Clause 16 - Listing rules: disciplinary powers in relation to sponsors

Part of Financial Services Bill – in a Public Bill Committee at 9:30 am on 8 March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 9:30, 8 March 2012

I understand the Minister’s logic, and there is some sense in making sure we do not bog down the poor old House of Commons Library with voluminous copies of notes and details of arrangements, but I have one caveat. In this particular circumstance, it might be useful to publish statements or details relating, perhaps, to poor standards or misbehaviour on the part of a firm or set of firms. Putting something in the public domain and the parliamentary domain offers useful additional censure, which could put helpful pressure on companies or regulated bodies. They will then recognise that if they fall outside the proper standards of regulatory behaviour, there is the prospect of public censure or public reporting of their behaviour. However, I understand the Minister’s point.

It is probably necessary that I withdraw the amendment at this stage, but I would place on record the fact that, in doing so, I in no way wish to downplay the strength of feeling about the need to have proper routes back to Parliament and not just the Executive. Having had the opportunity at least to discuss the point, however, I beg to ask leave to withdraw the amendment.