Schedule 7 - Application of provisions of FSMA 2000 to Bank of England etc

Part of Financial Services Bill – in a Public Bill Committee at 3:30 pm on 8th March 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 3:30 pm, 8th March 2012

That is quite a lot, actually. I could speak for hours on EMIR and Dodd-Frank, but on this occasion I will not. Suffice it to say that the Government, the Bank and the FSA are closely engaged on these matters and recognise the importance of a proportionate regulatory regime for market infrastructure. It is important that the regime is stable and prudentially regulated. Proper prudential regulation would achieve the Law Society of Scotland’s goal of ensuring proper balance between the interests of banks on the one hand, and consumers on the other hand.

The MOU will be widely available to the public. I suspect that it will appear on a website, although I doubt we will get it down to Twitter.

The hon. Lady also asked about the annual report. Paragraph 31 of schedule 7 refers to the need for the Bank to report along similar lines to the PRA. I hope that reassures her.