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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 Chris Leslie Chris Leslie Shadow Minister (Treasury) 12:15 pm, 21st February 2012

My facial expression relates to the wiring that clearly exists between the Bank of England and the rules, recommendations and policies that the Financial Conduct Authority will have to follow, which are very much directly or indirectly set by the Bank of England’s  policy arrangements. Perhaps we can have that debate when we come to clause 3. Will the Minister return to the question of the boundary between micro and macro-prudential regulations? I know it is a tutorial point rather than a legislative one, but it is important that we get a proper understanding because it roots right back into the different roles of the two deputy governors. Can the Minister elaborate?