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Financial Services Bill

Part of the debate – in a Public Bill Committee at 8:28 pm on 6th March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 8:28 pm, 6th March 2012

I am sorry that my hon. Friend the Member for West Suffolk is not here to listen to my response to his intervention. He was right that prohibition is both a punishment and a deterrent, and that the risk of being deprived of one’s livelihood is a deterrent to those who transgress.

Let me deal with amendment 145. In her remarks, the hon. Member for Kilmarnock and Loudoun recognised the fact that the FSA already publishes a public record of various matters, including all individuals subject to a prohibition order. It does that on a website, setting out the reason why the order has been given and the contact information for anyone who needs further information. We expect the PRA and FCA to do likewise.

Given that the information is in the public domain, I do not agree that we need to duplicate it on the Treasury website. There is a risk of information being fragmented and people not knowing who is responsible for what. I should have thought that the best answer is to ensure that it is in one place, and that we recognise and know where it is. Moving it to the Treasury website would serve no purpose whatever.

With amendment 146, the hon. Lady wants to ensure that, if the FCA changes its policy towards designating controlled functions, it must report to Parliament on the reasons for any changes. The designation of controlled functions is done using rules, and the PRA and FCA will be required to consult publicly on all rules, including those. It would be a little odd to require regulatory reports specifically to Parliament on that set of rules, as opposed to any others. The Treasury does not need to maintain an extra website. It would be odd to single out one set of rules from others in respect of what should be reported specifically to Parliament, so I ask her not to press the amendments.