert the following new Clause—

“Diversity

(1) Section 3B of the Financial Services and Markets Act 2000 (regulatory principles to be applied by both regulators) is amended as follows.

(2) In subsection (1)(f) after “persons” insert “(including different kinds of person such as mutual societies and other kinds of business organisation)”.

(3) After subsection (3) insert—

“(3A) “Mutual society” has the same meaning as in section 138K.””

Amendment 15 agreed.

Amendment 16

Moved by Baroness Worthington

16: Before Clause 18, insert the following new Clause—

“Reporting

Financial sustainability report

(1) Within twelve months of the coming into force of this Act, the Treasury must prepare and publish a report containing the matters specified in subsections (2) and (3).

(2) The report must contain an assessment of how the following aspects of financial regulation contribute to or hinder the United Kingdom’s long-term sustainable economic growth—

(a) rules governing the admission of securities to recognised growth markets,

(b) rules governing the admission of securities to the Official List, and

(c) the time horizon of the Bank of England’s financial stability monitoring activities.

(3) The report must make recommendations for the development, via the regulation of financial services, of uniform, consistent and clear standards for the disclosure of climate-related financial risk, in order to provide information to lenders, insurers, investors and other financial intermediaries.

(4) In this section—

“long-term sustainable economic growth” means economic growth that is resilient to risks arising from long-term fundamental change, such as climate change, technological change and demographic change;

“recognised growth market” has the meaning under section 99A of the Finance Act 1986;

“Official List” has the meaning under section 74(1) of the Financial Services Markets Act 2000;

“the Bank of England’s financial stability monitoring activities” means activities undertaken by the Bank of England in order to meet the objectives set out in section 2A of the Bank of England Act 1998.”