Amendment 11

Part of Financial Services and Markets Bill - Report (2nd Day) – in the House of Lords at 12:30 pm on 8 June 2023.

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Photo of Lord Livermore Lord Livermore Shadow Spokesperson (Treasury) 12:30, 8 June 2023

My Lords, I will be very brief so as not to detain the House further. Much of the substance of these issues was debated in the previous group on Tuesday evening, when I said that we strongly support the inclusion in the Bill of the new secondary objective for the regulators of international competitiveness and economic growth.

While the introduction of this secondary objective is a positive step, it is also important to ensure that it is meaningfully considered in the regulators’ decision-making. One of the main ways of doing this is by introducing some proven accountability measures to require the regulators to report on their performance against the objective. We therefore welcome the government amendments in this group, which will provide for initial reports on implementation of the competitiveness and growth objective, as well as other provisions that seek to improve regulatory accountability.