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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 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) 12:30 pm, 21st February 2012

Under the Bill, quite a soap cast is being built up, so I would welcome more clarity. The Minister has helpfully clarified which deputy governor is expected to give the information. Will the same deputy governor have responsibility, through the PRA, for enhancing information standards and for keeping track of developments in information technology that might feasibly require there to be new information standards?

In the financial crisis, people said that they did not know that they were caught behind the pillar, because information systems were not available or because information technology had not been kept up to speed and reporting standards had not been made to conform to the new possibilities of that information technology.  Who will be responsible for ensuring that information and reporting systems are state of the art and up to speed, so that no one can say that the problem was due to the fact that they were working on an old dashboard, when much better information would have been available had it been planned into the system?