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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 12:30 pm on 21st February 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 12:30 pm, 21st February 2012

Mr Leigh, I suspect that you, the hon. Member for Foyle and I may be well equipped to discuss elements of Catholic theology, but I hope that the Bill is clearer than some aspects of Catholic theology. It is very clear that when the information is required from the PRA, the deputy governor for prudential regulation is required to provide it; he is responsible for that. The FPC, in asking for information, is the responsibility of the deputy governor for financial stability.

The hon. Gentleman alluded to the arrangements in the United States. We should remember that the landscape of financial regulation there is very different from that in the UK, in that it is much more fragmented. There are 50 insurance regulators, for example. There is the Office of the Comptroller of the Currency, which includes the Office of Thrift Supervision; and there is the Federal Reserve and the Securities and Exchange Commission—a whole plethora of bodies. There is greater need for an Office of Financial Research in the US than there is here. The Bill clearly sets out what the responsibilities are, where the information should come from, and who is responsible for providing that information.