Clause 19 - Repeal of competition scrutiny power

Part of Financial Services Bill – in a Public Bill Committee at 9:45 am on 8th March 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 9:45 am, 8th March 2012

I appreciate that we will be discussing some of the competition issues in the debate on clause 22 in the not-too-distant future. One example of the strange, convoluted way in which the Bill has been framed is that clause 19 takes out particular provisions, only for those to be replaced later on. I understand that that is broadly a function of the fact that there was a carve-out around listings activities. In extricating the particular legislation around that, the deletion of certain provisions in FSMA arrangements need to be made by this particular clause, and that makes sense. I was seeking assurance from the Minister that the regulator would apply broadly similar competition principles to listing authority activities, as compared with other regulated activities. He gave that reassurance, which will be useful for those involved in those listings activities. I am grateful for that clarification.