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My Lords, I am grateful to the Minister for his response. I am not entirely satisfied that this issue has been looked at in sufficient detail by the Treasury. I am grateful to the Minister for his answer in response to the FSB, but in London now we have some of the brightest and best minds in the financial services sector and we can begin to address this problem ahead of our international efforts.
In particular, I am interested in how we are regulating unlisted companies. The Minister is correct to point to the disclosure requirements on listed companies, but we are giving substantial tax incentives to a fairly unregulated part of the financial sector upon which a large part of our economy relies, and more scrutiny is needed on that sector in particular.
However, at this stage, I am happy to withdraw the amendment, and I hope that this debate and this topic of conversation will continue in this House and in the other place. I beg leave to withdraw the amendment.
Amendment 16 withdrawn.
Clause 19: Rules about controlled functions: power to make transitional provision
Moved by Lord Bridges of Headley
17: Clause 19, page 15, line 21, leave out from beginning to “after” and insert—
“( ) The Financial Services and Markets Act 2000 is amended as follows.
( ) ”