Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Clause 216

Part of Banking Bill – in a Public Bill Committee at 2:15 pm on 30th October 2008.

Alert me about debates like this

Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee 2:15 pm, 30th October 2008

The Bill makes provision in later clauses for a reduction in the court’s size, in part to acknowledge some of the structural changes that we are dealing with. The idea is that when the Bill becomes law, the terms of all current court members who are appointed will lapse and there will be a reappointment process. The reappointment process at that stage will consider the appropriate balance of expertise and presence for the new smaller court. Although all current outside members of the court will have their membership terminated, it does not mean that they will not be reconsidered for appointment. However, the entire process will take place in the new context, without having to think about transitions. I hope that that reassures my hon. Friend.

In naming non-executive members of the committee, it will be vital to maintain a balance between ensuring that they have relevant expertise and experience of financial markets, and avoiding damaging conflicts of interest, which is why the Bill imposes the same restraints on members of the proposed financial stability committee as already exist for current members of the court. They must declare any direct or indirect interest in any dealing or business that could potentially produce a conflict. If the financial stability committee considers that a conflict of interest could occur, the member will have no influence or vote on those matters.