Clause 11 - Prohibition Orders

Part of Financial Services Bill – in a Public Bill Committee at 7:30 pm on 6th March 2012.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury) 7:30 pm, 6th March 2012

I hope to be fairly brief, with one eye on the clock. The amendment highlights the importance of transparency and accessibility of information so that it is disclosed and made transparent. That is why we propose to add new subsection (8A).

We believe that transparency is important, and that information such as lists of those subject to prohibition orders should be easily obtainable at all times. Putting that on the Treasury’s website would achieve that aim. We understand that lists of prohibited persons are already published on the FSA website, and we assume that those lists will also be published on the FCA and PRA websites. Indeed, if someone has become prohibited, there should be an explanatory note about why that person has become prohibited, and information should be given an even higher profile through publication on the Treasury website, because we hope and expect that the general public or anyone wanting that information could trust the information published on the Treasury’s own website.

We also need to ensure that the legislation is fit for the 21st century, and that is why we have specifically mentioned the website. That is important, as many people will use that. Of course, not everyone, as has been outlined in earlier discussions, would have access to the internet, but that is where people who are looking for the information would go. It is a fairly simple amendment and I hope that the Minister will consider accepting at least something during the course of our proceedings.