New Clause 8

Part of Banking Bill – in a Public Bill Committee at 11:30 am on 18 November 2008.

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Banking Liaison Panel

‘(1) The Treasury shall make arrangements for a panel to advise the Treasury about the exercise of powers to make statutory instruments under or by virtue of this Part, Part 2 or Part 3 (excluding the stabilisation powers, compensation scheme orders, resolution fund orders and third party compensation orders).

(2) The Treasury shall ensure that the panel includes—

(a) a member appointed by the Treasury,

(b) a member appointed by the Bank of England,

(c) a member appointed by the FSA,

(d) a member appointed by the scheme manager of the Financial Services Compensation Scheme,

(e) one or more persons who in the Treasury’s opinion represent the interests of banks,

(f) one or more persons who in the Treasury’s opinion have expertise in law relating to the financial systems of the United Kingdom, and

(g) one or more persons who in the Treasury’s opinion have expertise in insolvency law and practice.’.—[Ian Pearson.]