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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 12:15 pm on 21st February 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 12:15 pm, 21st February 2012

The hon. Gentleman makes an important point. He reminds me to correct something that the shadow Chancellor seemed to say on Second Reading. The shadow Chancellor seemed to be working under the assumption—I do not know if the hon. Gentleman is working under the same misunderstanding—that conduct issues are within the Bank of England’s responsibility. The Financial Conduct Authority will be separate from the Bank of England; it will be independent and outside the Bank of England group. It will have its own board, its own chairman and its own chief executive. Conduct issues are clearly outside the Bank of England group. [ Interruption. ] The quizzical look on the hon. Gentleman’s face suggests that that is new information.