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Clause 30 - Power to take disciplinary measures against recognised bodies

Part of Financial Services Bill – in a Public Bill Committee at 3:45 pm on 8th March 2012.

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Photo of Mark Durkan Mark Durkan Shadow SDLP Spokesperson (International Development), Shadow SDLP Spokesperson (Work and Pensions), Shadow SDLP Spokesperson (Foreign and Commonwealth Affairs), Shadow SDLP Spokesperson (Home Affairs), Shadow SDLP Spokesperson (Justice), Shadow SDLP Spokesperson (Treasury) 3:45 pm, 8th March 2012

I accept the hon. Gentleman’s point. Once the matter gets out into the financial and other press, including even the popular press, as will happen  from time to time, the damage will be compounded. Obviously, we cannot legislate for the financial or other press, but we can in respect of the regulator. We cannot leave it so that the regulator just shrugs its shoulders and says, “But we’re not responsible for what anybody else prints.” The regulator should at least be tasked with taking such steps as it can to ensure that an exoneration is published, and in a way that brings it as strongly to the public’s attention as it judges it can. That is not too much of a requirement to put on the regulator.