Schedule 3 - Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000

Part of Financial Services Bill – in a Public Bill Committee at 5:15 pm on 6 March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 5:15, 6 March 2012

I am saying something slightly different. As a director of the FCA, he owes his duty to the FCA. That is why he is there. He is not a secondee from the Bank to the FCA, but a director of the FCA. Yes, the role of an FCA director goes hand in hand with being a deputy governor with responsibility for financial regulation, but he is not on secondment to the FCA. He is on the FCA board, taking part in decision making alongside other directors of the FCA, whereas a secondee would have a wholly different set of arrangements in place.

Let me reassure the hon. Member for Nottingham East that the expenses to which paragraph 7 refers are things such as a bus fare, for getting from the Bank to Canary Wharf or wherever, rather than a form of salary. The provision is to cover out-of-pocket costs, which is why it would be paid directly.