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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 Durkan Mark Durkan Shadow SDLP Spokesperson (International Development), Shadow SDLP Spokesperson (Work and Pensions), Shadow SDLP Spokesperson (Foreign and Commonwealth Affairs), Shadow SDLP Spokesperson (Home Affairs), Shadow SDLP Spokesperson (Justice), Shadow SDLP Spokesperson (Treasury) 12:15 pm, 21st February 2012

Given what the Minister has just said about the FPC, does he believe that the FPC will be in a suitable position to make effective, targeted and timely judgments and interventions? As things stand, the regulatory authorities will not be equipped to form an accurate assessment of current and future risks to the financial system, or indeed individual financial institutions, because of the poor standard of reporting information that banks submit to regulators. In the Bill, no one is given clear responsibility to oversee the improvement of information standards for the Bank of England or for the financial services sector generally. The Joint Select Committee—